NFT Art

Professor @digitalcoleman of @EDP_Denver lecture slides about #NFT Art: highly researched and well-balanced. If you're a media-arts educator considering talking to your students about this topic, you may find this a helpful place to start.

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NFT Art

Professor @digitalcoleman of @EDP_Denver lecture slides about #NFT Art: highly researched and well-balanced. If you're a media-arts educator considering talking to your students about this topic, you may find this a helpful place to start.

technology, art, NFT, cryptocurrency, guide

NFT + Digital Art

A take from mid-march 2021 (will quickly be out of date)

By Chris Coleman, Professor EDP @ U of Denver

CC - Attribution

Please use, remix, and share for educational purposes

Some Terminology

Ideas at the core of this discussion...

Provenance

Who owns and has owned an artwork. The value of art is connected to proving provenance. Traditionally this is done via galleries and museums with letters and documents of sale.

Editions

Many kinds of artwork are sold in “editions” or limited copies. Specific mediums are easier to edition, creating different levels of scarcity...

Physical Art

Limited by “objectness”, can be tested for “realness” via things like paint analysis, carbon dating, toolmarks. Scarcity is “actual”, storage and transfer is difficult. Lasts as long as the materials.

Digital Art

Unlimited perfect copies, no such thing as an “original” (only source files), scarcity is artificial - a choice. Artwork easy to store and transfer.

Long term viability issues (can become unreadable due to tech changes)

Blockchain

A database where each new piece/chunk of data ( a block) is locked to the data in the previous piece (chain) via a cryptopuzzle. If the data in an earlier block is changed, the crypto puzzle no longer checks out - creating a secure and public ledger of transactions.

Cryptocurrency

A pyramid scheme that requires belief in escalating value (hype), constant new investment, to produce rewards for early investors. While ideal is a stable and universal currency, most cryptocurrencies are driven by greed and insane investment return expectations (to the moon). Was presented as a way to have decentralized international money (non-fiat), Rose to fame as digital money without rules - see Silk Road

Bitcoin and Ethereum

The two cryptocurrencies currently the most hyped. Bitcoin was designed to get harder and hard to mine and proposed to have limited editions/number of coins. Ethereum is driven by “gas fees” paid to the miners which fluctuate with demand. Ethereum has parts of its database made for inclusion of contracts/provenance. Globalization has moved mining operations to sites of cheap electricity w/ 65% currently in China. Only 26 countries in the world use more electricity than the cryptocurrency mining industry.

“one Bitcoin transaction is the “equivalent to the carbon footprint of 735,121 Visa transactions or 55,280 hours of watching YouTube” via NYT

Hypebeasts

Drops of artificially scarce things to build hype. Time x money x desire = flipping

7x7 2014

Kevin McCoy and Anil Dash propose provenance on the Blockchain - monegraph

Cryptopunks 2017

Originally released for free on ETH, only 10,000 will ever be made, categories of scarcity (eg only 9 are aliens)

Cryptokitties 2018

Cat collectables that can also be bred with dna like qualities. Encoded into the ETH blockchain, brings it to a halt.

Crypto-Excitement

Startups start tying everything they can to the blockchain, making it more valuable and increasing the number of transactions. Effort is funded by early crypto adopters whose worth will grow as currency becomes more valuable. Danger abounds.

NFT “Art”

Hypebeast culture becomes digital. Insta artists cash in. So do crypto bros. (The house/platforms always win)

Niftygateway

Bought by Winklevoss Twins in late 2019, are billionaires in BTC and ETH

SuperRare

Makersplace

Foundation

Art Blocks

OpenSea

Beeple

Makes news by selling 3.5 Million in a 3 day series of Drops. Cashes in on his massive IG following

The Frenzy

Artists and investors rush to the space, the ultra-hype is happening. Traditional art collectors want to know what the hell is happening

Scarcity Models

“Open Editions” - time limited

Large Editions

One of Ones

Auctions

Bids

Random lottery drawings for a chance to purchase

Crypto Whales

Following the crypto-droppings, the fleet follows the whales (ppl who have massive amounts of early crypto and are spending 5-figures++ on NFTs) wherever they go. They are buying art as an advertising expense - success is news coverage and more ppl buying crypto. Also developing investment opportunities (new pyramid schemes) based on collective ownership of these works. Artists who strike gold from the whales are then min-whales buying the work of other artists - trickle down.

The Digital Arts War

Several well known artists come out against NFT due to Eco concerns. Others take Philosophical stances (not art!). Gatekeeping on platforms exacerbates issue. Public shaming and threats follow.

Headlines and the Old Guard

NyanCat Sells, Bluechip artists, musicians, and celebrities show up, Christies and Beeple, Whales as commodities

Positives

Artists are making money (so are platforms…)

Followers => cash (all that free content pays off!)

No (classical) gatekeeping (classic art market is not part of this scene)

Secondary market percentage (in theory, only if on same platform)

Blockchain as public ledger of ownership

Work is still shared and public (right-click save-as)

Potential for smart contracts

Physical/NFT crossovers

Easy to trade/swap/sell

Potential for more complex artist/patron relationships

Negatives

Crypto currency POW is extremely ecologically destructive

Artificial scarcity is anathema to many visions of the digital world and the internet

Gatekeeping producing artist scarcity

“Art” is heavily affected by the crypto hype and memes, young male gaze

Contracts and media are connected to and rely on platforms

Blockchain only points to wallets and URL - nothing is archived

Market is being highly manipulated to benefit platforms and future business models

Metaverse as a capitalized and branded goal are being pushed

Physical Prime and Digital Prime

Easy to steal, copy, commodify things without permission

Cost to Mint can keep ppl out

Alternatives

Clean NFT (eg. hic et nunc), Galleries getting digital, minting pools, Reward Pool for cleaner solutions, Proof of Stake, digital editions without NFT, collective non-commodified support for the arts.

(Many thanks to Golan Levin for his help and edits.)

NFT Art
Info
Tags Technology, Art, NFT, Cryptocurrency, Guide
Type Google Slide
Published 04/04/2021, 02:47:48

Resources

Thiel on Progress and Stagnation
Scottish Tech Map
Frameworks v0.1
HW Startup Business model list