I am neither an artist nor an art critic so I can’ provide a perspective on how NFTs will affect the quality of art. I do love art though and I am into tech and business. So I can give you a perspective on the business side of art.
Technology has always been a threat to anything classic. Actually, anything new is perceived as a threat to anything classic.
Opera was the original pop. Somewhere between 1600s and 1900s, the young bourgeoisie got bored and used faster beats during social gatherings. An entrepreneurial German opened a dance hall, with waltz, mazurka, and polka as the dance beat. These dances were designed for two people to dance together. The church called it a pagan dance and the older generation called it the death of music as a form of art.
Movies faced a “similar threat” with TV. When the war ended and men returned home, many purchased a home… in the suburbs. Downtown was a considerable drive away and mass transportation wasn’t exactly a plenty. They turned to TV. People thought it was the end of movies.
When tablets and kindles hit the market, people feared that the book was dying and being taken over by the eBook world. Print Book sales rose 8.2% in 2020 and is projected to have an annual growth rate of 1.47% through 2025,
Phones are also seen as a threat to DSLR. Camera & Imaging Products Association (CIPA) shows the market is back in business and nearly recovered from the COVID-19 downturn.
Now, it’s NFT threatening art, publishers, management companies, and others.
The hate started with a Banksy’s piece was burnt and a digital representation of it was sold as a NFT. i mean, why will you ever burn a Banksy? Even to me, it’s mind boggling but i do know that it is primarily because of the intangibility of it that makes it difficult for me and for others to accept. That one-of-a-kind Banksy piece is now converted to a digital representation
This is the biggest hindrance, the intangibility of most NFTs
But at its core, there are important problems NFTs address, the most important of which is ownership.
According to the RIAA, the U.S. economy loses $12.5 billion yearly because of piracy and about 71,060 jobs to the U.S. economy.