More than Just an Image: Debunking the Myth of Collecting NFTs + Physical Artwroks
Humans have a long history of gathering things or objects to express their identity and belonging in a community. Studies also showed the value of community in enhancing our psychological well-being (more on community building). Today, our interpretation of ownership has been evolving, especially when Web3 emerged and opened a new door to collecting and supporting artists and creatives without third parties.
The traditional art world is very nuanced when collecting art. In addition to supporting artists financially in the primary sales, being a collector comes with many responsibilities, and it is a costly endeavor to store, preserve, and protect the artwork. In some cases, collectors go out of their way to activate conceptual artworks (see more examples in the NYT article).
On the flip side, the NFT collectors do not need to worry about insurance, shipping, physical storage, and conservation. Yet, they are still responsible for protecting the artwork from rug pulling or frauds and ensuring that their digital artwork is stored safely. Many people misunderstand that the artwork they own through purchasing an NFT is not on the blockchain. NFTs are the certificate of authenticity and proof of ownership that stores the data of transactions on the blockchain, and its link directs to the artwork stored elsewhere, usually on InterPlanetary File System (IPFS). When the owner loses their private keys, they cannot retrieve them.
Here are the top 3 myths I've observed while advising clients and mentoring artists IRL and Web3.
Myth: The success of the artist is determined by talent alone.
Fact: Being an artist is a choice. Many successful artists chose their career paths and mission despite the cultural and historical stereotype of the "starving" artist. It's not about the quantity of work produced over time; it's about creating something with intention and purpose that has value (e.g., cultural, historical, social, and even financial) over time.
Fortunately, Web3 is where the creators and artists have the most opportunity to control and power than previous generations. The crypto ecosystem is equivalent to building your own business or a startup. Unlike the social media in Web2, the creators have direct access to their art collectors/audience/community and set their parameters without relying on these platforms. The artists also have an opportunity to be collectors—to support other artists and bolstering their community.
Myth: I am an artist, and I'm all about creating art. Why do I need to care about marketing?
Fact: The subjective nature of art gets many artists confused and misunderstood when promoting their works. Many believe that marketing is all about selling their artwork and often forget about the value they're offering. Like anything else, marketing is a tool to connect and serve the community/audience/collectors when appropriately used.
The emergence of Web3 and the explosion of NFTs emphasized community importance, especially when launching and introducing new projects. The concept of community is not new, it's been around throughout the ages, and it's been deeply wired in our DNA. The relationship is not about the number of followers on your social media accounts. It's about building trust over a while without compromising your creativity or values.
Despite the physical distance we've experienced in the last two years, Web3 has facilitated the connection among artists and art collectors, hence one of the main reasons NFTs have gone wild in the marketplace. In addition, it connects people from all walks of life around the globe to share common values, thoughts, and interests. Although nothing can replace the physical human interactions, we rely on technology as a tool to bolster the connections.
Myth: NFT is all about PFPs (Profile Pictures) or Apes
Fact: NFTs are more than just pixelated images or random digital files. One of the biggest challenges in the crypto space is hype and noise. So it does take some time to sift through and do homework on what the project/collection entails. First, a good project has a purpose, mission, and utility behind the work. Think of Kickstarter, except every transaction is recorded on the blockchain and NFTs proof of ownership to give you access to the utilities (e.g., exclusive memberships, access to behind the scenes, support causes, and artists).
Value is subjective as art and varies from individual to individual. The reality to all the points above does not just apply to Web3; it also applies in real life, where the old mindsets do not serve the new technology.