MIAMI – Non-fungible tokens allow creators to make money every time their works are sold, even if they are not involved in the transaction. The companies involved in the NFTs charge fees. Cryptocurrency investors see this as an opportunity. The art world is fascinated by the secondary market.
NFT hit the headlines in March when Mike Winkelmann, better known as Digital Artist Beeple, made history. The 40-year-old designer and animator sold a digital collage at Christie’s for more than $ 69 million. It was the third highest award ever made by a living artist at Christie’s.
For those who didn’t understand their meaning at Art Basel Miami Beach, NFTs were this year’s bananas taped on a wall. The NFT is a unique entity of data that provides proof of ownership. Although it is stored in a digital ledger, it is linked to different types of digital files.
“To understand what is not fungible, you have to understand what is fungible. For example money: I’ll lend you $ 10; They’ll give me back $ 10 in a year. It doesn’t have to be the same $ 10 bill. What is not fungible is an asset that you cannot exchange for another asset, so the non-fungible token refers to an image or video of an artist, ”said Gregoire Vogelsang, founder of the Cube Art Fair.
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In the art market, proponents of NFTs say the technology can solve the problems of authenticity and ownership and increase price transparency thanks to a decentralized blockchain, a tamper-proof network of computers that tracks transactions with precision.
Vogelsang’s fair has found its way into the whole of Miami as a public art project over 50 billboards, which went beyond the vicinity of the Miami Beach Convention Center, where Art Basel has been taking place since 2002. The fair’s popularity has also attracted fashion houses and music producers.
Cherise Gary, a music artist named UNIIQU3, sees NFTs as an opportunity to share their digital artwork and songs. She said the coronavirus pandemic has had a radical impact on artists and consumers, and the NFT is increasing access. There are those who are concerned about the speculative market.
“That’s more direct … I think it’s a really great way to eliminate third parties and focus on the community we’re creating,” said Gary on Sunday during this week in South Florida. “Crypto has its weaknesses, so I’m definitely driving with US dollars right now, but crypto is definitely a part of the future and I’m really excited to see what the blockchain will look like for artists like me in the future.”
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Both Vogelsang and Gary both believe in the endurance of NFTs.
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Today’s This Week In South Florida features interviews about the coronavirus pandemic, a new threat to manatees in Biscayne Bay, and NFTs at Art Basel Miami Beach.
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