Will The NFT Art Wave Impact The Austin Art Scene?

Beeple's Record Breaking NFT Artwork

LocalBusinesWatch.site is pleased to report on the NFT art wave, as evidenced by the surge of local market interest in NFT art. The non-fungible token (NFT) is a special kind of cryptographic token that is used to transparently attach a singularly unique and defining characteristic to it. Unlike cryptocurrencies, such as bitcoin, which are fungible, NFTs are not mutually interchangeable. NFTs may, therefore, be used in a number of specific applications that require unique digital items, including crypto art, digital collectibles, and online gaming.

Jesse Thornton of Local Business Watch in Austin says, “I'm a firm believer in the original purpose of the internet. Remember the phrase ‘information highway'? NFT Art may be a way of delivering artists more autonomy, and more value from the transactions they generate in the process. It's very promising.”

NFTs are usually a part of the Ethereum blockchain. Ethereum, just like the bitcoin, is a cryptocurrency except that its blockchain is capable of supporting NFTs because it can store information that enables them to work differently. Meanwhile, other blockchains, aside from the Ethereum blockchain, have also started to introduce their own versions of NFTs. NFTs can be made to represent any kind of digital content, such as art, drawings, music, and more. However, what has currently gone viral is NFT art. The reason for NFT art having gone viral is due to two proofs of concept to the public at large that have been demonstrated through the sale of the NBA Top Shot and Grime’s Crypto Art at the same time.

Meanwhile, the art world is wrestling with the new digital disruption. Digital disruptions like Uber and Airbnb are famous for removing the “friction” of a transaction in established markets. In all the excitement, some are worried about the impact of NFT art on the local art gallery.

Jesse Thornton of Local Business Watch says, “I predict they have a vital role to play here. The NFT space is in wild, wild west, territory. The tools and the software change, but one thing does not. Reputations matter in these transactions that need the power of the eye witness. Who better to do that than the fine-tuned eye of a local art curator? Art galleries like SoCo Modern can be empowered by the technology to be innovative in the space as well, to help generate rock-solid provenance in creative ways that add value to the NFT artwork. It's really an exciting playground.”

It is surmised that it could be digital peer-to-peer marketplaces that would be effective in getting rid of the conflicts and “friction” between the artists and the buying public. And with the support of a blockchain like Etherium, NFTs could be the best way for creating and transacting digital art.

It is important to point out that all types of content, such as 3D models, artwork, graphic designs, research, videos, and PDF, can all be transformed into an NFT by using a number of platforms such as mintable.io, Mintbase.io, opensea.io, and niftygateway.com. The process typically begins with the creation of the digital content or artwork. Next is the uploading of the digital content, establishing an unlockable private file, and then previewing the image. The artist may then indicate the selling price for the NFT art. Next, the artist can select from a number of other options, such as copyrighting it or making it non-resellable. And finally, the artist can list the specific item for sale. This enables the artist to create an item on the blockchain that he or she exclusively owns and controls, and then he or she can sell that particular NFT art. At present, SoCo Modern Art Gallery suggests the use of NiftyGateway.com, with OpenSea.io as the best platform option.