NFTs (are worse than you thought) | ARTISTS BEWARE

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Get your typing fingers ready, we are talking about NFTs today and why they might be even worse than you thought and not great for most artists. I really wanted to look at NFTs and the infiltration of cryptocurrency in art in all of its context with the current art market. No shade to those artists who are making NFTs right now, get your (bit)coin, but perhaps consider the bigger picture and who is pulling the strings!

Twitter: http://twitter.com/catgraffam
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Thank you to Kim Parker for the extremely illuminating data on NFT sales: https://thatkimparker.medium.com/most-artists-are-not-making-money-off-nfts-and-here-are-some-graphs-to-prove-it-c65718d4a1b8

Music: Aviino – Slim Bobby https://chillhop.com/?p=9742

Chapters:
0:00 Introduction
2:50 Defining NFTs
6:12 How We Value Art
10:16 The Infection of Capitalism
18:09 The Claims
30:51 The Environmental Impact

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Responses (44)

  1. This was great! I stumbled onto NFT Art Twitter a while back and the manner in which people were describing themselves as “NFT Artists” was fascinating. The most interesting thing was the way in which, as you mention here, they speak as though it changes something about the art itself but it simply doesn’t; your illustration/gif/video is still the same!

  2. This is quite interesting. I have a problem with NFTs too, my dad wants me to hop on the trend, but i'm not sure. I don't want to stoop so low like those people who make NFTs, but at the same time, i have to make money. I can take conventional jobs if i want to, but….

  3. I have no problem with NFT's, I just wish artists to understand that a guy selling some pixelart gif with $5k doesn't mean anyone can. I've been involved in it for a while and 99% of artists that sell anything is because they have rich friends or are well known. My advice: don't hurry spending your money on crypto to be able to mint and list your art, even if you find it cool, it's exactly like lottery, one in a million will sell something on good money. And don't forget – you need to also pay taxes for what you make. Think well!

  4. “Relatively untraceable” on a public ledger like the blockchain?

  5. A digital file can be perfectly replicated. The original has no additional value if it can be perfectly replicated by anyone.
    The art is generally rubbish. Is the first edition of a vinyl record worth any more if the record is considered to be rubbish with no demand to own it?

    A few pieces of high quality art could benefit from verified ownership. A massive sea of millions of low quality images is clearly not going to have any value in the future.

    Like you say, the reason so many people make big claims for NFTs is that they want a load of suckers to pay money into the system.

  6. Great video 👍🏾

  7. you are real, thank you.

  8. YO DUDE JUST SPITTING OUT SOME BIG OL' FACTS

  9. Thank you sooo much for explaining this all so clearly and truthfully. I have been looking for a video to show my friends that explains all this and yours is perfect! I love that you explained it all so simply and detailed and that you also include your opinion but aren't hateful or rude in any way. You covered all the ground too, from the morality to the benifits (or rather false benifits) for regular everyday artist. Also you look beautiful and your art (I assume that's your art in the background) is amazing! Thank you!

  10. The housing market is becoming as abstract as the art market.
    Jobs don't make enough to buy a house that's been flipped a dozen times.

  11. Yes like hunter bidens art…

  12. This helped me understand NFTs (and the abuses that come with it) a lot. Thanks for the video, very well laid out presentation.

  13. Most NFTs can’t even be called art. Selling NFT profitably as someone who is not famous is only possible by creating a hype and an audience around your specific project with marketing. Buying an NFT is an investment into a thing, making the people believe the hype will continue beyond their purchase so the investment will be worthwhile. It has nothing to do with art at all. I was so disappointed after looking further into it. The art can be trash it’s just a cover, no one really cares.

  14. youre the example to "never judge a book by its cover." Which i did and for that i apologize. You spoke with common sense being at the very front, thank you.

  15. You need more likes than this .millions for stupid videos .

  16. Never a copy of Mona Lisa will be the same. You can test the age of the piece by science as well as it is different because it is painted in the past and it is different material and artists brush but NFTS that are downloaded are the EXACT copy.

  17. At 9:30 you claim that NFTs only have monetary value. Do you play video games? If you think a video game has value then it’s obvious that NFTs can have more value than “only monetary” as some NFTs give the owner access to the game.

    An NFT can have imbedded rights for use in commercial applications. In other words, the creator of the NFT can provide the ability for the owner to use the NFT in commercial use cases. This is similar to copyright, however minting an NFT it is significantly less costly than obtaining a copyright say through the US Patent and Trademark Office.

    NFT can allow an artist to market their work to a global audience. Now a US based artist could easily sell a piece to a collector on the other side of the world without having to worry about shipping concerns or exchange rates.

    I’m done watching this video as you have demonstrated yourself to be extremely close minded well before then end. I think you’ve tricked your viewers into believing that because you speak so slowly that you’re actually putting thought behind each word. Obviously not the case.

  18. The banana duct-taped to the wall is genius imo. Seriously. It does what art should do.

  19. I'm with you but you're getting the point wrong. The 'print on the wall' does not look anything like the original Mona Lisa, it only resembles it. It actually resembles the original less than a print of Michelangelo's David f.e., paintings are way harder to shoot than sculptures. The difference in experiencing it IRL comperd to photo/print is even bigger with painting than a sculpture. There is no such thing wiht a digital asset. The monka.jpg is mathematical-level exactly the same as all other copied monka.jpgs. Nothing digital is fungible, that's the whole point of the technology. If it was fungible as in copies would only be approximations, nobody would use it.

