4 ms·

How have NFTs changed the art world?

by Sebguer 4y ago

wins32767 4y ago
Funneled a bunch of money into artist's pockets.
- AlexandrB 4y ago
  Which artists? Certainly not the deviantart artists who had their art stolen and sold as NFTs or the artists who drew the Bored Apes one of whom described her compensation as "definitely not ideal"[1]. Most small artists who I've heard talk on podcasts about NFTs say it's a pretty raw deal because minting costs money with no guarantee of returns. I think the largest beneficiaries of NFTs are speculators and businesses. The art and artists seem to largely be a means to an end in this space. [1] https://www.vice.com/en/article/y3vn5b/bored-ape-yacht-club-artist-says-compensation-definitely-not-ideal https://www.vice.com/en/article/y3vn5b/bored-ape-yacht-club-...
  - kranke155 4y ago
    You can trust folks at HN to find whatever edge case is necessary to disprove the usefulness of anything crypto.
    - Sebguer 4y ago
      Can you find an edge case showing the usefulness? Because that was my root question and "putting money into the pockets of artists" is not changing the world. It's a new revenue stream, and one that isn't particularly well-distributed.
      - kranke155 4y ago
        My original comment is “changing the art world”. And yes it did that because for digital artists it was quite hard to monetise before NFTs. You had to find an art gallery to authenticate your work and signature. There were gatekeepers. Now you just Authenticate your own work on the blockchain and sell it. I follow multiple artists who have sold the their work and made 100k to 1million usd. That’s good for art and it’s good for them. Thus it’s changed the art world. I can provide multiple examples of artists who were once working in corporate jobs and were amazing and are now very successful NFT artists if you’d like. And that is not the edge case - that is the mainstream - is artists who couldn’t sell their work before now can and they’re making money. The fraud cases are unfortunate and I’m pretty sure there is an automated way to remove it. Why it hasn’t been done is a mystery to me but I’m sure it will get done eventually.

How have NFTs changed the art world?

wins32767 4y ago

Funneled a bunch of money into artist's pockets.

AlexandrB 4y ago
Which artists? Certainly not the deviantart artists who had their art stolen and sold as NFTs or the artists who drew the Bored Apes one of whom described her compensation as "definitely not ideal"[1]. Most small artists who I've heard talk on podcasts about NFTs say it's a pretty raw deal because minting costs money with no guarantee of returns. I think the largest beneficiaries of NFTs are speculators and businesses. The art and artists seem to largely be a means to an end in this space. [1] https://www.vice.com/en/article/y3vn5b/bored-ape-yacht-club-artist-says-compensation-definitely-not-ideal https://www.vice.com/en/article/y3vn5b/bored-ape-yacht-club-...
- kranke155 4y ago
  You can trust folks at HN to find whatever edge case is necessary to disprove the usefulness of anything crypto.
  - Sebguer 4y ago
    Can you find an edge case showing the usefulness? Because that was my root question and "putting money into the pockets of artists" is not changing the world. It's a new revenue stream, and one that isn't particularly well-distributed.
    - kranke155 4y ago
      My original comment is “changing the art world”. And yes it did that because for digital artists it was quite hard to monetise before NFTs. You had to find an art gallery to authenticate your work and signature. There were gatekeepers. Now you just Authenticate your own work on the blockchain and sell it. I follow multiple artists who have sold the their work and made 100k to 1million usd. That’s good for art and it’s good for them. Thus it’s changed the art world. I can provide multiple examples of artists who were once working in corporate jobs and were amazing and are now very successful NFT artists if you’d like. And that is not the edge case - that is the mainstream - is artists who couldn’t sell their work before now can and they’re making money. The fraud cases are unfortunate and I’m pretty sure there is an automated way to remove it. Why it hasn’t been done is a mystery to me but I’m sure it will get done eventually.