Dear Reader,
Firstly, thank you for making time to read this blog post and thank you for your readership in general, I started this blog site in August 2009. In this post, I am continuing my series exploring Web 3.0 and the topic today is the value of art NFTs. I will first dip into the topic of the value of art, art for it’s own sake, as a symbol ngular sensational creative expression.
So, let’s dive in. In my experience, the value of art in general and a work of art in specific, is not a one-size-fits-all definition. My understanding about the value of art in general and in specific is at the baseline, beauty is in the eye of the beholder. I believe that we assign value to an artwork based on the meaning that a specific piece of art resonates or symbolizes to you. Art can invoke possibility, power, love, hope, beauty and any virtue or value you attach to it. In essence, what is the value of art as an inquiry is rhetorical and a question as old as time.
According to Michael Findlay in his book, The Value of Art, art can be looked at through the metaphor of the Three Graces from Greek mythology: Thalia, the commercial value of art; Euphrosyne, the social value of art; and Aglaea the essential (or instrinsic) value of art. In his book, he explores the question and brings over 50 years of experience as an art collector, an auction-house specialist and art dealer. As an artist who is navigating the three components above in my own journey towards self-realization and success as an artist. I received this book as a gift and am enjoying it so far. I implore you to pick it up if these ideas are inspiring curiosity.
Now, let’s take a look at artwork presented as an NFT, a unique digital creation that can be collected, appreciated (and can appreciate) and even re-sold for a profit.
To review what an NFT is: NFTs are stored on the blockchain, they have clearly defined owners, and they point to metadata files, which link to the creations themselves. These 3 components will therefore allow you to buy and sell NFTs. Essentially, you have the ability to purchase ownership and transfer it to other owners without the influence of centralized platforms or third parties. As a result, this form of true ownership is what enables NFTs to accrue value.
Also to be considered, is the underlying value of NFTs is enriched by a number of important variables, from ownership, authenticity/identity, rarity/scarcity, aesthetics, community, technology, and utility. Each value is important in its own right and serves to increase the desire and value of a certain NFT.
An an artist and NFT creator, what I see as the value in my currently listed NFTs, are the qualities of digital ownership, identity, scarcity, aesthetics, technology, and utility. What makes an authentic artwork scarce, other than being an authentic physical original, is it’s presence as a digital version, an NFT- and available as a limited editions or as a one off. All of my current artwork NFTs are offered as limited editions, up to five maximums total per NFT.
Perhaps one of the most important contributors to the growth of value for NFTs is utility. Utility is exciting to imagine and play with as an NFT owner (of course the NFT smart contract terms clarifies about HOW the NFT can be used, for example commercial or non-commercial use). Let’s look at how an owner of one of my art NFTs would be like.
This is a watermarked small version of the mixed media painting, Orion Nebula II. One can purchase this as an NFT, available as one of five available in a limited edition, offered on the curated platform MakersPlace. That means that only five people out of 7.9 billion people can own a high resolution digital art (jpeg) of this painting.
This NFT is a signed (by me) and limited edition digital creation including the full non-commercial rights to this creation. The owner may download the unique digital creation and can display it on any digital device or even print out, for personal use. All the while, knowing that one has the authentic piece, verifiable on the blockchain.
As a wrap up, I invite you to explore more of my NFTs being offered online, take a look, explore
Lórien Eck Art & Design on:
MakersPlace- a curated NFT platform.
Prism NFTs- a new platform for artists by artists
OpenSea- the largest NFT platform
In the next blog post on the big topic of Web 3.0, I will be exploring the environmental impact of crypto, NFTs and various Co2 offset options/possibilities.
Feel free to comment below and connect with me via social media or better yet, share and subscribe to this blog and my art newsletter to stay in touch and to know about my art announcements, NFT drops and in real life events.
In love, gratitude and beauty…
Sources:
Findlay, Michael, The Value of Art – Money, Power, Beauty, Prestel Verlag, 2012
NFTs and their value – https://www.nft-insight.com/p/nfts-and-their-value?s=r
Research the history of art and blockchain in general, check out this journal article Art and Blockchain: A Primer, History, and Taxonomy of Blockchain Use Cases in the Arts
Disclaimer:
The views expressed here do not represent those of any past, present, or future employer of mine, or represent the views of the other people and companies I may discuss. They may not even represent my own views, I am exploring these ideas in the spirit of curiosity and sharing this with you here because I can and choose to. None of this is financial advice, legal advice, or art career advice.
An Invitation to Inspiration 