A ‘change of attitude’ is needed for fine art NFTs to be successful: CoinSpot

• It could be some time before fine artists see the benefits of a booming NFT art market, according to CoinSpot.
• Projects like Bored Ape Yacht Club are dominating the NFT art market, while other creators have yet to realize the promise of blockchain technology.
• The market needs a “significant attitude change” before this change happens, CoinSpot analyst Ray Brown said.
• Visit the Business Insider Australia homepage for more stories.

Artists and buyers have yet to make a “significant attitude change” before accepting NFT technology on a broad basis, the CoinSpot cryptocurrency exchange admitted, although some collectible “art” projects are increasing in popularity. value.

Non-fungible tokens (NFTs), the blockchain technology allowing individuals to prove ownership of digital assets, are not yet firmly established in the domestic fine art market.

This is despite the resounding successes of local artists like LushSux, who claim to have made tens of thousands of dollars selling digital images of their work, and NFT advocates, who say the technology will allow artists to achieve success. new buyers while earning royalties with each successive. to sell.

NFT art sales continue to rise worldwide, with the OpenSea exchange claiming to have processed $ 4.1 billion in NFT art transactions in August alone.

Yet many of those sales involve projects like Bored Ape Yacht Club or Pudgy Penguins, both of which are collectible avatars with randomly assigned attributes.

Ray Brown, CoinSpot market analyst, said traditional artists and collectors must reassess the value of digital art before NFTs make a significant dent in the fine art market.

“For NFTs to permeate the mainstream art scene, we need to see a significant change in attitude,” Brown told Business Insider Australia.

Collectors always focus on “the skills, materials and energy required to produce a physical work of art,” he added.

In-person NFT art exhibitions are popping up around the world, with curators hoping to bridge that gap – and prove the value of digital art beyond outliers like Beeple.

NFT projects from BossLogic and other local artists might also win over skeptics, Brown said.

However, this transition could take time.

“We may see NFTs or blockchains being used to authenticate artwork, but until the wider community sees real value in digital art, this transition may not happen in the immediate future.” , did he declare.

As fine art tries to find its place in the digital world, NFT projects like CryptoPunks and its countless imitators have become fashionable speculative assets. Lot of NFT Bored Ape auctioned for A $ 33.6 million in September.

With market volatility and a flood of new projects hoping to capitalize on the collectible NFT hype, Brown says serious investors should proceed with caution.

“Institutional investors should also ask themselves why they want to invest in NFTs,” he said.

“Do they generally have an interest in art? Or does it just align with the mission of their portfolio? Or do they just love digital photos of cute animals?

“There is no right or wrong, it’s just what aligns with you as an individual.”

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