NFTs…

This post is simply the look that I take as a so-called classic artist on a virtual universe which turns out to be knocking on our doors in a harassing way and which we definitely want to take a look at if only out of curiosity. Art and the NFT or the NFT in art. Some time ago, through training on the protection of works of art and their timestamps, I heard this term for the first time... just a few months later I was able again hearing this word spoken in the informative context of emerging virtual universes, then it was a chain of requests to acquire my works for the benefit of virtual commerce on dedicated platforms with this recurring label of NFT.

What is NFT?

An NFT, or "Non-Fungible Token", is a type of unique digital asset that is stored and authenticated on a blockchain. Unlike traditional currencies or cryptocurrencies like Bitcoin, which are fungible (i.e. interchangeable with each other), each NFT has distinct properties that make it unique and not interchangeable. It is a definition which is not absolutely clear and which leads one to ask many questions, when one practices art in a classical or even almost academic manner. My personal and professional experience often led me to work on digital media and there I began to glimpse the purpose and hidden interest of storing and authenticating work.

NFTs have spread across a wide variety of sectors. Initially known with monkey-faced pictograms, NFTs have undergone numerous transformations and affect very variable sectors and aesthetics, which further multiplies the choices to make when deciding to explore this universe. The platforms that host NFTs are numerous and each have positive and negative points and should be studied in detail to find out which one suits you. (see paragraph below)

It is an economic universe based on cryptocurrency with all the hazards that relate to it, in other words fluctuating values ​​whose impact parameters I do not know (politics, events, trends, etc.). Since July 2024, we can currently see a breakthrough in the standard currency of the NFT, namely Ethereum, an evolution which tends to work in concert with the value of Bitcoin. So some insiders will tell you that the American elections benefit cryptocurrency.

The principle of creating an NFT

The operation is quite simple but requires a certain vigilance and a little basic initiation quickly provides the possibility of becoming the creator of an NFT. The first thing to do is to choose a currency wallet called Wallet. It is obviously a virtual wallet which will store a certain number of crypto-currencies that you have selected according to your intentions and the blockchains that interest you. Ethereum is the most common currency for NFT transactions. Then you should choose a virtual platform to create or mint your first NFT (note: depending on the platform, depending on the time you do it, the fees vary). It is good to know that some platforms offer light contracts which introduce Mint with a delay. Choose a platform that suits you or is closest to your artistic posture. Pay attention to the presence of a “smart contract” which can allow you to benefit from copyright and continuation in a second market sale. The NFT must be a high definition image file (maximum size often accepted 80 MB). Once your NFT has been created, it is obviously necessary to promote it in the same way as a physical work (social networks, mailing, etc.)

What to think of NFT?

Between seduction and unpleasant universe, NFTs are above all a posture that it is necessary to understand in order to become familiar with them. Like every new movement, it is necessary to take an overview of the positive and negative points.

Often and for the most part, artists do not have a hidden identity unlike NFT buyers. And this is undoubtedly where the unease is most obvious and where the communication gap between the two universes takes up a considerable place. An artist often signs with his name and, at worst, with an artist pseudonym that he will use on a recurring basis. This posture is absolutely not the same on the NFT buyer side, who collects NFTs as much as virtual identities. I go over the different transaction modes (platforms, exchange currencies, etc.) there are enough sites to discover this side of the subject. You just have to know and importantly that an NFT must be created in a single type of cryptocurrency, but here again, different solutions or postures exist, we can talk about it at length.

The fundamental reasons for the existence of the NFT are multiple and everyone can find advantages and disadvantages, the quantities of which vary. For my part, it seems important to take into consideration that the living spaces we occupy today are more restricted and that the quantity of art produced conflicts with the wall surfaces to be covered. As a result, the NFT comes to the aid of an art enthusiast who would like to view their acquisitions through a digital medium allowing projection or digital restitution through an electronic medium.

My remark is also in line with the post already written on this blog and which is entitled: “ When art becomes a better way to invest than real estate ”

The NFT can also become an intangible product which can allow a renewal in the communication strategy depending on the space concerned.

However, the major problem lies in the communication and initial exchanges before the transaction because either the work is already in place in the form of an NFT on a platform or it is created on demand. But in both cases, transaction parameters must be defined.

