NFTs, or non-fungible tokens, are one of the latest innovations in the art world and may be one of the most impactful. Though they have been around since 2014, NFT digital art has made headlines over the last few years for its record-breaking sales, which rival traditional artworks.
Utilizing cryptocurrency blockchains, NFTs are digital artworks that contain digital signatures, ensuring that each work is unique and serves as a built-in authenticator and proof of ownership for the piece. NFTs also offer an opportunity to democratize art -- by hosting art on a digital platform, it can be more accessible to a broad audience.
Sotheby’s CEO Charles Stewart spoke to the Wall Street Journal on the topic of NFTs and their increasing role and impact in the art world:
“I also think there’s so much yet to be unlocked in terms of blockchain usage, and the day will come when the physical art we sell will somehow be recorded and supported by a token on the blockchain. It’ll be the standard because it has the potential to solve a number of long-standing issues around things like title, authenticity, and provenance. It took the rise of NFT art to raise our own collective awareness of these possibilities.”
On the cutting edge of contemporary art, The Pellas Gallery, in collaboration with Metaversal, hosted Boston’s first-ever NFT exhibition, New Horizons. Produced by David Paredes and curated by NessGraphics, New Horizons highlighted renowned international digital artists and the intricacies of NFT digital art in our everyday lives.
Pellas Gallery co-owner Alfredo Pellas describes the exhibition:
“We aim to spread awareness of digital art so that the public and traditional art collectors can appreciate these works as a form of art equal to traditional paintings. Each work will be displayed at our gallery in great detail on large canvases with a QR code in the corner describing the artist and value – collectors can hang the artifact at home. Here at Pellas Gallery, along with my partner and fiancé, Isabel Arguello, we are committed to representing cutting-edge contemporary artists from around the world. With Boston being a technology hub, we feel like it is the perfect city to start showcasing these digital works.”
The exhibit, which sold out, ran from February 24, 2022, through April 23, 2022. It featured the following artists:
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Exhibition curator and Massachusetts native Alex Ness (NessGraphics)
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3D artist from Detroit Billy Chitkin (Gernge)
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Landscape digital artist from Italy Annibale Siconolfli
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Prolific and whimsical digital sculptor Sam Clover (Planttdaddii)
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Mixed media artist from Berlin Archan Nair
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Turkish artist in architecture Idil Dursun (Javinart)
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Technology artist utilizing psychedelic themes from Minneapolis Bradley Munkowitz (GMUNK)
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Digital and traditional artist Raf Grassetti
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Emmy-award-winning artist Raoul Marks
- Contemporary 3D artist Ryan Talbot.
Frequently Asked Questions About NFTs Answered
In this article, we will also answer frequently asked questions about NFTs, such as how do I exhibit my work, how long should I hold onto an NFT, why are artists using NFTs in their work, and what is NFT online art? In addition to answering these questions, this article answers some of the most common misconceptions about NFTs.
It's time to get some answers! Read on to discover the truth!
1. How do I exhibit my NFT?
The answer to the question, "How do I exhibit my NFT?" is as varied as the individual artist's vision and budget. While some artists display their NFTs in traditional gallery settings, others opt for the more modern way of digitally showing their art on monitors and digital frames. Whatever your choice, be sure to consider the future of art display and consider virtual reality (VR) in addition to traditional forms.
A digital frame can be an attractive display option, though most galleries and showrooms are not up to date with the NFT industry and cannot accommodate such art. You can print your NFT on special aluminum plates if you prefer a physical display. Moreover, you can use QR codes on your prints to attract potential customers. Using QR codes, you can draw visitors' attention to your NFT digital art by linking to an informational page on the NFT market or to a specialized online marketplace.
2. How long should you hold on to an NFT?
The NFT is the unit of bitcoin that is not exchanged like-for-like. Its uniqueness is rooted in the fact that the file itself has extra information. That information elevates the NFT beyond its status as a simple digital asset. In fact, NFT digital art has taken on a collector's value, similar to physical art. If you've been thinking about investing in NFTs, there are a few things you should know.
As an investor, you should consider the risks associated with holding an NFT for a short period of time. While NFTs can be very lucrative during a bull market, you run the risk of having your investment value depreciate below the mint price. This is why you should do your research and never invest more money than you may lose. Furthermore, when it comes to NFT taxes, short-term investments are considered short-term capital gains. This means that you have to pay 10% to 37% tax on the value of your NFT within a year of purchase.
3. Why are artists using NFT?
While digital artists often give up ownership of their works to sell them, the development of NFTs allows them to reclaim these rights and make their work more accessible to the general public. NFTs enable artists to sell their creations directly to their fans without an NFT art gallery, allowing them to reach a worldwide audience with their art. The resulting revenue helps to sustain artist communities while providing them with a new avenue for making their art more accessible.
However, NFT digital art is incredibly resource-heavy, a problem that is part of the more significant issue of proof of work (PoW). Proof of work is the digital mechanism that creates and mints cryptocurrencies. It requires massive amounts of electricity to run the highly-powered computers used to mine bitcoins. Despite the growing awareness of this issue, bitcoin's dominance in the world of cryptocurrencies has yet to be overcome. Until these greener alternatives are developed, digital artists and designers must create NFTs.
4. What is NFT online art?
If you're an aspiring artist, you may wonder: What is NFT digital art? This cryptocurrency lives on a blockchain. Many aspiring artists are interested in the currency's ability to track sales. Hence, NFTs are an excellent way to get exposure in a digital environment and are especially attractive for new artists.
One of the most notable NFT exhibition sales was of a piece of art by American artist Chris Johnson. The painting was a CryptoPunk, a pixelated portrait of various fictional characters. This work sold for millions of dollars at an NFT art show within the first few weeks after its release.
The value of a piece of NFT digital art is highly dependent on its originality, popularity, and scarcity. However, if you can sell the work at an NFT art exhibition for a premium price, you may be able to recoup a lot more than your investment in the artwork.
Visit the Pellas Gallery at 114 Newbury Street in Boston, MA, to see what NFTs the Gallery is currently showcasing.
