NFTs have exploded over the last two years — and they are quite controversial. Non-fungible tokens, essentially tradable digital artwork, have become a big trend for internet nerds and celebrities as well, but with regard to environmental impacts, potential risks, and even meaninglessness. Has also been criticized.
Some local artists are using new technology.For them, NFTs are rich Semi-unique image of cartoon ape — They are a way for small artists to grow their business and make money in a scene that is usually not very profitable.
St. Louis-based Milina Renaissance photographerWhen I realized that it was a way to connect with other artists around the world, I decided to take advantage of new technology.
“Thanks to NFTs, there are people talking in different countries now. I have built great relationships, collaborations and partnerships with NFTs,” she said.
Monkh, a St. Louis musician and producer, is also a member of the NFT. His friend Short video He made a leap because he made his music perfect for NFTs.
“Sure, someone had already purchased Level 1 within the first 24 hours of creating the Level Collection,” he said.
Given the success of the little artists, many believe that there must be something good in this market. Brain Frye, a professor at Kentucky University Law College, recently described how NFTs have influenced the world of art.Death of NFT and Art.. ” title is, The death of the authorAnd Frye uses a metaphor to point out how NFTs have revealed some cracks in the traditional art market.
How the NFT market reflects the flaws in the art world
“When you buy a painting or sculpture, what you actually buy is Catalog raisonne..And it comes with a piece of dirty cloth and rugged rocks, “he said on Friday. St. Louis on the Air. “But the precious part is not a dirty cloth or rugged rock. This is an entry in a catalog raisonné and is a relationship between the two.”
NFTs are no exception, Fry said. Purchasing an NFT allows you to execute transactions in a catalog raisonné, much like buying art, but without the physical art aspect. And for him, this is not necessarily a bad thing.
“I think the emergence of the NFT market is, in many ways, showing us the underlying nature of the art market, so it’s really an opportunity for artists,” he said. “NFTs provide access to a type of speculative investment that was previously only available to people in the traditional art market, so it’s not just for visual artists, but for musicians and artists who are actually active in all media. I have the opportunity. “
Of course, almost everyone involved in NFTs is aware of the risks, and Frye is aware of them. He says that those who enter the market must understand that it is speculative and volatile.
“There is no guarantee that the NFTs they buy will have any value in the future,” he said. “But as long as they know what they’re doing, what they’re buying, why they’re buying it, and where the money goes, they’re doing it. There is no reason to feel different. They will buy art in other contexts. “
Big brands that take advantage of trends are Anheuser-Busch did recentlyFly hasn’t seen the real problem.
“If Andy Warhol can be an art factory, I don’t know why Budweiser can’t be an art factory,” he said. “If you want to invest your own resources to create artwork on a corporate scale and people like it and want to invest, I think Budweiser has more power.”
Overall, he doesn’t see much of the downside to the NFT market. Some people disagree, but he said that with a $ 40 billion market, something worth a look must be happening.
“I think it’s our duty to understand what it is and how to use it,” he said. “Especially if you can take advantage of it in a way that benefits creators, who usually don’t have much benefit, you can benefit from the work they do.”
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