Art is no stranger to the technological evolutions of our world. In fact, art and technology have grown alongside each other in numerous ways to get to their current position: a digital era where they continually overlap and represent new concepts. Art has evolved in tandem with technological advancements. This, however, does not only relate to their creation. Art is continuously changing in terms of how it is viewed, shared, consumed, and ultimately sold, and it has become significantly more accessible as a result of technological advancements. The internet, like in so many other parts of contemporary life, has made it possible to consume art in a more direct manner, exposing the sector to a larger and more varied public. Museums and other cultural institutions display their collections online. Artists have much easier access to the different tools they need to promote and sell their own work, frequently without the struggles that arise with hosting a physical exhibition.

The introduction of new technologies

New technologies are swarming the way artists create. Artificial intelligence, for example, is causing a great debate within the arts’ world, as new pieces generated by computers are breaking the barrier of what is, and isn’t, original creation. There are, however, people behind the algorithms that are creating new and often dramatically different pieces of art, so these are not just machines freely producing original artworks. Virtual reality is another example on how technology and art have been growing together, for art has had a strong visual impact on the constriction of the Metaverse and VR, in exchange, is switching the way art is consumed.

Blockchain, on the other hand, has also been having a profound impact on the way art is being conceived and sold. Thanks to this technology, the arts’ industry can find the tools to become a more decentralized and transparent sector. Moreover, when it comes to physical pieces, artists can use this technology to protect the authenticity of their artworks, to easily fund their creative projects and to fractionalize them, among other things. Besides, blockchain has proven to be a very effective tool to create new art, particularly through NFTs.

NFTs

NFTs are Non-Fungible Tokens, digital tokens that are associated with physical or digital assets that can be bought, sold and overall traded. To further explain the concept, a fungible token is something that can be easily interchanged for the same value. For example, a 20$ bill can be exchanged for a different 20$ bill, or even two 10$ bills, without having an impact on value or use. A non-fungible token, in opposition, is something that has unique characteristics and, therefore, cannot be perfectly interchanged for something else. You could make a copy of Klimt’s Kiss, or even sell one hundred thousand prints of it, but there is only one original piece. Same thing happens with digital art: it can be countlessly replicated, but an original NFT can not be forged, for it’s stored on the titanic ledger of blockchain, composed by thousands of different computers around the world.

Moreover, besides the technical advantages NFTs bring, they have now become a major branch of the contemporary art market itself. Since the beginning of 2021, NFT trade has already hit an astonishing $10B value, which is equivalent to 20% of the global market value of fine arts (which include contemporary art) and antiques in 2020.

An opportunity to empower artists

Nowadays, and for future value, NFTs clearly represent a tremendous opportunity for contemporary artists, whether as a technical tool to associate with their physical artworks or as a means to create new digital art. In art2act, we’re committed to accompanying artists through this new digital era in which intermediaries are skipped and artists become the new protagonists of a market that has long enriched on their backs.

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