The Digital Renaissance
NFT galleries are popping up all over the world, giving digital artists hope for the future
Mask Splitting, by American Artist Swoon
Digital artists have long been overlooked. Those who have enjoyed recognition, praise or perhaps a hefty following on social media have nonetheless ached for one crucial piece of the puzzle… cash. Digital artists are the modern-day version of the starving artist.
Until now.
In the wake of the COVID-19 pandemic, online showrooms have begun cropping up everywhere in the digital realm, as museums and galleries were forced to close their doors. People are diving deep into alternative virtual realities, craving the escape and emotional immersion they offer. Digital art is experiencing a boom, and NFTs are offering artists a way to monetize their work.
NFTs (Non-Fungible Tokens) for Dummies:
According to an article in Time magazine, “NFTs are best understood as computer files combined with proof of ownership and authenticity, like a deed. Like cryptocurrencies such as Bitcoin, they exist on a blockchain—a tamper-resistant digital public ledger.” “NFTs have unique valuations set by the highest bidder, just like a Rembrandt or a Picasso.” Artists looking to sell their work as NFTs have to sign up with a marketplace and pay a listing fee. Examples of such platforms and marketplaces for digital artwork are SuperRare, MakersPlace and OpenSea.
Digital Artists: Your Time Has Come
Certain digital art collectors claim that they’re not just paying for the artwork but for the artist’s labor, handiwork and the genius behind the piece. Sort of their way of honoring this emerging form of art. And of course, it’s an investment in the future. Digital pieces are banking incredible sums of money, sometimes thousands of dollars per piece. Jaws dropped after digital artist Mike Winkelmann, known as Beeple, earned a record $69 million at the auction house Christie’s for his piece Everydays: The First 5,000 Days.
The Dark Side
As with anything, there’s a downside to it all. Artists can count on a financial investment upfront if they wish to list their work on a digital marketplace. They’ll also need to be a bit tech-savvy, and there have been examples of works being copied and sold without the artist’s permission. One of the main challenges faced by digital artists is protecting their work against copyright infringement.
But NFTs seem to be a brilliant solution, as they provide proof of ownership and authenticity and eliminate counterfeiting and fraud.
The Final Reality
While it might take some learning and exploring, the emergence of online showrooms, NFTs and an appreciation of the possibilities of the digital universe – stimulated by the pandemic – has finally made it possible for digital artists to earn a living with their work. And that, I would say, is long overdue.