Digitizing the Value of Skill & Imagination
The non-fungible token (NFT) market fascinates me. I came from a background of gallery shows, tourist traffic vending, and street festivals. Working with printers, agents, and curators.
The environment of the digital market is just as challenging. Granted it is less of a physical journey for a visual artist. However the capability and options for expression are almost limitless. I can reach my audience easier. Traveling on this globe and using this medium is like being given a golden ticket without carrying a van-load of luggage.
NFT's are pretty much just another form of product value. Using blockchain technology (a distributed public ledger) to manage cryptocurrency. Cryptocurrency can be traded and exchanged with physical currency. Which means it is "fungible". Traded like securities. An NFT is like a "digital asset" that takes on the properties of an implied physical object or tangible human creation, so to speak. Unique in function. The way the market is currently evolving is that one of a kind collectibles are commonplace. Ranging from art, music, video, and even 'in game items'. NFT's coincide with the digital currency Ether (ETH), its native cryptocurrency. Also called Ethereum. Different from Bitcoin in regards to complex decentralized applications as well as smart contracts. As Bitcoin is a store of value and currency. Both are fungible. Both having a fluctuating value with real world currencies.
For example, as of right now while I type this out. ₿1 bitcoin (BTC) is equal to $16,112.30 (USD) US dollars. Ξ1 Ether (ETH) is equal to $1,126.05 (USD) US dollars. It varies from country to country as you might suspect. Another example of this type of comparison is ₿1(BTC) = €15,653.36 (EUR) Euros (European Union currency). Ξ1 (ETH) = €1,095.39 (EUR). You can see the differences compared to the US dollar. As for the physical currency difference. €1 (EUR) = $1.03 (USD). The flip side to that is Ξ1 (ETH) = ₿0.070 (BTC). The comparison of cryptocurrency value difference doesn't mirror the physical currency values. Mainly do to the time spent in the world market. Cryptocurrency (and all its iterations) is still a wee sapling in comparison to real world currencies that have been around since long before any of us were born. The main ones anyway. I mean, generally speaking in broad metaphorical strokes; the big countries with seasoned governments, armies, and template infrastructures.
What's my point?
Be it with an NFT, a print, or a commission. I am an artist that creates stuff that I give a value. Based on my skill and experience in the “art world”. I can regulate my creations to make some money so I can buy food, afford a small living space, and pay for utilities... and a subscription to Netflix when I can. Not to mention that Amazon is tracking my movements. It’s creepy. “I’ll get a backpack when I am good and ready thank you very much.”
How did they know mine is about to fall apart?