NFT museum and others helping artists cash in

Along a seemingly endless corridor of the Boca Raton Innovation Campus, where IBM developed its personal computer several decades ago, works of art on display in half a dozen 65-inch commercial monitors rotate every 20 minutes.

But they are not oils or watercolors. These are unique pieces of digital art (some still images, some digital animations) that occupy the new NFT Museum at Lynn University. NFT means non-fungible token, which a collector can buy online. The original exists as a unit of data that the owner stores in a blockchain (most are in the Ethereum blockchain), a digital book that keeps records of art offerings in cyberspace.

Each card has a limited number of versions, more like a limited edition print of a work of art. Theoretically, a work of digital art can be viewed simultaneously in different galleries, schools, shops, or at home.

Amid a growing wave of business and consumer interest in South Florida in cryptocurrencies, NFT and blockchain technology, Lynn University opened its NFT museum in mid-March on the sacred innovation campus at 4950 Communications Avenue in Boca Raton. The public can see the rotating creations of students, teachers, and artists who donated their pieces to the school.

César Santalo, dean of Lynn’s Faculty of Communication and Design, came up with the project. Although there are only six screens at the moment, the museum includes simultaneous real-time exhibits at American College Dublin, Ireland, and there is the possibility of sharing art similarly with dozens, if not hundreds, of other institutions.

“I think being in a building as busy as the BRIC reinforces our mission, not only to spread the word about underrepresented artists around the world, but also to get people into the habit of seeing original artwork and being able to buy without an intermediary, ”he said.

“Basically what we’re doing here is we’re controlling all three places with the software we’re running,” he said. “We monitor what each monitor is displaying and the time intervals of each artwork.”

“A year ago, we didn’t have a museum at the university,” Santalo added. “But now you can see an original in several places at once.”

While it’s too early to quantify the extent to which NFTs are reaching artists and collectors in Broward and Palm Beach counties, cultural promoters, educators, and art observers report growing interest. Nationwide, enthusiasts were tempted last year when an NFT by digital artist Mike Winkelmann, also known as Beeple, was sold at Christie’s in New York for a record $ 69.3 million.

Last December at Art Basel Miami Beach and Miami Art Week, the NFT took center stage. Among the most notable demonstrations, visitors were able to create their own NFTs as German artist Mario Klinemann, also known as Quasimondo, created portraits of people who used the Tezos blockchain to coin tokens from their digital art.

At Art Week, an NFT by Los Angeles artist Brendan Murphy called “The Future Has Not Yet Been Written,” sold for $ 1.1 million. The piece was part of his Boonji Project, a collection of 11,111 unique digital NFTs. All of the project’s Boonji Spaceman avatars feature elements of Brendan’s artwork, according to his website.

Last year, according to the annual report of Art Basel and UBS Global Art Market 2022, “the total value of NFT art-related sales in the Ethereum, Flow and Ronin blockchain chains increased more than a hundredfold to $ 2.6 billion.” .

“The NFT market continues to present a rapidly changing image, with clear patterns yet to be fully established,” the report said. “In 2020, the primary market accounted for 75% of NFT’s art-related sales in value, but in 2021 this was reversed, with 73% of the value derived from resale in the secondary market.”

A survey of high-end collectors in 10 key US markets. UU. showed that 74% bought NFT art-related last year, according to the report.

But there is a persistent risk, the report warned, as unregulated sales platforms are exposed to “fraud, copyright infringement and artificial price inflation.” Currently, NFTs are difficult to assess reliably and continue to be subject to the uncertainties inherent in emerging disruptive technology.

Warnings aside, local interest in South Florida is on the rise. Last October, the Broward Cultural Division hosted a free workshop in downtown Fort Lauderdale that gave nearly 70 artists and others interested in NFT the opportunity to gather information and talk with experts about the growing artistic and technological space. .

“There’s a big appetite for this in Broward,” said County Mayor Michael Udine, an avid proponent of the emergence of cryptocurrency and NFT activity in the county. “It’s not for everyone because there’s some risk. But it’s great and has great potential.”

Fort Lauderdale lawyer and artist Joshua Lida, director of art and business law at Twig Trade and Court, has been among the presenters and sees an open opportunity for financially pressured artists to keep selling digital works that would gain visibility over time. time. .

“NFTs allow artists to have continuous revenue from their work as it gains popularity,” he said.

Artists continue to earn because sales are executed through so-called “smart contracts” that assign ownership and manage NFT transfers between buyers and sellers. When an NFT sells, the contract automatically distributes the funds. When the work passes into the hands of subsequent owners and sellers, the artist receives resale rights for a portion of the profits made.

