The Obvious Reality of NFT's

The Wild Wild West - are you kidding me? Although this seems to be how everyone is talking about the NFT space, its actually pretty inaccurate. It’s more of a rush of people who have had their lights turn on - they realized that traditional art was not keeping up.

By now, everyone has heard of NFT’s - digital art being sold that have the ability to prove authenticity (short version). And, I imagine a lot of people are starting to get fomo for not jumping in last year - as if this is a bubble. But, even though there will be a slight correction, crypto art is here to stay. Why?

First, the ridiculous numbers you are seeing for work by those like Beeple, and the Cryptopunks are valid, and backed by the same logic as the regular fine art world. Beeple and the punks show a turning point in art history. They represent the exact moment that digital art became accepted in the main stream. Who else did this? Picasso, Monet, Warhol. They all shouted at the establishment that a new wave is here - and they are here to bring it to the world.

Yes, the world screamed back when they arrived. Yes, the art world scoffed at this new “art”. But the thing that the art world soon found out, is that the art market is run by the people, and managed by fine art market. If people believe that Picasso is here to change the world, than he is. With this new wave existing on the blockchain, it is even moreso powered by the people.

A DECENTRALIZED FINE ART MARKET

The fine art market did indeed need to cater to its patrons, but it still have a significant say in what happens, how prices are set, and how scarcity finds its way to the ears of the collector. That is done automatically through the blockchain. Scarcity is trackable. Value is real. We have reached a point in art history where the people officially get to decide what happens, who to support, who’s art has value, and who their generations champion will be.

WHERE THE WILD WILD COMES IN

Speculation has never been so easy. It is apparent that the world wants a piece of the action, and their are people who are willing to provide that piece. The issue is only that you don’t know if the intentions of these creators is to provide value, create art, and change the world, or make a quick million and vanish. There have been flop projects, and although picking the right project is nearing a science, that does not account for the long term value. Sure, punks and apes are blue chip for eternity - they give you access to the ultimate community - but what’s next? Why do people buy art? I will have to answer that in another segment.

The future is bright for the art market. There has not been this much fervor about artists in decades. We have reached the era of the creator. It is time for us all to APE IN.

Szymon is a contemporary and crypto abstract artist, tech nerd, and NFT collector.