The NFT Crypto Art Pros and Cons
NFT crypto art is more than just a passing craze.
It does bring something substantial to the table. First, it creates a decentralised crypto art market where creators can sell their works and generate considerable income. More than that, artists get paid royalties every time a piece of their work is sold.
The famous Beeple crypto art that has drawn the whole world’s attention is one good example of success in the NFT art world. He sells a piece for $60,000-something, and then a few months later, when that same artwork is sold for $6,6 million, he receives 10% and will keep receiving 10% of every future transaction. That is one way forward.
As you’ve probably already heard, the NFT crypto art market has exploded in the past few months together with the cryptocurrency wave, Elon Musk investing a tremendous sum of money in bitcoin, Kings of Leon making about $2 million on NFTs, Lindsay Lohan selling an NFT of her face for about $17,000. Yes, it’s taking off.
While tech evangelists are hyped and investors are looking to make big profits off it, there is something more than meets the eye to the NFT crypto art, and we’re going to look into that today.
What are the pros and cons of NFT? Is the crypto art market the future for all the experienced or aspiring artists out there? Should you think about minting your motion graphic creations?
Let’s have a look.
The Pros of NFT Crypto Art
What makes NFT Crypto Art is popular? Let’s think of a museum full of classic, extremely valuable and well-guarded art. Why are people eager to gaze upon Mona Lisa? Because it is unique, among other things.
1. Scarcity and Authenticity
An original oil painting can have a singular owner. You cannot just press “copy” and “paste” and duplicate it with a flick of the wrist. It’s true, oil paintings can be forged, but that’s usually more complicated. A digital image, a motion graphics animation or gif can be duplicated a thousand times in one minute. Usually, people think that if it’s on the Internet, it belongs to everybody. Copyright rules are sometimes fuzzy, and this makes buying digital art futile. Why would you spend thousands of dollars on something everybody can have a copy of, correct?
Unfortunately, digital art’s value is elusive, but NFTs provide us with the solution for that. They present the two most important things an art market needs to survive and thrive: scarcity and authenticity.
NFT crypto art is unique, and that makes it highly collectable, as well. It is impossible to confer value to something that can be duplicated a million times. Still, if you can somehow put a signature on the original, that would be worth millions because it’s the original, the “real” image. It doesn’t matter if there are other 1,000 or 10,000 copies of it out there, you’ve got the genuine one, and that’s value. In fact, the more famous and duplicated a piece of art is, the more value it can pertain.
This explains the craziness triggered by the original images behind some of the most famous memes on the web, such as Scumbag Steve or the Nyan Cat.
2. The Digital Artist’s work is finally valued
We know that digital artists haven’t got what they deserved in recent years. If you’re a designer just like us, you know the struggle to create and not get much recognition for it.
NFT changes the game rules for the simple fact that you can authenticate any digital file through the blockchain technology, thus making it unique.
The blockchain stores all this information, runs on a computer network and holds a digital ledger of all the transactions ever made. That is to say, as an artist, your name will permanently be attached to an artwork, and you might also get royalties every time your piece is subject to a transaction.
The file is also decentralised, so the information cannot be hacked. So, as an artist, you can “mint” your video or image with a unique signature and sell it on the NFT digital art marketplace.
It is refreshing for young artists, and it can give brilliant, creative people a nudge to follow their passion, now that they can also make good money off it.
You can feel the refreshing shock waves sent through the whole digital art world. If you want to start putting some work into your passion, now it’s the time. Turn it up, check out new motion graphics technologies that will help you put your ideas to work and let your imagination and passion take over.
3. NFTs give rise to a decentralised digital art marketplace
For once, there are no middlemen here, no art galleries, no curators, no hustle to land your work into a preeminent exhibition. You can sell it yourself, and you can finally begin to earn a living from art, something that seems impossible to most aspiring artists at the moment.
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The Cons of NFT Crypto Art
The unclear artistic value
One of the most confusing art world problems remains: “What is considered valuable art?” Is it just the result of a confusing hype and the prominent wealthy collectors’ whims?
