The existence of digital transformation is felt in every area of our lives. NFT, one of the most popular discussion topics of recent times, and its relation with art is a good example of this transformation.
NFT stands for “non-fungible token“. In Turkish, it does not have a direct equivalent yet, but it can be expressed as “non-changeable” (değiştirilemez) or “unique token” (benzersiz token). Having the Ethereum blockchain infrastructure, this token operates on an advanced variation of the known standards of Ethereum. The most important feature of NFT is that it cannot be copied or published without the consent of its holder.
When the “uniqueness” of NFT was discovered by the world of art, a new era started. Carrying art to another dimension has become the greatest mission of this technology. From now on, all artworks in the world can be turned into NFT by their creator. Moreover, this transformation is not an imitation or a replica, on the contrary, it constitutes proof that the product is single and original.
Until today, a lot of artists turned their artworks into NFT and most of them are sold for jaw-dropping prices. “Everydays The First 5000 Days” by Beeple is one of the record-breaking artworks. It was sold for $69.4 million.
It left its mark in history as the first NFT artwork to be sold at Christie’s, an established auction house. The artwork titled “Crossroad” and all artworks included in the MP collection by the artist were sold after being turned into NFT.
The first musician to make a name in the trend of NFT, where not only the world of painting, but music also waded in was Steve Aoki. The music video titled “Hairy” produced by himself and Antoni Tudisco was up for sale at Nifty Gateway as NFT and become the most expensive single in the world by being sold for $888,888.88.
3LAU, who is well-known by music lovers, also turned the music video “Slimesunday” into NFT, following Aoki. It was auctioned and bought for $1.33 million.
Known as “Guerrilla Artist” and influencing a large audience with its striking artworks, Banksy dropped a bombshell in the middle of this trend by burning one of his artworks and turning it into NFT.
The NFT of the artwork titled “Morons” was sold for $400,000 at the auction. The video of the artwork being burning down published by Injective Protocol also made a splash.
What makes NFT artworks attractive?
NFT is the proof that artwork is “original” and can never be “copied”. While even the imitations that are “exact copies” of the artworks by significant artists are bought by collectors for astronomical prices, it is not surprising that NFT is so valuable. With its features, it can easily capture the heart of an art lover.
Another striking feature of NFT is to have an infrastructure to store the artworks forever. It doesn’t burn, get old, wear, tear and no external factor can spoil the artwork. It may be ushering in a period when even the classical valuable artworks will be turned into NFT. In case such transformation occurs, similar to physical artworks, the NFT of the original artwork can be distinguished from its countless replicas, and it will still have a collection value. In the coming years, we can see the original NFTs of all valuable artworks in digital exhibitions.
Is NFT perfect?
As a blockchain product, NFT is deemed to be secure. However, the features of NFT that make it unique are also open to exploit.
Let us discuss this in detail by giving the mural titled “The Last Supper” by Da Vinci as an example. The original mural is being exhibited at Santa Maria delle Grazie, in other words, it is an artwork that is open for public viewing and protected by the state. It is regularly maintained so that it will not be damaged by external factors, but it is possible to be lost in case of a natural disaster or an accident. If this artwork is turned into NFT, it can be kept in that form forever without any damage whatsoever. This is the advantage of NFT.
It also has a feature that can be relatively considered as a disadvantage. This feature is the possibility that the mural titled “The Last Supper” turned into NFT can be purchased by an individual. Probably, the artwork will not be auctioned, and it will remain under state protection, open to the exhibition and to the public. However, on the contrary, where it is purchased by an individual and the physical artwork somehow disappears, as long as the owner of the NFT would not like to exhibit the artwork, no one will be able to see the original. Even though based on a possibility derived from theories, that is the disadvantage of NFT which does not seem impossible. No one has brought up this probability so far and the art sphere seems to be glad about the developments in general.
A lot of digital artists, curators, and collectors in Europe and the USA expressed that they are happy with the relationship between NFT and art and that they find it exciting. This technology defined as a radical change and the first step into a new era seems to have already captured the heart of the world of art.
What will happen in the future?
Blockchain is a technology that represents the future all by itself. Since the very first day, it has been told that blockchain can be utilized not only in the financial but any area that may come to mind. With the blockchain products such as NFT, we gradually witness this “adaptability”. There is no doubt that the increased tendency towards the digital and the rising number of activities performed in the digital environment in our life due to the pandemic facilitates our adaptation to such novelties. However, apparently, even if the pandemic ends one day, we continue having a “close relation” with digital.
If we use our imagination even more, in the coming days we can have the opportunity to buy a ticket for a concert that is turned into NFT, and we can watch it anywhere we want with our loved ones as a hologram. Or instead of restoring a historical building that may collapse, we can turn it into NFT and save it forever from the danger of disappearing. Maybe we will witness that Elon Musk taking everything related to art and science with him while going to Mars in the form of NFT, and he will create a life cycle by developing them. Why not?
Bu içerik en son 26 October 2022 tarihinde güncellenmiştir.