Some NFT basics
NFTs ( Non-Fungible Tokens) or “digital goods” are generally represented as works of art, including photos, videos, in-game assets, and music. The core difference between the various forms of art today and NFTs is that NFTs have been coded into a “blockchain” language( see definition below), like any of the languages used for cryptocurrencies.
Impossible Sneakers by NFT Artist Kaloh, today’s podcast guest
In these early days of blockchain, some programming skills are required to create the NFTs. We will refer to these programmers as “digital artists” for this blog. These digital artists may make original NFT art of their own creation, and/or they may assist artists to translate their original art concepts into a blockchain language. In this way, digital artists are like master printmakers. A master printmaker might create their own art or they may also collaborate with famous artists to execute fine prints. (While new translation software is making the coding aspect significantly easier, self-creation by “nationally-recognized-pre-NFT artists” is still in its infancy).
When a digital artist is making their own NFT art, they may create original “generative art” which is computer-generated or they may work to program designed images into a blockchain language. When they translate their own design into a blockchain language, it is like the process a marketer might use when they create a website for a company. Usually, the web design is created on paper and the final product is translated into a computer programming language. The digital artists use open-source GIMP the same way a marketer might use Sequel.
NFTs are usually sold online with bitcoin. A huge advantage for the artist when selling their work on the blockchain is that the artist earns a commission on every sale of their work. Blockchain, not only authenticates the artwork because it is locked and traceable, the blockchain technology adds the capability for artists to get a percentage of proceeds every time their art is resold. Instead of one commission, it could generate an income stream with every transfer of ownership. With this symbiotic relationship, it is no coincidence that there was an NFT conference alongside Art Basil Miami 2021.
While 5G and Web 3.0 will certainly advance NFTs, the momentum has already started. The more NFTs become part of mainstream art, we will see more fine artists create NFTs. While the NFTs/digital goods world is certainly viewed with a healthy dose of skepticism today by many in the “mainstream” art world; it isn’t all that different than how some viewed fluxes, video art, or digital prints when they were first introduced. In time NFTs will become more compelling. If Mark Zuckerberg’s predictions come true, one day your home in the meta-verse may be more important than your home in the real world and the NFTs on your meta-verse home-walls may be the preeminent art in your collection. Who knows?
One last comment that Kaloh made when he reviewed an earlier version of this text, Kaloh believes it is critical to acknowledge the sense of ownership and community that the digital artists have created around the NFT movement to fully appreciate where we are today.
Enjoy the podcast!
For anyone who wants to follow or guest today, Kaloh, you can check him out at www.kaloh.xyz
Blockchain definition from American Alliance of Museums article on their homepage.
Blockchain is a digital system that lets users share records and data related to transactions across a distributed, decentralized network, using encryption to ensure the data is secure and immutable. The resulting “digital ledgers” are both private (allowing users to remain anonymous) and transparent (in that they can be left “open” for anyone to read).
Next Week
Next week we will be joined by my friend and world-renowned print collector Marc Schwartz. We will take last week’s introductory blog about prints to the next level.
#NFT #Kaloh #Art #blockchainart #generativeart
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