If you feel like the NFT (non-fungible tokens) craze blew up overnight, that’s because it pretty much did. This exciting digital trend has taken the arts and culture world by storm, with no signs of slowing. Curious, we asked leaders in the PR and art worlds if NFTs are here to stay, and we were met with a resounding yes.
"As we see more areas of our lives becoming increasingly digitized – digital currencies, virtual meetings and events, social media – I think it naturally follows that once-physical media, like art and documents, will be digitized in the form of NFTs,” says Reid Myers, founder of The Cadre. “There's a high barrier to entry in fully understanding NFTs, but we're already seeing them incorporated into the mainstream. Room57 Gallery, in Manhattan's Design District, is already going full in with their latest exhibition, showcasing NFTs on digital screens alongside more traditional works.”
Room57 Gallery
Our digital-first culture provided the perfect environment for NFTs to thrive, and this presented a major opportunity for the art world. Hayworth founder Ellie Hayworth shares, “I am confident that NFTs will absolutely remain and will likely continue to evolve as cryptocurrencies mature, platforms for exchange continue to innovate and digital art becomes a viable medium as legitimized through institutional backing (as we are seeing with artists like Urs Fischer who abandoned their prior representation to prioritize relationships with galleries embracing the digital market like Pace Gallery, for instance).”
Speaking of legitimizing, Christie’s wasted no time in exploring and educating consumers on the topic. Earlier this summer, the auction house hosted The Art+Tech Summit, presented by Stella Artois: a one-day conference around the role and impact of emerging technologies in the art world. “NFTs are definitely going to be a lasting trend in technology, as they leverage the blockchain to add a layer of security, scarcity, authenticity and provenance,” says Neda Whitney, SVP, Head of Marketing for Christie’s Americas. “As they relate to categories like art, music, fashion, sports and entertainment, I think we’re just beginning to see the depth of applications that can take advantage of this technology, and the lasting impact for the digital creator community will be huge.”
It's just the beginning indeed, and Myers expects to see continuous evolution in the ways NFTs integrate in our daily lives, on a private and public level. “I love the potential for social good in NFTs,” he shares. “Last year, the New York Times auctioned off an NFT of a column for more than $560,000 and donated all the proceeds to the Neediest Cases Fund.”
While any hot trend has to cool down, it’s undeniable that the art world has already shifted, in a move that could have long-term benefits for artists. “We are long overdue for a direct-to-market model in the art world that offers artists the long-term benefits of their secondary market success,” shares Hayworth.
Josh Harlan, Katya x 18, 2021. Digital artwork registered as a nonfungible token on Foundation. Digital still image of a morphing dynamic aggregate of 18 digital artwork panels. © Josh Harlan Studio. Courtesy of Hayworth.
She continues, “To date, private dealers and auction houses have functioned as an intermediary and broker, often pocketing high transaction fees and commissions from their clients and passing along the upside of the sale to the seller rather than the artist. With royalties playing such a critical role in the music industry, the film and television world, and publishing, it strikes me as the appropriate time to begin factoring the artist into the secondary market transaction, for which blockchain technology and non-fungible tokens become invaluable tools.”
Will the NFT bubble burst? Yes. Has it already? A little bit. Regardless, this digital-centric way of consuming and collecting art will continue to pique the public’s interest, for the crypto set and mainstream audiences alike.
