Decrypt NFT Art: The virtual world is revolutionizing the art trade.
Time:2021-11-18
Views:5543
Decrypt NFT Art: The virtual world is revolutionizing the art trade.
What is NFT?
It‘s not physical, it‘s copyright
To understand the logic behind the deal, one must first understand NFT.
NFT is not a new concept, but most people are still new to it. Professor Wu, a professor at the Art College of Sichuan University, a doctoral supervisor, and deputy director of the Theoretical Committee of the Sichuan Artists Association, introduced, “NFT is the abbreviation of Non-Fungible Token in English, which means non-homogeneous token, which is based on blockchain. The circulation certificate of technology. The so-called “non-homogeneity” refers to its irreplaceable, undivisible, and unique characteristics. With this characteristic, NFT can be bound to any commodity in real life and become issued on the blockchain Digital assets on the Internet; when it is bound to artwork (paintings, audio, video, etc.), digital encryption art (Crypto Art) is born. Encryption refers to the encryption of the artist’s signature, and the signature is the Authentic Right. Through the signature, the artist grants the copyright to the digital artwork. It cannot be forged, and the online process is open and transparent, leaving traces throughout the process, and circulates well. This ensures the authenticity and uniqueness of the ownership of the digital artwork, so NFT artwork transactions It is actually a copyright transaction. When a participant acquires or purchases a digital artwork for free, he obtains the copyright of the digital artwork, which can be collected or placed on the secondary market for resale."
Beeple “Every day: the first 5,000 days”
Why do collectors buy?
NFT is not a new concept, but most people are still new to it. Professor Wu, a professor at the Art College of Sichuan University, a doctoral supervisor, and deputy director of the Theoretical Committee of the Sichuan Artists Association, introduced, “NFT is the abbreviation of Non-Fungible Token in English, which means non-homogeneous token, which is based on blockchain. The circulation certificate of technology. The so-called “non-homogeneity” refers to its irreplaceable, undivisible, and unique characteristics. With this characteristic, NFT can be bound to any commodity in real life and become issued on the blockchain Digital assets on the Internet; when it is bound to artwork (paintings, audio, video, etc.), digital encryption art (Crypto Art) is born. Encryption refers to the encryption of the artist’s signature, and the signature is the Authentic Right. Through the signature, the artist grants the copyright to the digital artwork. It cannot be forged, and the online process is open and transparent, leaving traces throughout the process, and circulates well. This ensures the authenticity and uniqueness of the ownership of the digital artwork, so NFT artwork transactions It is actually a copyright transaction. When a participant acquires or purchases a digital artwork for free, he obtains the copyright of the digital artwork, which can be collected or placed on the secondary market for resale."
Beeple “Every day: the first 5,000 days”
Professor Wu used the work "Every Day: The First 5000 Days" as an example. "The most famous case is the JPG image file "Every Day: First 5000 Days" created by Southern California artist Mike Winkelman (nicknamed Beeple). Beeple took more than 13 years from May 1, 2007. Time, I draw a digital picture every day and upload it to the Internet. As of February 16 this year, a total of 5,000 have been uploaded. The online auction was organized by Christie’s auction house on February 25 this year. The reserve price was only $100, but the price went all the way. Soaring, as of March 11, it has attracted about 22 million visitors, 33 buyers from 11 countries around the world participated in the auction, and finally sold for 69 million U.S. dollars (about 450 million yuan). This result detonated the world. Art circle.” You know, in 2014, Monet‘s "Water Lilies" sold for only 54 million US dollars at auction, and this electronic digital work was more than 15 million US dollars more expensive than "Water Lilies".
Beeple “Every day: the first 5,000 days”(Part)
Beeple “Every day: the first 5,000 days”(Part)
"Before the birth of NFT encryption art, there were already offline and online trading methods for art transactions, but they were all aimed at physical objects. Change the nature of the physical transaction of artworks. NFT encrypted art is not the case. What it buys and sells is not the physical object, but the copyright. It is an identity that cannot be forged. This not only subverts the traditional trading method of art, but more importantly, it is encrypted by encryption. The realization of the right of signatures fully guarantees the authenticity and scarcity of digital artworks, and provides a solid foundation for maintaining their market value. Digitally encrypted artworks can come from the digitization of physical artworks (through photography, scanning), and also It can come directly from digital art creation. The former can be traded separately from the original work, or can be bought and sold together with the original work, all depends on the wishes of the artist; the latter can be directly encrypted for trading." Professor Wu said.
In theory, NFT can be anything digital: sounds, images, text, and even a prop in a game. For example, in February this year, the co-lead singer of the rock band Lincoln Park sold his own production for $30,000. A piece of music; Twitter CEO auctioned his first tweet published in 2006 as an NFT for $2.99 million.
Aside from such "extreme" cases, the most widely used NFT is currently in the field of art. Up to now, many artists have uploaded their artworks (paintings, audios, videos, etc.) to the NFT auction market to create NFTs.
How does NFT affect traditional art?
Maybe more and more artists will join
Seeing this, you may ask, how accepting of NFTs by domestic artists? How will NFT affect the traditional art industry?
Professor Wu believes that the creation of NFT, for easel painting, is a possibility to transform physical works into encrypted digital prints, which will allow more viewers to have close contact with and own works (excluding the materiality of the original works). Part of the feeling), and the creator‘s ownership of the original may have changed. "As for the influence on the traditional art industry, I don‘t think it has any influence yet. The uniqueness, sense of presence and realism of the original work are difficult to replace."
Professor Wu said, "With the popularity of NFT encryption art, in order to adapt to digital survival, more and more artists may try digital art creation. We cannot even rule out the possibility that it may be born on the basis of NFT A new creative method that only relies on digital operation support, no matter what name we put on it-"blockchain creation" or "NFT creation", in short, it is bound to contrast with the previous art creation methods, even It may also be different from the usual digital creation methods."
Why do collectors buy?
Get on the early train and reap high returns
According to Professor Wu‘s analysis, due to the popularization of blockchain knowledge and the advancement in practice, from the perspective of Europe and the United States, NFT is already a widely accepted method of art trading by artists and collectors. According to the current situation, it is estimated that there is still a long acceptance process in China. This year, NFT has suddenly become a hot topic in the domestic art circle. It is related to Christie‘s involvement in the auction of Beeple‘s work "Every Day: First 5000 Days" and the high price. Everyone generally feels excited, novel, and confused, and at the same time they are tempted to move around. Artists and collectors are eager to understand this knowledge. There are also many art institutions that are actively seeking technical support, hoping to try their skills.
In today‘s high-tech era, it must be difficult for artists to resist the temptation of digital media, and the marriage of art and technology has long become a trend in the development of contemporary art. More and more artists use modern technology to create digital art. work.
Nowadays, in the face of the ascendant of NFT, we should take it as a necessary supplement to the traditional art market with the mentality of being happy to see it. "
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Sammy