The process is not perfect, says Lida, as there are technical difficulties and “some people try to get around.”

For artists, digital productions outweigh the whims of shipping, storage, security, insurance, and paperwork associated with all of these commercial functions.

“We want to reimagine the capacity building of a traditional museum and all the experience using NFT technology,” Santalo said. “This will allow artists to authenticate their work using the blockchain. This digital book records transactions that provide evidence of scarcity, provenance, and unique status for artists and buyers. We will show digitally illustrated and animated works of art such as NFT and movies and poetry. “.

Santalo says the visual quality of the work is preserved as it acquires digital files in high definition “and works perfectly”. “Because they’re NFT, they’re saving the high-resolution file on the market. When you click on it, those high-resolution files are there.”

And the tactile power of being in front of an original painting by Jackson Pollock or a sculpture by Donald Judd? Santalo said that “one of the things I say is this: many of these files, not all of them, are digitally native. so experiencing them in their true environment is for me the closest thing to the artist’s intentions. So it’s like when Rembrandt created a painting he always thought it was going to be 30 x 40, and you would always see the painting in the museum.

He said the museum also intends to work with foreign museums that lack the means to display digital art. “A decentralized museum is a way to collaborate with artists and curators who may be dealing with political or economic challenges in their own countries,” Santalo said.

“The more we can increase collaboration, diversity of thought and expression among our curators and partners, the more it will drive innovation in our faculty for both our students and faculty.”

He said all proceeds from the sale of NFTs are generated directly between the artist and the buyer on OpenSea, the largest NFT market in the world.

Oakland Park businessman and collector Charles “Scooter” Vaughn sees opportunities beyond museum space.

A retired professional hockey player who ended his career in organizing the New York Islanders, he started small almost a decade ago when he bought two bitcoins for $ 300 and $ 350 each.

“Let us sit down,” he said. “They are still sitting. It was [with money from] my first real salary playing professional hockey. “

She joined NFT last year after talking to friends who are involved, and now owns 52 worksheets with artwork attached to them. Acquired the majority through OpenSea.

“I didn’t lose money,” he said. “Making money would be good. I came in because I see a lot going on: smart contract gives people ownership [to things] people generally do not own the property. I hope you get to where you can have experiences you don’t normally have. “

There are many items to own in addition to the standard artwork, he noted.

I bought an NFT that gives you access to the animated Stoner Cats production. Tokens serve as lifetime passes that give owners access to future content.

But the recent fall in the values ​​of cryptocurrencies and NFTs has shaken some people who have paid premiums for their NFTs.

Industry publications point out that, on average, NFT trading volume and prices have fallen sharply since they peaked in 2021. Now, with rising interest rates, a highly fluctuating stock market has plunged into values ​​of Bitcoin and other cryptocurrencies, the NFT market is advancing. along for the ride.

Morgan Stanley, the stockbroker, predicts a total crash between the NFTs. Many players have difficulty downloading tokens purchased for premium prices. A well-informed episode focuses on an NFT from the first tweet of Twitter founder Jack Dorsey. The buyer reportedly paid $ 2.9 million for it and was unable to bid on more than $ 21,000.

Morning update

Morning update


Start the day with the main stories of South Florida.

But like the museum, there are commercial players who don’t let themselves be intimidated by the choppy waters of the NFT world.

In Miami, Erick Haskell, CEO of Arteza, a seven-year-old craft retailer, entered the NFT business to help its artist-clients become better known and make money.

“We like to think that we are a champion of creators and artists,” he said, “because we are a direct consumer company and all our customer service is internal and we have a direct relationship with artists. With the emergence of NFTs and their relationship with art, our ears are open. “

On June 1, the company launched a “Fuel Your Creativity” campaign to promote the works of seven artists; part of the effort involves selling NFTs developed by the artists, who receive all the proceeds from the sales. The company is helping four artists with 18 pieces on sale during a four-week auction.

Haskell, however, believes that the greatest interest in the art world will come from art enthusiasts as opposed to those seeking to make a financial kill. And, he points out, the values ​​of NFTs and the values ​​of cryptocurrencies are “not directly” linked to each other.

“Our fans are not NFT investors, they are professional or amateur artists,” he said. “I think every time you see foam in the market, in the end supply and demand equalize. I trust this market to be the same as any other.”

“I think all of that is working,” he added. “I think there is a permanent future for NFTs.”

Source link

Leave a Comment

Your email address will not be published.