NFT's....

danielerossi

@JQ Excellent article. I didn’t know that about PKI and that NFTs didn’t need to rely on blockchain. Another example of misinformation all over the internet.

When I first heard about NFTs and that first sale of the rainbow cat meme for a ridiculous amount of money, I immediately recalled the dot com bust of the late 1990s. And lo and behold, history repeated itself.

P.S. I think you meant to type in your first line that you strongly advise that artists not jump on the bandwagon

@danielerossi Indeed, what a bad typo thanks for the catch!

NessIllustration

@lpetiti I agree! Public sentiment has been really bad lately. When companies announce they're releasing NFT products, everyone goes "ugghhh" and several of those launches have done embarrassingly bad.

Christine Dion

@NessIllustration Thanks so much for your response! Sorry about my delay, we had a death in the family. I appreciate your insights. I don't want to jump into it, but I think it's important to understand what it's all about. I like to live in the 'real' world...an actual painting/illustration!

Christine Dion

@lpetiti I agree as well from what I'm seeing!

Christine Dion

@JQ Holy guacamole! Thank you SO MUCH for all this information! I will be passing it along to my artist/illustrator friends who are thinking of jumping in!

NessIllustration

@mrsdion I'm so sorry to hear that hun, my condolences.

kayleenartlover

@NessIllustration One example I've heard of what they are is like how people "buy" famous fine art but really they just get a piece of paper that says they own it but can't ever physically have it.

NessIllustration

@kayleenartlover It's like owning a unique digital file. There can be copies, but there is only one original. I don't know, the distinction may matter to some but it seems really weak to me...

willicreate

For those remain uncertain what NFTs are, this finance-focused video does a good job explaining it in layman's terms.
YouTube: Two Cents | What the Heck Is an NFT? (And Should I Buy One?)

If you and your colleagues want to get into the NFT market, it is best to do research on those who've succeeded. Take note how gatekeepers continue to push artwork similar to the Bored Apes series or Beeple's works.

This podcast interview with artist Fewocious can give a understanding on getting discovered in the NFT market. The quick takeaways from the interview is:

Build a cult of personality within a niche community. (In Fewocious' case it was a LGBT+ art group.)
Get scouted by a NFT speculator (not dissimilar from getting scouted by an art buyer or art critic.)

There's too much focus on the financial implications of NFTs. The true value of a blockchain is the potential to replace legal paper documents and managing product distribution (the video explains this).

In the (near?) future, people who buy, commission, or resell art will want a digital Certificate of Authenticity. Customers can opt to buy a physical or digital product with a limited issued NFT at an additional price. This can be of value to those who are considering resale.