NFTs: The art revolution will be digitised
The current NFT art craze can become a revolution for the way we create, interact with and own art. Let’s use them to create a fairer art world that hands power back to content creators
The digital art scene is exploding right now thanks to NFTs and it seems like the entire internet is abuzz with the possibilities they could bring to the future. With a Nyan Cat gif selling for half a million dollars, NFTs regularly making front page news and Christies hosting virtual auctions for blockchain based art, it feels like tokens are really having their moment. However, although speculation is currently running high, danger lurks just around the corner for potential investors. With so much value currently being generated by speculation, the format is left wide open to criticism about its longevity. For this reason NFTs risk being tarred with the same dismissive brush that cryptocurrencies are often targeted with.
In order to survive and thrive off the current hype around NFTs we must embrace the fundamental differences that exist between physical and digital art, using this unique technology to forge a new path of art creation, distribution and ownership that is radically different from the existing art world, not replicating the same power structures it already has. Currently NFTs represent everything that is great about the internet; they are a simple but highly powerful concept (publicly verifiable, unique digital objects), that has been turned into reality through smart coding. Anyone can use them to create their own content and sell for a profit. However, the current form that most NFTs take, single faceted digital media, whilst being successful right now, effectively reproduces the power structures of the establishment art world. Currently much of the art’s value is based around speculation, and this speculation is largely being generated by the same individuals and institutions that influence the value of traditional mediums of art; media outlets, the well to do and pre-existing ‘tastemakers’ within society.
So what’s the solution to this problem, and how do we create lasting value for digital artists and NFTs?
Traditionalists may argue that the purpose of art is to provide a pleasant viewing experience that is restricted strictly to the space it finds itself within. A painting is a painting and a statue is a statue. Whilst this viewpoint is still semi-popular today, creatives have been fighting this restrictive definition for generations. Nowadays art is no longer confined to providing a pretty picture within an ornate frame, it encompasses a wide range of ideas, materials and challenges to the status quo. In the late 20th century some optimistic commentators declared we had reached the ‘end of painting’, as artists embraced the tech space race to create completely new types of art: virtual art, video games and robotically powered kinetic sculptures are just some examples of accepted forms of art that previously seemed inconceivable. Step into the Tate Modern in London or the MOMA in New York today and you will likely experience at least one interactive exhibition or performance art piece that challenges your perception of what art actually is. With these ever-expanding boundaries of what we define as art, why are we suddenly so wrapped up in these old-fashioned notions of prints and frames? The NFT art market doesn’t just have to be an extension of the existing physical art market, where digital stills replace prints. Instead we can use the humble NFT as a base from which artists can create interactive, engaging and even reality combining art experiences that create lasting value for digital art through their memorable impact on our societies’ collective culture.
Some criticism of digital and crypto art raises concerns that the format provides a limited viewing experience for viewers. How can a screen ever replicate the feeling of standing in front of a Da Vinci, or being dwarfed by Michalangelo’s David? However, this viewpoint rather misses the point. With NFTs we can create art where the experience of viewing in the virtual, rather than physical opens up new and enriching levels to the artist’s vision. There are already lots of brilliant digital artists creating work in this vein but I would like to expand on their vision. Fusing the expertise of developers working in VR game design with NFTs can and will result in interactive, scarce art that generates value through the sheer enjoyment users gain from interacting with it, just like video games do. Interactive sculptures, performance art you can explore from all angles and even art where user interaction can generate different outcomes are all possible through the integration of NFT technology.
The possibilities stretch further, geo-location specific NFT pieces could tie the virtual and physical worlds together through art, dropping NFTs in art galleries or well known outdoor creative spaces for example could add a completely new dimension to existing art. Users could enter virtual reality installations or auctions where the art on display can be explored and interacted with from the comfort of your home, with more freedom than could ever be possible in the real world. Static NFT pieces which can only be fully explored through interacting with them, zooming in further than the human eye could ever hope to achieve on a printed piece. Performance Artists could even auction off NFTs prior to their livestreamed performance, allowing the winning bidder to have some creative input over what direction the performance could take, enabling deeper fan engagement.
