The ‘mainstreamification’ of NFTs initially gained traction in the art world, addressing the industry’s inherent problems and presenting a use case that was relatively easy for the average consumer to
grasp. Since then, new trends have emerged, shaping the face of NFT art today and impacting its future trajectory. Notably, the recent popularity of Bitcoin NFTs and open edition collections demonstrates that artists, collectors and the art community still value NFTs, despite the criticism these assets have faced since their rise to prominence.to break into, particularly for artists without connections or the financial resources required to attend prestigious art schools.
Assuming artists can overcome these initial obstacles, they then face a new set of challenges and frustrations. Galleries and auction houses take a sizable percentage of their revenue in the form of commissions, leaving artists with minimal profit from their work. The extreme opacity of the art world also means that there is little transparency in pricing and sales conducted by third parties.
Anyone, anywhere in the world can create and sell an NFT, building a community of fans and collectors who appreciate their work. Collectors can more easily enter the market as well. They have better visibility as to which artists are out there, and they can directly buy these artists’ works without the added fees imposed by third-party sellers. Additionally, through fractional NFTs, collectors can invest in portions of works without having to purchase them entirely on their own.
The current Bitcoin and open edition NFT trends are also opening up new avenues for artists to showcase and sell their work to diverse audiences. The former enables artists to tap into the Bitcoin ecosystem, while the latter unlocks a greater number of potential buyers by removing the cap on the number of artworks that can be minted as part of a collection.
While critics once perceived NFTs as taking over the art world and replacing traditional, physical art, the reality is that NFTs provide a new medium for artistic expression and career development. It’s time for the world to recognize that NFTs have found a permanent home in the art market, not as a replacement, but as a complement to the existing art landscape.
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