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17 Comments

Why are you interested in NFTs?

I have been paying attention to the digital art scene for a while. I also teach part time at an art school, so I am really interested in this trend/dialogue around it. Most importantly... I want to sell some Animal Crossing fandom art!

Here is a fun read I found this morning on the landscape of digital art, before the NFT craze: https://rhizome.org/editorial/2021/mar/12/before-the-boom/

Why are you interested in NFT?
  1. I want to create and sell NFT (Seller)
  2. I want to collect/invest NFT (Buyer)
  3. I'm interested in Crypto (Enthusiast)
  4. I want to see how far this fad will go (Lurker)
Vote
  1. 3

    I have been trying to figure out why I should care or consider investing cause I did not quite understand the “value” of what was being sold and re-sold.
    Unless rights to the source material are included with the purchase, NFT art makes very little sense to me.

    1. 2

      I could see that. I think value is a tricky business here when it comes to digital art. I guess it could come from:

      • if the creator gets big, and the value of artwork rises (artist)
      • if the artwork is widely circulated and people care about the original (meme)
      • if it's a limited series released by a famous person (collectible, which is like a combo of 1 and 2) ...?
  2. 3

    I'm not sold on the idea, but I want to see where it goes. It's a rare applications of blockchain that actually enables a new market. And I say this as someone who thinks that there has been maybe 1 interesting use of blockchain ever (remittance). Previously, selling the ownership of a digital good was not plausible. "What if you just made a copy?" Even the one-of-a-kind Wu Tang album had to be printed onto a physical disk, even though its contents could be easily represented digitally. The idea that an artist can assign ownership of a digital work through a distributed ledger is interesting. The idea that smart contract markets can ensure that the artist gets a 10% cut of EVERY transaction is fascinating. I'm not participating, but I'm here for the ride.

    1. 2

      Agree! Really great solution for creative assets like fonts, stock images, and sounds. I think the reselling idea is super fascinating. I'm excited to see where this goes and hope the energy cost can be a lot lower.

      1. 3

        If you can send it over the wire, access it, read it, view it or listen to it, you can copy it. The NFT just records the ownership of the asset. (And the extent to which it does that depends on meatspace contract law and IP law.)

        I don't see how the existence of an NFT prevents the asset itself from being duplicated.

        1. 1

          that's true, I wonder if it can be prevent the asset from being displayed or rendered.

  3. 3

    The technology looks well suited for an idea from my notes: reinvent “souvenir/tourist medal”. Like a “I was there” digital badge.
    Also, fear of missing out.
    Finally, trends create opportunities... even if the timing is tricky.

    1. 2

      totally agree, I'm the same! not sure if I'll end up selling anything, but very very intrigued.

    2. 1

      I have the same idea written down. I really think people will be showing off their tourism souvenirs in an digital world. You will collect unique experiences and by having an NFT you will have 100 % you were at that place and experienced that thing.

      Also natural reserves and parks are now mostly free. And you have some NGO who take care of the park and biodiversity there. Imagine you could support the NGO by buying an NFT.

  4. 2

    It's a positive development, in that it creates a way to establish scarcity in digital assets. But it's also negative in that it keeps the focus of the art world on scarcity, instead of abundance (as in music). It's good that some artists are able to make some money, but I think it perpetuates an experience focused on collectors (i.e. money) and not on experiencing art. That said, it raises interest and perceived value in the digital art world, which is a good thing!

  5. 2

    For now I'm only lurking, curious what the opportunities are for artists. Do you do fandom art? What have you done so far toward selling?

    1. 2

      These are actually left over graphic assets I have from an Animal Crossing plugin I was making previously. They can easily repurposed into fan art or avatar of some sort.

      So far, I made an account on Opensea (etsy-like marketplace for NFT). From what I understand Opensea charge a one time mining fee (about $127 when I checked), and then you can "lazy" mint as many items as you want. Once a purchase is made, the buyer pays the minting fees (fee it takes to officially mint the artwork) for your item. In some other platforms the seller has to pay the minting fee per piece prior to listing, which is quite high if you plan to sell a lot. This is what I understand based on the information so far, if anyone else has experience, feel free to add here.

    2. 2

      I share the same view. Digital art is going to be an interesting space. I think the NFT phenomenon will attract even more creators to the space due to both the novelty of it and potential financial benefits.

      1. 2

        For sure! Not everyone is going to create "collectible" work but I could see it becoming etsy marketplace. The cost are very hefty though on both buyers and sellers.

  6. 1

    I’d be interested to explore it more if it wasn’t for the immense energy usage.

    It’s not my place to judge art, but it very much seems that most assets that are being auctioned are there for a quick cash grab, weird animated gifs, things wrapped in generated collector cards, pixel cats, tweets?

    1. 1

      Agree! That's why I thought I could repurpose my assets (quick cash grab).
      some "validated" (by the art world) digital art do look like those things you listed, and they have been exhibited in big museums prior to this craze (and I think, not sold yet). So those might sell (now?) for more and have more long term value. I saw on twitter there is now "NFT" art advisors.
      Yes, I just heard about the energy usage as well. I wonder if there is a more sustainable way, since I heard about more environmental friendly cypto on IH.

    2. 1

      Yeah, the energy cost surprised me when I learned about it. Seth Godin recently posted something about this, and your second point too. Been looking for similar perspectives https://seths.blog/2021/03/nfts-are-a-dangerous-trap/

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