NFTs made huge strides in 2021, with some top sales going for as much as $29 million. Other interesting figures include $20 million in weekly sales and over 40,000 art NFTs buyers. These numbers are proof of NFT’s growth in 2021. Now there are more people paying attention to the art space.
The art industry is constantly changing, but the progress it has experienced within a short time is almost unprecedented. But blockchain technology and NFT offer artists new ways to connect with buyers, increase their access, democratize the art industry, and allow for newer ways of exchanging value in this space.
Going into the future, there are no guarantees for what the future holds for NFTs; we can only make predictions to prepare us for what to expect.
Predicting what the future holds for art NFTs
Art NFTs have some implications that affect the art creators, who can access art, and how others can buy it. These are the top five predictions for art NFTs and how they benefit art lovers, collectors and artists.
1. Democratization of art
Some questions would not have been worth asking years ago, but the introduction of digitization into art has brought about many changes and has altered how these questions are answered. Some of these questions are:
- Who owns art?
- Who is an artist?
- Who can make a living from art?
- Who can access art?
Today, everybody can view an artwork from anywhere they are through the internet. Access to art is no longer dependent on a specific physical location.
Apart from being able to view art from their phones and computer screens, the emergence of virtual reality has provided people with the opportunity to visit museums and galleries and explore several exhibitions from their living rooms.
With NFTs, artists have the opportunity to distribute the art they create through online channels, thereby bypassing the traditional gatekeepers that have dictated art and the people that can access it for centuries. Artists can also be supported directly through blockchain transactions by their audience, and they’ll be in control of their careers.
2. More representation and diversity in the art space
Art digitization, coupled with the growth of NFTs and blockchain technology, has shifted the influencers and key players in this space so that our world is better represented through art. As arts and art spaces are getting more democratized, there’s more space for individuals and groups that are traditionally underrepresented in this space.
This is the goal of art, to give us a better glimpse into experiences and worldviews different from ours so that we can have a challenged and expanded perspective. The art industry is now focusing on giving room for diverse voices and also providing crypto education and opportunities for BIPOC women, as well as communities and creators that have been underserved.
3. Fractionalization and patronage
NFT is creating a future where art patronage differs from what it is now. The directness of blockchain transactions and the fact that a third party does not mediate them allow fans and collectors to directly support their favorite creator or artist.
Also, NFT ownership gives room for fractionalization or partial ownership, allowing collectors or fans to share an artist’s future earnings and their work. With blockchain technology, artists can also get paid for the future sales of their art.
To crown it, the possibility of getting royalties for their work is one of the most appealing things about NFTs for artists.
4. Media and new methods
There are several innovative technologies that artists can take advantage of to break free from the grip of traditional gatekeepers of art.
The emergence of these technologies means that new media will be used increasingly for creating and delivering art. For instance, artists now create art using digital canvases and making their work accessible through AR and VR. They also prioritize the experience they generate over a passive, static object.
The emergence of new technology always comes with an improved imaginative renaissance. Can we see arts that are wearable with everyday utility?
Can artists gamify the art experience for their fans and followers? Who says no?! As more people come into this space, the technology will only continue to advance.
5. More independence and freedom
Lastly, these elements introduced in NFTs only mean one thing for the future: more independence and freedom for artists. NFTs allow fans to patronize an artist directly, meaning artists don’t need to rely on brands, corporate patronage, and mega collectors asking that they compromise on their creative vision.
Although advisors and art curators will retain their roles in helping people understand art and also guide their experience, artists will have more freedom to create the kind of art they want with the understanding that they’ll find the audience willing to pay for their kind style, message or medium.
Collectors would also have increased access to a wider variety of art, giving them the freedom to collect the art they want.
Art NFTs are more than a fad among a small set of people. Instead, technology is challenging the traditional notions of art. It’s also removing hurdles for people that want to participate as creators or collectors.
However, for these predictions to be true, the industry must be open to welcoming new players and also educate collectors and artists on getting started.
The technology should also be improved so that it’s more user-friendly. Also, the mission to connect great arts with those who truly enjoy them must never change.
Thomas Jackson is a professional content writer at college-paper.org and one of the best essay writers for hire. He’s also an active member of several writing clubs in New York. He has written several songs since he was a child. He gets inspiration from the live concerts he does in front of close friends and family members.