The Future Of NFT – Commentary By Tech Entrepreneur And Art Collector John Dodelande
NFTs, or non-fungible tokens, provide a means to own and exchange virtual art.
While the artwork itself may be publicly available, the ethereum-based trading system presents a certification of ownership to buyers, signifying that they own a high-quality, unique copy of a digital piece. The gratification of pioneering a new tech industry, developing one’s identity through art, and simultaneously supporting artists are among the top motivators for investors and collectors.
FACTS and STATS
- Investors and collectors acquired over 60,000 NFT-based artworks from May to June 2021.
- NFT pieces are not only being sold, but they are also being re-sold. Digital artist Bellini’s work Yours Truly—originally purchased for approximately 100,000 USD—is on the market again for 450,000 USD. Bellini will receive a 5% royalty each time the work sells again.
- Secondary sales of NFTs increased from 3,422 sales between April 11 and May 11 2021 to 29,980 sales between May 15 and June 15 2021.
- NFT transactions are increasing by the day: 600% increase of primary sales of NFTs from April/May to May/June and 700% increase in secondary sales of NFTs from April/May to May/June
QUOTES by John Dodelande – NFT now
- “Early supporters of NFT pieces understand the historical significance of blockchain-based art, mirroring the 1860s impressionist-art collectors who understood the future value of acquiring works that rejected classical subject matters and depicted current events.”
- “This art is paving the way forward—not only because of the technology from which it was formed but also because of its consequences, which include the further improvement of its Ethereum-based system and the evolution of the global understanding of intellectual property.”
- “NFT can redefine our social experience as art consumers. We can interact with art and the current art market in a smart way. We could redefine the link between the public audience and museums, for example.”
QUOTES by John Dodelande – The future of NFT
- “NFT is not a ‘fad’ or a passing trend. It will continue to prosper, complimenting the art market rather than disrupting it.”
- “Despite some high-profile sales of the Classics, I think the NFT market will produce its own giants, who focus solely on NFT. There will be Masters in digital creation, which runs parallel to the classical art market. That’s why I think NFT will not disrupt the art market. It’s something complimentary that we have to embrace.”
- “NFT collectors and enthusiasts believe in a new digital economy and in the digital world in general. These people want to form their own identity, and art is a big signifier of identity. This generation grew up in the digital space, and they want to stay in it.”
QUOTES by John Dodelande – The future of NFT and copyright
- “As NFT-based art can be acquired anywhere with a click of a keyboard, its immediate accessibility necessitates a new form of copyright regulations.”
- “For a piece worth millions of dollars, significant logistical difficulties would ensue, raising the debate of whether individual collectors would assume the liability for each subsequent transaction.”
- “An internationally instituted regulatory system would accordingly best oversee the NFT art space, at least somewhat standardizing the approach to owning digital property in an ever-changing market. For now, the decision of the legality of Femme Nue Couchée Au Colliers as an NFT work compels cooperation from the French and Chinese governments.”
Examples of famous NFTs
- Beeple’s creation “Everydays: the First Five Thousand Days” was purchased for $69 million.
- Andy Warhol’s “Machine Made” NFT collection, which was minted by The Andy Warhol Foundation and includes 5 distinct NFTs, sold for $3.4 million.
- Pablo Picasso’s “Femme Nue Couchee Au Collier” sold to Chinese investor Justin Sun for $20 million.