Ever heard of an NFT? No, Yes? Well like I told the director of national arts and media; if you don’t know what an NFT is than you are not in the art business! Non-Fungible Token’s are taking the art world by storm with the blockchain technology. Simply put, NFT’s give the power to the creators, creatives and originators!
The Commission Group’s Chairman and Founder started his career in the art business working in Dallas and Seattle. The Fine Art experienced fuels the core of everything we do here. The Commissioner, Devin Taylor, explained recently that
“Art has been an alternative asset for the wealthy for centuries, so it’s not a major surprise to see the developments within the blockchain and cryptocurrency space, but it’s exciting! Let’s GO!”— Devin Taylor, Chairman & Commissioner
The on-going speculation is that Crypto Currency may become the preferred currency over the US Dollar. Although cryptocurrencies are still a very much speculative currency, there is no doubt that Blockchain technology is here to stay. Bitcoin has been proclaimed to be a sign of the wealthy, especially in the future after this great digitization of the universe.
If no one uses this currency, the rich will. For Example, the creation of Non-Fungible Tokens NFT is changing the art business and how the artist makes their money. Go study for yourself and learn how NFT’s give the artist the opportunity to enhance the artist and collector relationship experience. The Blockchain technology is unapologetically removing the culture vulture art dealers and galleries that have historically marginalized artists.
Let us dream a bit; close your eyes and imagine no qualified artist starving! NFT’s give control to the “effen” artist for the first time in history! WOW!
The Minting Process
Pinata technology (IPFS network ) artists are able to set the percentage they will receive for the sale of each minted art piece. When a work of art is minted the art is assigned a “Hash #” and is officially entered on the Etherium Blockchain. Fee’s are included called “Minting” & “Gas Fees”. Artists enter the art onto blockchain paying Minting and gas fees, establishing a Smart Contract, and Metadata that describes the work of art. Sites like Rarible.com, Pinata.cloud, and Metamask.io wallet can give the artist the edge needed to bring them to the forefront of the Primary markets.
The digitation of the art business means significant changes to the way Auction Houses, Museums, Galleries, and Private Dealers provide service to both the artist and collectors. Details such as Provenance, maintenance, insurances, and Decentralized Financing (Defi) will begin to pioneer through smart contracts and agreements that can be entered on blockchain retains accurate and untampered records. The Ethereum blockchain has never had a breech or fraudulent entry due to its minting and mining process that gives no space for security issues.
The Art Commission Group recognize the impact crypto art will have on Archeology, anthropology, and Iconoclasm! Finally a win win win, the biggest benefactors are the creators, collectors, and investors! some may read this and see this evolution as a problem but rest assured this is a great problem! To us problem are opportunities to learn and develop, and NFT’s is one of the greatest opportunities for young art dealers, collectors, and artist! if you know how to accept change; this is a teachable moment within the art industry, moreover the we are establishing the new blue print and best practices for the digital future.
So with that being said, lookout for the next article where I will go into details about who is changing the game and how you can do the same. Also, I will provide a step-by-step guide for artists that want to get started in Crypto art and NFT’s. Subscribe to the News Letters to catch all relevant articles that will have the content that will make you more money in 2021.