    Imho you'r also on the wrong track asking "Is anyone getting 150k $ of personal enrichment…"' becasue the guy who bought it could just pop out from behind a door and say "I do"… What then? The value should come from it being at a uniquely high level of aesthetics, beauty and compressed subconscious information.

  20. The problem is not the price the banana sold for. It's not art. Gimmick is not art. This garbage originates from the US, which swapped out culture for marketing – it really is that simple. From than on it's self explanatory: if you have marketing instead of culture, anything goes and the price/hype justifies all. This "anything can be art" is not a philosophical movement, just a dumb excuse to eliminate cost/time from producing something that can proclaimed expensive. No waiting for a painting or sculpture to be finished, talented people to be picked out and trained, just fart in a bottle and sell it to someone who will try scam someone else for an even higher price for the bottle of fart. 🙂

    As much money as pssible as quickly as possible, good business, huh? Not art tho. Of course it's not even good business, that's the myopic short term thinking of a society of uneducated cretins. In reality as this mentality takes over society, the economy will more and more turn into a circlejerk of scam where price gets detached from value, which leads to accelerating poverty and inflation.

  21. "NFTs are bad because I don't like the people that buy them". Okay, gross, but fine. However, is that different than physical artwork? Do you buy high priced artwork? As an artist why do you provide a product that goes to a people you don't like?

    NFTs are for digital artists. If you do physical media, there are ways you could benefit from NFTs, but the market right now is not for you. NFTs provide a digital record of ownership for digital images, which has been sorely lacking in the current "Mad Max" free-for-all anarchy of the internet. Imagine if google had to pay owners a fee every time they displayed image results, instead of freely collating people's work into search results and profiting off of image creators. Maybe this capitalism thing isn't so bad…

    So NFTs fundamentally change art in the sense that digital art now has value. Digital art is a different kind of art and has a different consumer. Some of the biggest NFTs right now are PFP collections. When was the last time you painted 10,000 portraits for people to use on their Twitter… and also their tickets to a yearly conference?

    If you think you're a good artist, get in NOW. Currently NFT art mostly sucks because talented/experienced artists are too proud to change the medium they learned on. You will clean up and make bank if you are actually good at art.

  22. When first you say art is subjective and then go bash the banana on the wall you lost me. Is it subjective or not?

  23. That was awesome how you brought the whole thing back to the duct taped banana. Easily the most intelligent half hour I've spent in a year. I'm very familiar with crypto, but I was curious about nft's (initially about investment, more recently about; what the hell are these things and how are they worth anything etc etc; more questions than answers) and then I decided to see if I could turn my own work into NFT's, did the Google and found your video. You answered questions I wasn't yet up to the stage of asking. Brilliant. I'm off to explore some of your other topics.

  24. The painting to your very right above your head is just SO amazing I can’t stop staring at it. Where did you get it?

  25. I'm convinced this crap art selling for this amount is either 1) a publicity stunt for the artist and the money isn't actually theirs 2) a laundering event 3)stuff rich people do just because they have money to burn as a "hahahaha I'm so rich i basically wiped my butt with this money"

    BTW you're incredibly intelligent and I don't think you're going into conspiracy theory territory at all. I think you're picking up on something that is absolutely going on.

  26. Another video spreading ignorance, hate and personal opinions. Tell all of this things to a digital native who has invested 20 years of his life producing digital art for exploitative markets. I see you understand nothing about the NFT community, neither the real value of what we do, because no, if you take your time to experience it, you'll found its NOT A SCAM, dynamics of selling and supporting are just different than traditional markets (obviously). "The infection of capitalism" – "The enviromental impact", you don't know what you are talking about.

  27. You make really good points. Thanks for sharing your perspective and reasoning. 👍🏻

  28. I am learning so much from you. THANK YOU for your perspective and the enjoyable delivery in the message!

  29. They’re using artist like the rich use athletes

  30. Love this. Will reiterate other comments how refreshing this is . Keep up the good work. Brilliant. Thank you. I like to hear all sides of an issue regardless of what personal or societal pain it incurs.

  31. NFTs are going to crash and burn all that has to happen is for the IRS to get involved, and its game over.

  32. Gross. On all levels. Yup.

  33. Oh my gosh, I love you! Thank you so much for explaining this topic so very well.
    Also, I love the entire composition made up of the items and decor of your room in the background. And, YOU! You're so beautiful, you're authentic self is just glowing, and I'm so grateful to have found your channel.

  34. There's no law in place for the NFT. Why not get the copyright transferred and no more question about who's the owner. NFTs live in the digital world –if you believe so.

  35. Sure it wasn't just Florida?

  36. I wish I could give this 20 thumbs up!

  37. The major points could possibly be true (as I love a good conspiracy theory) and as an artist I see your point as well. As a Blockchainer I sorta like all the gas fees that get spent as it pushes prices higher. However I do agree 100% with it being tough to make any money ; )

  38. Oooo-kay. Once she starts on the "capitalism" trope, I know all I need to know.
    Leftists are so tedious.
    The best way to sum up most of the "art world" was given by Aesop thousands of years ago: (Fill in the blanks) A __ and his __ are soon parted.

  39. Not to mention that Bitcoin has basically nothing to do with cocaine.

  40. NFTs have nothing to do with Bitcoin. I mean, at least educate yourself before pretending to school others…

  41. "I hope the future contains much less Bananas."
    Me, an Environmentalist: \"*GREEN RAGE INTENSIFIES*''///