Virtual values: “Art trade is a matter of trust,” he says Anna Graf, Director NFT of the art platform misa.art. She believes that NFT art will expand the market and thus benefit artists because it appeals to “crypto-natives” in addition to classic female collectors. In an interview in turi2 edition # 18, Graf advises buyers to also listen to their own taste when choosing a work of art – “because even if its value drops to zero, I personally can still enjoy it”.
By Heike Turi
Is it an art to make money?
It would be nice. If it were part of the art of making money, many artists would be richer. Unfortunately, most female artists find it quite difficult to raise their money.
When a digital artwork brings in $ 69 million at Christie’s, it’s considered hype.
NFTs are more than hype. Since 2017, this technology has steadily found its way into various areas of life, including art.
What good is art if I can not hang it on the wall?
If I am only interested in turning, ie. make quick money with NFTs, then I do not need the artwork on the wall. But many art collectors enjoy their NFT art and hang a screen on the wall to display their digital artwork. Or print it out and have it framed. But the main advantage of digital art is that I have more presentation space and can share my artwork with friends in Metaverset.
Who determines the value of a work?
The buyers – it is no different with digital art than with traditional art. Once the work is public, society decides how it will perform and acceptance of the artist is very important. From the US market, we know the fast flipping, buy – resell, which is associated with high risk. When the community is behind an art project, a work can increase in value by a factor of five or ten in a matter of hours. For beginners and those who are really interested in art, the assessment from a gallery can be helpful: is this an upcoming artist? What has the artist already done before? Which starting price is justified? Art trade is a matter of trust.
Art history is also the history of forgeries. How do I recognize “real” NFTs?
This is a big problem because it can sometimes be easy to copy, mine and offer works of art digitally. So someone mistakenly claims to be the creator of a work and makes money on it. To counteract this, we have introduced a certificate: The artists we work with must register and sign that the work is theirs.
Will crypto art shape its own style eras over the years? Or is the digital world too fast for that?
Digital art is already being explored. Art historians trawl through blockchains and see when the “era” of collectibles, of collective works in NFT form, began, and when trends such as pixel art or trash art had their particular features.
Who buys NFT art?
Traditional art collectors as well as crypto-natives are interested in NFT art. The latter had often not even dealt with art before. I myself am such a case. Crypto-natives are often younger too. This is good for artists because it expands the market.
Is there more speculation with virtual art?
Also with traditional art, the buyer or collector naturally hopes for an increase in value. But over time. When it comes to NFTs, we talk minutes to hours where the value of a work can explode. This does not necessarily have to do with the aesthetics and quality of a work. But here, too, there is a change of heart towards long-term investments and genuine relationships between collectors and artists.
How green are NFTs?
Of course, NFTs consume energy. Blockchains with lower energy consumption are now available, but safety and quality are less guaranteed. My recommendation to both artists and collectors is to choose one of the aforementioned Etherum blockchain trading platforms. Because I want my artwork to be there for many years to come. Speaking of energy balance: It also does not look rosy for traditional art, if you include all factors such as transport, exhibition space and visitor travel.
What should I be aware of when buying crypto art?
Once I have checked who the artist is, ie whether she really exists and the work of art is genuine, I should then decide whether I like the work. Because even though its value goes to zero, I can still enjoy it personally. It is a value that no one can take from me.
Are NFTs an option for wealth accumulation, even retirement planning?
NFTs can be a wealth-building asset. But not only in the work of art, but also in the cryptocurrency, there is high volatility.
NFT art uses crypto technology to securely store a work of art on blockchain. For this purpose, a work of art is stored digitally – it can be a photo or an illustration of a real painting or just a scan of a white sheet of paper.
mint is the name of the process by which the work is uploaded to the blockchain and encrypted as a data record. Art collectors acquire a non-fungible token, or NFT for short, i.e. a non-interchangeable, one-time data key that only gives the owner access to this object. The purchase of NFT makes the buyer the owner of the artwork.
entrance fees for art NFTs are 100 euros. The NFTs are sold through a digital art gallery or traded directly on virtual marketplaces. The most well-known platforms include Open Sea, Rarible and Super Rare. They differ in the fees for embossing, ie. creation of an NFT, and the type of cryptocurrency used to pay.
(Photo: Renate Hanachi)
This post is part of turi2 edition # 18 capital, which will be released on June 29th. Order the free e-newspaper here.