How NFTs are Impacting the Future of Fine Art
Fine art is one of the most well-established and traditional industries. Despite its prim nature, it is subject to changes brought on by technological advancements — just like every other facet of our lives. With the continued adoption of blockchain technology, we’re starting to see extraordinary shifts in how people interact with physical and digital art.
As the latter method increases in popularity, the conversation around NFTs has expanded. Artists and collectors are seizing the moment by thinking about what fits into the category of fine art, and even redefining it entirely.
The good in “goodbye”
NFTs are a game-changer. Encrypted royalty mechanisms, accessibility to artists for collectors, and proof of ownership for digital assets are just a few reasons why legacy institutions and all types of artists are embracing this space.
Many have succeeded in NFT ventures, from the world’s oldest auction houses and traditional blue-chip artists to digital-native creators and mainstream celebrities. The most popular are shattering valuation standards — imagine the precedent a collage of digital arts selling for USD$69M at Christie’s sets.
NFTs and their functionality as mediums are following in the footsteps of the many avant-garde artists who broke boundaries by forcing the world to recognize their vision and brilliance. Paintings, sculptures, theatrical performances, and even immersive installations are unanimously considered fine art. So why not digital art? Before NFTs, this type of work wasn’t even part of the conversation. A new set of standards around valuation and what is considered fine art, or even art at all, is on the way in.
When in doubt, leave NFTs alone
Be wary of those that say creating NFTs is easy. No matter how seasoned of a collector or how familiar with the industry, or how many projects they’ve invested in, success is never guaranteed. Creating art and turning it into an NFT isn’t enough for a project to succeed, let alone appeal to the larger NFT community. Many projects fail, even when associated with well-established museums or A-list celebrities.
Combining elements like innovation, community, and gamification mechanisms, on top of doing your own research, are the keys to success. Understanding NFT art itself and how your work can bring value to your audience must also be considered.
Redefining fine art through NFTs
All the hits and misses we’ve seen so far are evidence that the NFT revolution is here to stay. Corporations, celebrities, and artists will continue their foray into the NFT world.
TRLab is in a unique position because we work with artists who are experienced in both the traditional art world and the NFT space. We’ve introduced highly-coveted creators working with physical art to the NFT community, like Cai Guo Qiang’s genesis NFT project, Transient Eternity. We’ve collaborated with some of the best digital artists currently in the market, like the ground-breaking multi-artist NFT project AI 2041.
By doing so, we’ve contributed to the cultural shift that NFTs are ushering in. We will continue to support digital and traditional artists as they venture into the digital space, demystify NFTs for collectors, artists, foundations, and museums, and help to bridge the gap between the analog art world and the crypto-native marketplace. With NFTs, anything is possible — even redefining what fine art can be.