Will NFT kill art or art experience?

  • 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. 
  • Piracy is also affecting the US film and TV industry with $79 billion loss annually
  • With NFTs, the ownership becomes clear and the artists will benefit
  • This is also a new way for fans to enjoy artists’ work. Artists are creating extended versions of their arts instead instead of simply converting their current work to NFTs
  • This is an additional way for artists to earn and an almost ironclad way to protect their creation