Art is better than money. Is always. This is important to keep in mind among crypto-hype. Non-fungal symbols have given digital art the benefit of pure ownership, scarcity and programmability, allowing digital creators to market and sell their work in ways never seen before.
As the blockchain industry grows and markets become more liquid, cryptocurrency is experiencing a staggering sales wave in the primary market. The ICO-like fear of getting lost has inspired collectors and artists to pursue scarcity and even destroy art in the process, as was the case with the creation and auction of Banksy print NFT.
However, what may seem like a marketing ploy may be one of the greatest kinetic manifestations the art world has seen to date.
Chasing a deficit
The rarer a thing is, the more it wants. This seems to be the basic principle for any collectible, and also applies to the art of cryptography. A quick look at the sale of individual editions versus the sale of several editions shows that the market prefers exclusivity.
The pursuit of scarcity took many forms, from limiting the number of prints of a particular work of art to finding the “first” in a sea of things – as was the case with Jack Dorsey’s tweet.
Top stars from the art and music industry are starting to experiment with NFT, making six-digit blobs seem commonplace. From a picture of Paris Hilton’s cat for $ 17,000 to a Graham Christie auction for $ 389,000, sales and awareness are growing.
Attracts big sales
Despite impressive sales in the primary market, the secondary market has been largely calm. If we look at SuperRare data, we can see that aftermarket sales are only a fraction of the number of primary products sold.
The fact that artists’ rights are handled differently across platforms and rarely operate across platforms asks both creators and collectors to focus on first sales in order to succeed in the near future.
The blockchain industry has witnessed and continues to witness many attempts to connect the physical and digital worlds. When it comes to art, the first effort focused on coding physical art and works by famous artists with price tags that made them very illiquid. The hope was that segmentation of expensive art through coding could lead to greater participation from people who were previously judged outside the exclusive art market. This should make the panels more liquid investment instruments.
At this time, trials have met with very limited success. This may be partly because the audience does not agree: traditional collectors do not manage cryptocurrency wallets, and digital natives feel less connected to physical objects held by the central party.
But what if someone could take a physical work of art and digitize it? The Injective Protocol team tried to do just that. I got Banksy Idiots (White) fingerprint just to burn the physical image (during the broadcast of the event) and render the image as NFT.
Obviously, the barbaric ritual was to screen Banksy on the blockchain, and the team made big money in the process. The second goal was clearly achieved. The original work was bought for $ 95,000 and sold on OpenSea for about $ 400,000. However, it can be said that what happened was a transition from the physical world to the digital.
Instead, the Injective Protocol team destroyed Banksy’s screen and created a completely different drawing.
Saboteurs or actors?
It is easy to write off the Banksy NFT burning as a successful marketing campaign, but a closer look reveals much more.
Visible on the surface is the headdress of the original artist, who himself destroyed his own work at auction to create new art. However, this is only the beginning.
Remember that art has a rich tradition of practical activities where an art installation is destroyed for the sake of a manifesto, and effectively creates a new work of art. The most comparable example is probably Alexander Brenner, who painted a green dollar sign on Kazimir Malevich’s white cross in a museum exhibition.
Brenner spoke out against “corruption and commercialism in the art world.” Take a closer look at Banksy’s screen and read what it says, “I can not believe your nonsense is actually buying this shit.” This can not be an accident.