5 predictions for the future of art NFTs

5 predictions for the future of art NFTs

Art NFTs are not just a new fad, but have real implications for changing who has access to art, who creates it, and how it can be purchased. Here are five predictions for how art NFTs will benefit artists, collectors, and art lovers.

Prediction 1: The democratization of art

Who owns the art? Who has access to art? Many people create art, but who can make a living from it? Who is considered an “artist”? The digitization of art has forever changed the answers to these questions. Today, anyone with an internet connection can see works of art wherever they are, and it is not necessary to be physically in a space to access them. Not only can anyone, anywhere see artwork on a phone or computer screen, but virtual reality is increasingly providing the opportunity to visit galleries and museums, and explore an exhibition from their living room. NFTs give artists the ability to create works of art and distribute them through online channels, bypassing the traditional gatekeepers who for centuries dictated what art was and who was there. access. Blockchain transactions also allow artists to be directly supported by their audiences and in control of their own careers.

Prediction 2: Increased diversity and representation

The digitization of art and the rise of blockchain technology and NFTs will move key players and influencers in the space to make art more representative of the world around us. With greater democratization of art and art spaces comes access for different people and groups traditionally underrepresented in art.

And that’s the point of art, isn’t it? Art has the ability to give us insight into worldviews and experiences that are not our own, and to allow us to expand and challenge our perspectives. The industry must focus on bringing diverse voices to this space and providing cryptocurrency education opportunities for BIPOCs, women, and other underserved creators and communities.

Prediction 3: Patronage and splitting

NFTs will also create a future where arts patronage will look very different. As blockchain transactions are direct and do not go through a third party, collectors and fans will be able to directly support their favorite artist or creator. Additionally, NFT ownership allows for fractionation, or partial ownership, through which fans or collectors can share in the future earnings of artists and their works. Blockchain technology also allows creators to receive payment on future sales of their work and, according to our recent report titled “Earning a Living as an Artist”, one of the main aspects that artists find attractive in NFTs is the ability to collect royalties.

Prediction 4: New methods and new media

Thanks to these innovative technologies, new media will increasingly be used to create and disseminate works of art. Artists have already created on digital canvases, making works accessible through VR or AR (like artists Jordan Wolfson or Marina Abramović), and prioritizing the generated experience over a static, passive object. Works that are wearables, or that have daily use? An artist who gamifies an artistic experience for his followers? With new technology comes an imaginative renaissance, and technology will only continue to grow and advance as more people get involved in this space.

Prediction 5: + Freedom and independence

Ultimately, all of these elements will lead to a future filled with more freedom and independence for artists. With NFTs allowing for direct fan sponsorship, artists will no longer need to rely on corporate sponsorship, brands or mega-collectors who may ask them to compromise their creative vision. Curators and artistic advisers will always have a role to play in guiding our experience and understanding of art, but artists will increasingly be able to create the work they want and know that they can find a paying audience for their particular style, medium or message. Being able to create their own NFTs and distribute them online through the platform of their choice also gives artists more control over their own livelihoods. Similarly, collectors who now have access to a wide variety of artwork can have more freedom to collect what they want, not what they “should”.

A very different future

Art NFTs are not just a fad for a certain segment of the population. Rather, this new technology challenges notions of traditional art and removes barriers for those who want to participate, whether creating or collecting. But for these predictions to come true, the sector must continue to welcome new players, educate artists and collectors on how to get started, improve technology to make it more user-friendly and, above all, never lose sight of the mission. which is about connecting great art with those who will truly appreciate it.