The creation of an NFT goes through the minting or minting phase to register it on the Blockchain and this phase has a variable cost depending on different parameters which are the time of day, variable costs depending on the platform, etc. ( see the chapter creating an NFT above)

Beginner or experienced, it is necessary to remain extremely vigilant about the applicants' modus operandi because the scams are numerous and it is sometimes difficult to discern the anomaly. The NFT is an entirely digital product with everything that means starting with the identity of the purchaser and their way of being present on the different social networks, of justifying certain elements on a truncated visual basis or which does not does not belong, in short, vigilance is essential.

A perspective or an impasse?

I think the answer lies in the NFT universe itself. The basis of this practice is perfectly honorable both in the reason for being and in the interest provided but where I express a huge doubt is on the manner and the implementation of NFTs as well as the little identity credit existing in the panel of collectors. To my knowledge, there is no relevant process for feeling calm about a transaction other than knowing the person you are talking to through experience. A new buyer belongs to this virtual universe which, according to him, will go into acquisition mode from a work transformed into an NFT, but before having transformed it you will have to go through the mint (or mint) box. So on some sites, lazy minting exists but is not very widespread (also called Lazy Mint). ARTMO platform works in this direction and allows you to create an NFT linked to a physical work.

Personally, I have a large quantity of requests to manage and faced with the time-consuming work involved in monitoring this subject, I have adopted a posture that I will present to you below and which significantly selects the various requests.

Little by little the world of NFT is gaining credibility, the subject is calling on many institutions and in particular La Maison des Artistes through questions and answers on this subject. All you have to do is form your own opinion and read as much information as possible on this subject, or even get support.

The world of NFT and its brand image…

The image of the NFT is gradually gaining credibility. A credibility that it has had to rehabilitate and which is now introduced into the language of institutions such as La Maison Des Artistes or the ADAGP. But many gray areas are still persistent and curiously no one speaks up and as soon as we ask somewhat pointed questions: a shadow looms. Very linked to cryptocurrencies, the NFT wavers depending on the values. Scams are numerous and very varied: when you know them, you quickly take the necessary reflexes to detect or interrupt them. Remember that the NFT can only exist if there are NFT creators, hence the profusion of requests to acquire a virtual work.

Furthermore, this market is currently evolving and seeking more classical artistic work, which leaves the possibility of glimpses of a market on which the classical artist must impose his rights and his conditions of sale.

Virtuality on all levels…

It's virtual... therefore surrounded by a significant amount of questions, doubts, limited trust... Today there are virtual banks and many of us use them, because they are almost more efficient than the traditional banks and better correspond to our expectations and needs. But in the field of art, the ingredients are different and are often the result of disguised solicitations with a flattering argument and unparalleled collector skills.

NFTs, adopt them or reject them

In my opinion and through my research, there are several ways to view the NFT depending on which category of artist you belong to. It seems obvious that for a digital artist, the NFT is obvious when working on a tablet or on digital applications. The NFT then becomes a way of securing your work and authenticating it. For a classical artist who rather practices physical art through a paper or canvas support, the posture can be seen differently: various choices are possible. Some artists identify the NFT as a way of authenticating the physical work by giving it the value of a certificate of authenticity and others establish a distinction between the physical work and the NFT of this work. An NFT can represent a physical work, but what is exchanged during the sale of NFTs is a digital representation of this work (High Definition). The physical artwork can still be sold separately from the NFT. (see Maison des Artistes FAQ). For my part, I would rather place myself in the second category, namely that the physical work will have a different path and journey from the digital work (NFT) engraved on a blockchain. On this point it is important to specify this position in an NFT transaction in order to avoid creating a link between the two and being asked for the original.

Some existing NFT platforms

For my part, and following numerous explorations and research with analysis to detect the credibility of the platform, I selected three: ARTMO, Foundation and Opensea.

My preference is for Foundation which has visual elegance, quality service and seriousness in practice. Opensea is a very good platform but much larger and therefore more in demand and a greater presence of works. Artmo, is a simpler platform which avoids having a Wallet or electronic wallet but which will create NFT transactions through its platform account and return the sale in the currency of your bank. This is called lazy typing (see above).

Synthetic…

A watchword that I would give to any artist wishing to explore NFT: “stay vigilant!!!”. You will have understood this clearly from these few lines. The virtual world presents a certain seduction perfectly mastered by actors with unverifiable e-mail addresses and the skills of collectors or businessmen/women who, under the cover of a desire for pseudo discretion, will play on the card of visibility and notoriety for us as an artist. The eternal argument that exhausts us and that we all hear all day long.

I hope to have been able to shed light on this somewhat particular subject that certain associations have now integrated into the scheme of resource opportunities. I remain available to discuss this subject and you can leave a comment below.