We have seen some pretty peculiar examples of memes being sold for thousands of dollars. Are memes art? Can we put memes alongside beautifully-timed motion graphics?
Unfortunately, most people who buy NFT art are looking to flip it for more money later on.
The ethical dilemma
There have been cases where other people’s artworks have been minted as NFT digital art and sold without the rightful owner’s will or knowledge. NFTs can indeed be authenticated and thus bullet-proof to duplication. However, who makes sure that the people who authenticate it in the first place are the real authors?
Digital creators have been battling fakes for years, people stealing artwork, printing them on T-shirts and selling them. Now NFTs can be just another form of merchandising someone else’s art.
So, how to fight with these? “Mint” your artwork first before someone else does it for you? Might be. You need about $100-$200 to mint our first NFT digital art piece. That is some money.
Just a bubble fueled by the cryptocurrency boom?!
If you are highly sceptical, you can say that the NFTs’ market take-off is due to the crypto explosion in recent months. It’s true; many wealthy people are looking to buy stuff they can then sell for more. They’re not interested in art; they’re interested in suitable investments. But, we’ve seen bull markets before, haven’t we? Isn’t that how the price of a Picasso can also rise and fall?
Nevertheless, NFT crypto art is turning into some gold rush, which might end up abruptly at some point. It might be a bubble amplified by the pandemic that has thrown our lives more into the digital realm, confined to our homes.
So, are we going to talk about NFT crypto art 500 years from now, as we’re still mesmerised by The Sistine Chapel today? This is one of the concerns. Is the medium of these art pieces going to stand the test of time? Those hard drives and blockchain technology are here to stay the test of time or not?
NFT crypto art is purely digital image or videos, nothing tangible, nothing you can hold in your hands. It is highly dependable on the blockchain, the technology keeps it alive, and with how volatile the cryptocurrency market looks like, there is considerable uncertainty here.
People are not buying an artwork; they’re buying a “promise.”
NFTs are not physical objects that go without saying. You cannot hang them on your wall, for all your friends and family to see them when they’re coming over for dinner.
Buyers can display their precious NFTs on their video screens and have them on their smartphones. However, they don’t own the image itself, the file. If you’ve bought the photo for the Scumbag Steve meme, it doesn’t mean you’re not going to see it online, everywhere posted by everybody. You don’t buy the copyrights to that image per se. What you purchase is a certificate of authenticity or the right to brag about it.
Conclusion on NFT Crypto Art Pros and Cons
Yes, the main concerns are here to stay. Is the NFT crypto art just a 21st-century bubble that will burst at some point? If you ask artists, investors, and all the other people involved in the art world, you will hear entirely about the same pros and cons we’ve found here.
Some people call NFT digital art a breakthrough and a much-needed breath of fresh air for the new media artists. Some are more practical, acknowledge its revenue-generating capabilities, and claim that’s all that matters. The digital art world has always been in a complicated relationship with the traditional art institutions and collectors for it’s highly replicable, and NFT can change that.
Some people fear that the NFT digital world is pretty much the same as the classical one. There are many excesses and inequities, value is unclear, and the giant “whales” and investors are still buying art to sell it for more. The exact hierarchy is still there, and the wealth still gets distributed pretty much the same.
There are also some ethical dilemmas linked to NFTs. What happens if someone else sells your own work as NFT and you have no idea?
However, even though it looks like there are more cons to the NFT crypto art world than cons, it is not all bad.
Even if NFT is a bubble, it works at the moment; it helps artists get paid for their work, it creates a decentralised marketplace, it gives you the possibility to sell your work. Your art can be valued, and you can get paid for your efforts, which is quite essential, especially if you’re an artist just starting out.
Actually, if you’re an artist just starting out, or a seasoned creator working on your following motion graphics, you might want to give our video creation tool a quick try and leave us feedback. Let’s exchange ideas, opinions, views. That’s the only way we can make digital art alive, whether it is NFT crypto art or not.
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