NFTs to conquer art

Two weeks of online offers for a work sold for 69.3 million dollars. This is what propelled the author of the collage “Everyday: the First 5,000 days”, Beeple, to the rank of the most expensive artists of their life. Produced by Christie’s, this new record for a digital work marks an important step in the NFT boom.

digital trading cards

NFT, “non-fungible tokens“in English, they are digital certificates that allow you to purchase virtual works of art, video game items or digital images such as GIFs in bitcoin. This secure online code is stored on specific platforms such as Sorare or Pokmi, an asset that guarantees the buyer the security inherent in the blockchain. By definition not interchangeable, the main difference with the common currency, this unique token is a digital certification dedicated to a single work, which gives it irrefutable authenticity. What can you actually buy with an NFT? which is digital. For example, the founder of the social network Twitter, Jack Dorsey, sold his first tweet for the modest sum of $ 3 million. Even better, the NBA had short runs of certified games to sell them to its fans. Like the stickers, they are rare because they are unique and they are rare raised the stakes.

A success on all fronts

It is clear that one of the topics that has won over the general public is their accessibility. In a world where works of art and luxury pieces, in their material form, are beyond the reach of a large audience, NFTs make these objects accessible. Some sell for a few hundred euros, with the added advantage of a privileged relationship between the artist and the buyer. In fact, unlike the big brands and artists known as impenetrable and for which we buy through resellers, there are no intermediaries on this. new market. An advantage for fans who, thanks to NFT, not only acquire a unique, original but also safe piece. The identification granted by the blockchain removes the barriers often criticized for these sectors. No counterfeiting is possible because there are no two identical tokens, there is no problem of lack of transparency because each certificate is identified and identifiable. Their rarity gives value to objects and small artists then become rising stars, as happened to a young British 12-year-old, Benyamin Ahmed, who thanks to his series earned almost 340,000 euros in less than two months Strange whales. “NFTs allow you to think about digital scarcity and, therefore, to monetize it “explains Aude Launay, researcher and author of Art and money. Not to mention the snowball effect: the more the public was interested in it, the more collectors were eager for new opportunities to make their works known. Advantages that are not insignificant but which, at times, do not prevent all risks.

Volatile, energy-intensive and risky

Who says blockchain, says volatility. And the prices of ether or bitcoin are no exception to the rule. Elon Musk and bitcoin’s tweet drops 15% as growing interest in NFTs pushes the price of ether higher. These currencies are affected unpredictably and therefore their prices are never fixed, sometimes very high. Furthermore, these digital certificates, attached to the blockchain, make them dangerous for the ecology, involving energy-intensive storage, transactions and operations. If bitcoin were a country, it would be 29And most energy-intensive in the world according to the BBC. And if these arguments are not enough to discourage artists, the risk that their digital works will be put up for sale on platforms dedicated to “Non Fungible Tokens” without their knowledge will surely make them think again. In fact, Devin Elle Kurtz, an illustrator in the United States, realized by doing an online search that her work had been picked up and signed by another person. A misadventure that divides today’s artists regarding the use of these certificates to sell their work. Are the heydays of NFTs losing their shine?

To learn more about NFTs, @nftpourlesnuls

Marina Fleury

Leave a Comment