The future of digital works of art or another crypto fad?

As non-erasable token art (NFT) evolves as an industry, a new trend is fast emerging: bodily NFT galleries with exceptional, digital digital art can’t be erased. Most lately, the biggest Bitcoin (BTC) event in history – the Bitcoin 2021 convention – featured a peer-to-peer pop-up NFT art gallery featuring art by over 30 different crypto artists.

Teodora Atanasova, manager of VIP connections and founding member of Nexo – the firm that runs the Bitcoin Art Gallery – informed Cointelegraph that over 100 works of art were sold throughout the two-day conference: that shows the effect that physical NFT galleries have on the conventional art world and the crypto industry. “We need to bring crypto to people’s eyes and touch,” she added.

Popular crypto-friendly cities such as Miami are not the only areas NFT art galleries pop up. An NFT art gallery pop-up happened in Dallas, TX for the first time earlier this month. The event was organized by Artist Uprising, a Dallas-based talent agency that promotes and showcases an array of individual bits of art from revolutionary NFT artists who’ve made over $ 1 million in online digital art earnings in the past month alone.

Merrick Porchéddu, CEO of Artist Uprising, advised Cointelegraph that the event attracted more than 200 attendees and NFT earnings continue to be in open auctions:

“Many prints were sold, along with 2 art oil paintings. The documentary’Making of NFT Gallery IRL’ was also taken (which explains a whole lot about NFT art and why it is here). In addition, we now have three districts that need to bring our NFT showroom for their assumptions.”

Understand the need for NFT physical art galleries

While NFT physical art galleries are a remarkable advancement for the crypto industry, some art enthusiasts or traditionalists may be asking about the importance or even the need for NFT art galleries in the real world.

For example, an article in The Art Newspaper quotes Saskia Draxler, co-owner of the German art gallery Galerie Nagel Draxler, who stated that digital artist Beeple, who auctioned an NFT artwork at Christie’s auction house for more than $ 69 million, most are not allowed to Have an impact on art history. She added that “NFTs won’t replace physical art any more than NFTs because a pair of Nike shoes will replace actual sneakers. “

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While this is just an opinion, some believe that the confusion surrounding NFT and the need for physical galleries could be due to a lack of understanding. Carrie Eldridge, founder and CEO of ATO Platform – an asset management service that grants royalties to artists, galleries, and nonprofits – told Cointelegraph that there are many followers. Pragmatism and conservatism are unwilling to accept the NFT as a legitimate vehicle. “They also do not believe the NFT offers solutions to challenges that have plagued artists for generations, such as asset tracking, permit retrieval, collector analysis, artifact appreciation, collectors and insurance companies, and much more complex things,” she said.

While this may be the case, Eldridge notes that it is important to take into account the views of both traditional collectors and the crypto community on NFT art: “At ATO, we are passionate about NFT art and Protecting the art industry and the people who fought for decades to make it what it is today. “

While Eldridge makes a strong argument, it is important to point out why NFT physical galleries appeared in the first location. While some might think these places are open because of the lifting of COVID-19 limitations, industry experts disagree.

For instance, Marc Billings, creator of Blackdove, which opened Miami’s first NFT art gallery in ancient June, told Cointelegraph which NFT art galleries are not any different from conventional galleries. However, he discovered that conventional art galleries have failed to satisfy the needs of NFT artists, both in terms of technology and the curiosity of collectors, which opens the door to new galleries. Settlements states:

“NFT art is much more of a moving picture than a conventional video that’s been largely overlooked by the more conservative art world. Artists and curators are given wall space to present their work and to provide voices the NFT gallery has a special approach. “

In addition to digital NFT artworks shown in real spaces, NFT artists have also started creating physical works that are associated with their digital creations. The NFT physical art galleries not only allow these works to be displayed, they also help to generate public interest.

For example, NFT artist Taylor Good – aka “Warhodl” – informed Cointelegraph that his pop up Bitcoin 2021 was bringing new collectors into the NFT area by making physical soup cans tied to digital NFTs has enticed.

Following Good, crypto artist Sergey Gordienko – also known as “Do What You Love Artist” – told Cointelegraph that he offers traditional collectors digital versions as well as NFT works of art. “I think this adds value to the physical work of art,” he said.

The Art of the NFT and the Importance of the Blockchain

While recognizing the need for physical NFT galleries is important, Billings also points out that blockchain technology plays an important role across the ecosystem: “Blockchain allows hard work. Various members of the community are recognized and rewarded accordingly. “

In fact, blockchain is one of the most important characteristics of NFTs overall as it has created an entirely new financial model for these assets. This enabled the ads to generate a larger share of the profit as the value is exchanged over the blockchain network. In addition, proof of ownership is provided for collectors as all transactions are carried out and recorded on the blockchain.

Good explains that NFT art enabled him to make real-time profits instead of waiting for galleries to accept, set prices, and then sell products:

“The age-old problem as an artist is knowing your worth, asking for it, and actually getting your worth. Fortunately, while the NFT is simply a blockchain utility, the creative world is one of the earliest vehicles or use cases because NFT is essentially a direct exchange of values. “

In addition, the Decentralized Financial Protocol (DeFi) Aave is now working on creating a platform to use NFT as collateral. Jordan Lazaro Gustave, CEO of Aave, advised Cointelegraph that the firm views the NFT as a shop of value, often in the form of a job of art. He noted that Aave plans to utilize the NFT artwork as security, much as a bank could provide a line of charge to someone who wishes to get an artwork.

Connected: Digital becomes physical: Top NFT galleries which can be seen in person in 2021

While Lazaro Gustave was not able to show full details of the stage being developed, he noticed that at the DeFi space, fungible assets such as stablecoins are traditionally used as collateral. However, he points out that NFT is unusable and Aave has developed a way to use NFT widely as a safety.

Will NFT art galleries become a continuing trend?

While the advantages physical NFT galleries provide are clear, it is unclear if these specific spaces will continue to pop up around the world – or die out if the NFT art hype wears off.

Explains that he initially viewed NFT art as a bubble that was about to burst, Porchéddu now believes It’s a fad that will change and continue, including, “People are becoming insignificant. Together they are creative and approach the matter in such a unique way. ” Way that they provide solutions to issues.”

Billings went on to remark that no conventional gallery can match the technological innovation that’s coming out of the NFT art space. In line with Billings, Eldridge notes that NFT art isn’t a revolution, but a further development of an early art type: digital art. He states:

“The reason digital art has not developed earlier in the last couple of decades is the inability to keep track of things. An NFT is merely a’pointer’ to where the art has been saved / stored with the intent of adding value by verifying it is restricted or scarce. NFTs are crucial to discovery and you will find many…