The general public has become acquainted with NFTs primarily as pieces of digital art. But the technology has applications far beyond collectible JPGs. It has continued to evolve amidst losses both in the crypto market and conventional financial markets, and experts expect to see NFTs become more and more ubiquitous. A group of NFT aficionados representing different sides of the art world sat down with Roundtable to talk about the present and future of NFTs. In this segment, they discuss how NFTs are changing the art market.
Austin-based artist Matthew Fellows explains that NFTs have created a previously unthinkable revenue stream for his work.
“It's basically sped up the process dramatically in terms of creating art, getting art out there and making money,” he says. “With an NFT project, you can put it on the market. It could sell in the secondary market. You can trade, and when it trades, you actually get a piece of that transaction. So every time it trades as an artist, you get paid for that.”
Marc LoPresti notes that NFTs also remove the traditional intermediaries that make it difficult for artists to make money.
“The immediate ability for artists to connect with fans on a global scale is completely unprecedented,” he says.
“Artists now can immediately, directly make sure that they get the compensation to which they're entitled.”
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Watch the full discussion below:
Crystal Rose Pierce, Founder, Lighthouse NFT Smart Gallery
Marc X. LoPresti, Co-Founder, IDI Group
Matthew Fellows, NFT Artist, The Zombie Collective