Does Art NFT's Supercharge What Was Already Wrong About Art

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Hey Jessiartists

I've got quite a lot of backlash on my take on art NFT's and being called salty seeing artists get their just rewards for all their hard work. I am no artists, I can't tell a pollock original from kids drawing, and I never claimed to be someone who can value or find value in art.

What I can do is look at incentive structures and consumer behaviour and analyse that as I do with most investments. Since I am not emotionally tied to art, perhaps my opinions can come off as cold and calls, but if you're triggered by them, you should ask yourself why?

If you find value in art, then my opinion shouldn't matter in the slightest.

nft-art.png

Symbolism of the world today

Art is a subjective medium; we've long moved away from portraits and landscapes and moved towards more abstract art. Something I know jack shit about, I don't get how a few lines and dots represent anything more than a few lines and dots.

Then again, I also think wine tasting and a lot of this contemporary cultural exercise are just a load of shit masquerading as valuable.

When something is abstract, the rules don't apply to it, you apply the rules and interpretations to it, and one rule that's easy to apply is price. If I, as a rich twat, is willing to shell out 10 million for a banana taped to a canvas, then said artwork is now a multi-million dollar artwork.

It doesn't matter who created it, who auctioned it, who critiques it; if there is an economic exchange, the artwork now has established its value.

Supply and demand

While there are many types of art, I'd like to focus on investable art. Artwork that acts as a proxy for value storage. Remember, I mentioned that art's value comes from the purchase; well, all future and back catalogue art rely on the purchase.

If I bought a piece of 10 million, I have a financial incentive to ensure that the next pieces ell for more, making my previous piece look like an absolute bargain.

Remember that Beeple NFT that sold for 69 million? The dude who purchased it already owned 3 other cheaper artworks from Beeple, this purchase shot up those previous artworks value, and then he tokenised it and solid it off, but that's a story for another day.

If we exclude the digital version, the incentive is to ensure that all new supply increases in price. You can see where the collusion comes in here where those looking to store value in alternative asset could pick artists at random and use their work as a vehicle for tax right offs and a host of other benefits that come from investing in art.

The price of the artwork is the point

Modern art has very little to do with the authenticity of the creation, the method of creation or the age of the creation. All that matters is the price, all the pageantry about auctions and certain artists names that can be created instantly with enough money.

If tomorrow I covered my arse in paint and sat on a canvas and it sells for millions, my skill will never be questioned, my artistic inspiration, my time and effort, none of that matters, only the price it was sold for matters.

Nepotism in the market

In a fiat money system where money can be created at the tap of a keyboard, those close to the spigot get first use and retention of the capital. When you have more money than you know what to do with, after you bought all the land and goodies you want, you start to become more careless with your capital and play games like this.

The art world allows for degenerate gambling and gross misallocation of resources only to be covered with the idea that its money spent on the preservation of our culture and promoting culturalal expression.

Now isn't that a load of horse shit?

Whenever I see people speak about morality or some protectionist angle for why they do things, I can't help but cringe. We all know you're full of shit; everyone there clapping hands know it too, but we accept it as part of the game of being close to the money and being in the money circles.

I know I am making sweeping generalisations about the art market, and it doesn't apply to every mom and pop gallery in the world. There are still starving artists and galleries on shoestring budgets, but they don't make the headlines. I am speaking specifically about what we can obviously see is a money-laundering racket played out in the open.

Have your say

What do you good people of HIVE think?

So have at it, my Jessies! If you don't have something to comment, "I am a Jessie."

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I still haven't wrapped my head around the whole art NFT thing. I am not very artistic, so maybe that is part of it. Collectibles I can get and the whole gaming part of NFTs has been very good to me, but I think a lot of the reason people buy art is to show it off and to say they own it. With NFTs there just isn't a great way to display that right now. If they can bridge that gap then maybe there will be something more. Right now I am just not seeing it though.

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You and me both, sure in-game items make sense because they have value in the game, people want the asset in game and are willing to work or pay for it. But uploading a jpeg and referencing it on a token just seems all kinds of dumb. I don;t buy the whole VR digital art gallery narrative either, I think its just creativer ideas thrown at the wall hoping some will stick.

I feel like this crypto market is painted as slap it on the blockchain and it has value but I don't buy that, theres more to it than having a ledger of stuff to give it value

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Yeah, I guess time will tell what holds up and what doesn't.

I am not an art person.
I can’t understand how someone can spend hours in an art gallery, I can not stand for 5 min.
I am going to stay away and see if any art lover would like to comment on this.
Take care
!luv 1

Lol honestly I think they full of shit or I am clearly missing something I don’t see much value or enertainment in an art gallery lol clearly I’m not the target market or I don’t like sniffing rich peoples farts

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Does Art NFT's Supercharge What Was Already Wrong About Art

Yes. With the caveat that we are talking about the nonsense stuff that no-one would be interested in if there wasn't the celebrity type hype to go with it.

What is supposedly good about it is all made up. Art is totally subjective.

Wander round our local Art Fest and you will see some wonderful paintings going for next to nothing and others, that look like they were painted by a toddler, going for exorbitant prices and everything in between. And that's just a local market. Extrapolate that out to the international one and you get mind-boggling amounts. Put NFTs on top of that and it gets even more ridiculous.

And I say this as an artist who has sold many paintings in her time. Abstract ones at that! 😂

Even the family can't agree on what makes good art. My partner is not keen on my stuff although he tries his best to appreciate it. He's more of a realist and likes art to look like something recognisable. My son, like me, enjoys the colours, patterns and textures.

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lol I can grasp the idea of time and Labour and creativity coming together to create something and different artists value their time and Labour differently but at what point does the premium kick in where it’s just overpaying for the sake of it?

I just think we humans can justify anything even when it’s totally stupid you’ll find a brigade of peope willing to say it’s not lol 😂 I give up!

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I give up!

Probably for the best. Life is way less stressful that way. 😊

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Probably why I am becoming more BTC focused too I can't deal with all these coins and their complex drama

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I don't understand art so I don't bother messing with it. I'll let other people play around with the price of art as I don't think it will keep its value. Also I see no reason why the person can't just go to another market and sell another copy of the NFT in the future.

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Lol yeah and if people want to make bets on it fine but I am not going to get involved in things I can’t understand

Well apart from yiur tokens hashing and the minting date being different basically it’s the same thing

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i don't know much at all about the art market, except it's a traditional type of store of value. i think NFTs will be interesting in the music and video market, for collectibles and limited editions, etc ... video games,,, it's a very nascent concept

I don't get how you bridge real world and physical world stuff on chain though, well in a trustless manner there always needs to be a centralised service validating the NFT. I feel like this just opens up a dispute over ownership and authenticity

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Most of what you say is valid but I guess it's because you do not value art and you have not seen a good artwork that you feel like taking with you. I also do not understand why artworks go fore outraging prices but who knows what the others see. I just feel people that havee so much money are now bored and they just resource to buying anything

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LOl pretty much all I've written in this post is a load os shit, and honestly your synopsis is spot on a few people with a lot of money having fun being rich and fucking around with it

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