These are great hypotheticals, but how does it actually work?
Down to brass tacks. How do we get from here to there? Put simply, by creating a new form of NFT, one that uses the great part that already exists: its unique, identifiable nature courtesy of its listing on the public blockchain, and beefs it up with a new set of tools that will allow artists to create both entirely new types of art using NFTs and generate more income for artists through implementing their sale into artist’s traditional revenue streams. To that end, I introduce the Vatom. An NFT that integrates with virtual and augmented reality and can change its appearance based of a host of factors, including; what type of device it’s accessed from, the passage of time or instructions sent by its creator. They are spawnable to any location in the world, collectible, tradable and sellable by users, hostable on public blockchains and once created, cannot be destroyed. Using this toolkit we can elevate the NFT from a neat, single digital art piece to a fully fledged digital art installation that utilises all the best parts of the digital and physical world in one package. Here is an example of how this could happen, right now.
The first example borrows from the lifecycle of a typical Banksy piece. Once a Banksy is discovered, there is a short window of time that exists where a lucky few, usually in the early hours of the morning, can see the art as it was intended to be. Before long, word begins to spread and folk flock to see the new piece. Best case scenario, the local council are quick enough to erect a fence around it, or a perspex cover, however the viewing experience is altered forever. Worst case scenario, another artist decides to tag their name on it and the piece is arguably ruined for everyone else. The idea that the group of people who experience an unaltered Banksy work are largely gifted this opportunity as a result of sheer luck has a satisfyingly democratic ring to it. The phrase ‘right place, right time’ has scarcely been more apt.
With NFT technology, we can build upon this concept to create a new way of both experiencing and distributing valuable art in a more equitable manner. Graffiti and street artists can create murals that integrate image recognition into their design. Upon interacting with the mural with their mobile devices, viewers will be provided with an authenticated NFT version of the art piece, with only say 50 NFTs available for collection by the first 50 people who collect them. These scarce, authenticated copies of the art can be kept in users' Vatom wallet, asynchronously backed on the blockchain, and would also be redeemable for a limited edition, authenticated physical print they could hang in their home. Through this distribution system art can be democratically distributed in a way that both provides value and meaning to the people lucky enough to get to it first and generates speculation for the artist and art’s value through its innovativeness.
Another example is as a way of generating revenue for artists in gallery spaces. NFTs can find use as a means of selling artists work, dramatically reducing resistance between viewing art and purchasing your own unique copy. Imagine if you would, an independent artist hosting an art installation at their own expense. Many people would attend the installation, enjoying the artist’s work, but few will purchase the artist’s work due to practical limitations such as price and transportation. Whilst smaller items or copies of the work could be available to purchase, the costs associated with creating limited run merchandise of this kind can eat into profits. Some would argue that this is simply the cost of doing business, however with the power of NFT type technology this no longer has to be the case. Every piece on display in the installation could also be represented digitally as a limited edition NFT. These NFTs allow anyone who wishes to support this artist’s work to do so through owning a unique piece of digital art, for use as they please. Profit margins for the artist would be significantly increased. Using the psychological power of scarcity we can empower artists to create stronger links with their fans and boost uptake in NFT usage beyond the purely digital sphere.
Conclusion
Whilst it is true that no one can predict the future, we can certainly look to the past when deciding what to do next. Throughout history, pioneers have used new technology to disrupt the established order and shape a fairer future for all. To this end, I would argue that the NFT presents creatives with a unique tool to create truly disruptive and groundbreaking art, that both challenges what people think art can be and allows artist’s work to be supported directly and equitably. If you want to find out more about what Vatoms can do for you, email us at info@blockv.io or drop us a message on our social media channels and we’ll be in touch.