I think you have to have a real thing before you can make money on an electronic NFT. By real I mean a claim to mind share in the real world. The first ever NTF of art sold for a million dollars is a real thing, but only if you show the world what you bought…. But the second one? Not so much. Having the NFT of a real world expression of art might have value if that art garnered county or world wide notice. The NFT of a video of a volcanic eruption the blew off the top of a mountain in 4K technicolor, that could can only be viewed with the owner’s permission, might have value. Everyone else only gets to see it in 2K…
The energy consumption to create the Blockchain worries me as well. If they can pay the energy costs to a renewable producer, that reduces my concerns, but then the whole thing begins to feel silly, considering how may homes you could be cooling or doing other useful work with that electricity…
I own an original 6x13”watercolor by Doug Henderson. It is a nice image of a glacial valley imagined at about 8,000 years ago. A project he started as a way to pay for his time to do the recreations for his research (and reproduction). The art is very good, a nice landscape, but not spectacular, because the subject matter is not dinosaur megafauna or paleo-forests, which he is well known for. But I am happy to own it and his reputation does give it some curiosity value. That is pretty much how I view NFTs, the reputation of the artist is just as or more important than the NFT in giving it value.
I looked at it, learned about the environmental impacts, and decided I couldn't go through with it. There are plenty of articles available but here's one easy link: https://www.cbsnews.com/news/nft-art-environmental-costs/
Proponents will argue that some currencies are moving towards sustainability, but they haven't done so yet.
Plus like Britt said, there are going to be winners and losers with this—you have to pay $70-100 to mint your work and create this artificial scarcity. Had there not been environmental concerns I might've wanted to mint a piece or two as an experiment, but I don't believe the whole idea of NFTs makes any sense at all from a buyer's perspective. It's all based on people wanting to own rare shiny things, not good art. At least when that happens with collectors offline they have a tangible, actually unique item.
On Wed, Jul 21, 2021 at 10:57 PM Britt Griswold <[log in to unmask]> wrote:
I read an article (NY Times?) that suggested these is a steep hockey shaped curve on NFTs. With a few people making money and most not making much of anything.
Here is an interesting article that provides an overview on NFTs: https://www.technologyreview.com/2021/03/25/1021215/nft-artists-scams-profit-environment-blockchain/
I've been meaning to post asking if any of you have ventured into the world of NFTs (non fungible tokens)?
I won't post links but there are primers on different creative blogs (ie dribbble/"what the heck is an NFT"). It got press (and my attention) a few months back with the Beeple $69M Christie's auction. Simply stated the artist creates scarcity by digitally "minting" an asset that marks it as the unique "original."
I know next to nothing about cryptocurrency and this seems to be a low-risk way to learn. One detail that I found compelling (if I understand correctly) is that the minting process bakes in some residual rights for the creator, who receives compensation whenever the NFT is sold from one party to another in the future.
I still don't fully understand how this will unfold as a sustainable market, but a couple of my contacts seem to be doing well with it for now.
Thanks as always for your help and always-interesting perspectives. I found this group years ago while considering schooling for scientific illustration--while I did not go that route this remains my favorite design-community discussion group--in fact it has remained relevant through every phase of my freelance design life. I've learned lots from you all. Thanks again and all the best! Molly
Need to leave or subscribe to the Sciart-L listserv? Follow the instructions at
https://www.gnsi.org/listservList name is Sciart-L
Problems: Email Lana Johnson at [log in to unmask]