Future artists who use NFTs are powerful for future artists who use them, as it is a new digital interaction in which they can create new aesthetics. NFT markets are providing artists with new methods to communicate more personally with an audience that was previously huge but is now a remote one, thanks to this never-ending epidemic. Collectors, on the other hand, are becoming more involved in the NFT world because it is the first time, they have the opportunity to co-create their art piece with the artist. “I am confident that NFTs in a variety of media have a bright future.”
“It’s a completely democratized atmosphere where you don’t have to be a collector,” says Vasundhara Das, an actor, musician, and now an NFT artist who has written an AI chatbot that is being sold as an NFT. She appears to relish the opportunity to interact directly with those who appreciate and purchase her work, as she can “see instant returns from sales and musical pieces.”
Are future artists needed for NFTs or can they be digitized?
Raghava KK’s first project in 2021, after seven years of working with robots, was an NFT on orgasms. Raghava collaborated with over a hundred people, including scientists and data artists, to collect brain waves using digital equipment. Raghava combined the neuro-data, turning each neuron into a distinct brushstroke, and eventually transforming it into his phygital (physical and digital) NFT titled ‘La petite death.’ “I decided to sell my orgasm as an NFT since we live in a consumer world where we are urgently trying to digitize every aspect of ourselves,” the artist explains.
Future artists using NFTs to monetize digital art practices
According to a coinbase.com analysis, the global NFT market was worth a little over $200 million in 2020, but it has risen tremendously to about $12 billion in digital assets this year. “There are a lot of excellent platforms out there for artists to exploit, and we’re going to see a lot of NFTs. It will be easier to get access to them; even if I don’t have a lot of money but want to buy a piece of art, it is now attainable,” says Om Malviya, founder and President of Tezos India.
Although NFTs are only a method for transferring ownership of anything from one person to another, many people believe they will become the only verification technique for any object movement including money.
NFTs are here to stay
While some artists believe that NFTs are a passing craze that will go away like indices in any market after a peak, others believe they are here to stay. “Believe in it if you want to invest in something you believe is valuable and you are the first adopter,” says Raghava KK. “I believe NFTs are here to stay since they have opened up possibilities that cannot be retracted.” I’m not sure if the market will go insane if people buy pixel art for $69 million dollars any longer. The artist, who has been experimenting with pushing limits in the art for over two decades, says, “What matters to me is that new forms of art have vehicles, and I hope there will be more believers than speculators,” says the artist.
When asked if NFTs are a fad, Aparajita Jain, co-director of Nature Morte and creator of Terrain.art, says “Maybe the terrible content is a fad, but the good content isn’t a fad, and the market isn’t a bubble.” Everything, in my opinion, will be NFT’d in five years. It will only grow in size, and the garbage content will vanish. “The pendulum always swings back to the center, and things get weeded out to the real ecology, where things start to get built,” Jain adds. On the other hand, Raghava KK argues that the whole objective of NFTs is decentralization and that what will be weeded out isn’t ‘poor art,’ but ‘no-effort’ art. “We’ll see the creation of really powerful subcultures.” “Values like sweetness and mischief do not exist in the serious art world, but they will be created in the NFT world,” Raghava says.
Will NFTs help future local artists?
Is the Indian artist being left behind in the wake of recent discussions about the expanding NFT art market? India’s infrastructure is nowhere near where it should be. In comparison to the enormous artist population ready to showcase their skills and take their art to the final customer, the country lacks museums and venues to present art, or even institutions to promote awareness, for that matter. How do artists acquire the finest learning resources in the midst of all of this? Physical infrastructure to support high-tech art markets is nearly impossible to recreate unless you have billions of dollars, and how are we going to shift that financing to infrastructure around creators in a nation like India, where we have roads, toilets, and hospitals to build? Physical infrastructure to support high-tech art markets is nearly impossible to recreate unless you have billions of dollars, and how are we going to shift that financing to infrastructure around creators in a nation like India, where we have roads, toilets, and hospitals to build?
“The goal was to increase liquidity in the art market.” One thing the art market does not discuss is the fact that in order for it to become a major market, it needs a lot more liquidity. In India, we have roughly Rs 1,500 crores, whereas the global art industry is about $67 billion dollars. “We have a lot of billionaires and millionaires, but we don’t have an art market that caters to them,” Jain says. “How can the artist in a little community in the Sunderbans doing his tribal art survive if there is no money to spend on art?” she continues. The aim, according to her, is to use technology such as NFTs to democratize art for everyone, not just the elite; for that last person, who is a creator and has some access to a 4G service, so he or she may continue to be a creator.