Summary

The author's attempt to democratize art sales through creating an NFT is met with financial barriers and disillusionment, reinforcing the persistence of traditional gatekeeping in the art world.

Abstract

The article recounts the author's journey into the world of NFTs, driven by the hope of finding a more equitable platform for artists to sell their work directly to buyers, bypassing the traditional gatekeepers of the art world. Despite the initial optimism and the investment of 200 euros, the process of minting and listing an NFT on OpenSea revealed a system still heavily influenced by financial power, where artists must pay significant fees, or "gas," at every step. The author's experience ends with a sense of futility, as the NFT created remains unsold and the anticipated democratization of art sales through blockchain technology seems to be a mirage. The article concludes with a reflection on the importance of authentic artistic practice and the artist's return to the studio, having learned a valuable, albeit sobering, lesson about the resilience of established power structures in the art market.

Opinions

The author initially views NFTs as a potential "Wild West" for artists, offering independence and direct access to buyers.
There is a clear skepticism towards the traditional art world, characterized by disdainful galleries and the elitist search for the next big artist.
The excitement of creating an NFT turns into disillusionment as the artist encounters the financial realities of the NFT marketplace, including high "gas" fees.
The author feels that the promise of a decentralized and democratized art market through NFTs is undermined by the same financial gatekeeping found in the traditional art world.
Despite the setback, the author reaffirms their commitment to authentic art, suggesting that the true value of their work lies beyond marketplace validation.
The article hints at a critique of the NFT market's prioritization of large transactions, potentially marginalizing smaller artists.

Nifty Nic and the NFT

A somber Tale

This is a warning. A salutary lesson for those of us who thought that the last two years had changed something — in terms of equality — giving the little guy a chance — using technology to create a fairer world.

No.

Money still talks, makes the rules, changes the goalposts, and keeps most of us on the hamster wheel — as it always has done.

How do I know this?

I decided to create an NFT — a Non-Fungible Token.

Normally, I would have nothing to do with playing the game of some faceless geek who gets their kicks in cyberspace — but this time, vulnerable and optimistic, I bought into the promise of a new Wild West for artists — full of possibility…

The possibility of bypassing the traditional gatekeepers of the Art World.

The possibility of independently creating my own vision for my own buyers.

No more hawking my portfolio around disdainful Galleries, run by wannabes searching for the next Basquiat.

No more precious time spent on building up followers on social media — or jumping through the dancing hoops of building up email lists of potential clients.

Not that I ever did much of that. I am lucky enough to have my own studio and enough lovers of authentic scribbles to pay for it — but exhibitions are few and far between and traveling to them, difficult in our current circumstances. So — how to keep motivated and inspired?

I bit the bullet.

Helped by the lover, we negotiated our way through the setting up of a Digital Wallet and then the eventual minting of my first (and only!) NFT.

Open Sea is the most popular platform for artists. Provided that you have enough “gas”, anyone can offer their creations up to the marketplace of other CryptoCurrency Wallet holders.

I put 200 euros into my wallet. That is a lot of money for me, but I had sold a sketch, unexpectedly, the week before for that amount and I figured that I could afford to gamble with money that I otherwise would not have had. Circular economy. Simple.

How innocent I am.

Turns out that the artist pays for “gas” every step of the way in this new world! I guess you always have to pay for freedom.

After two days of waiting, I was elated to have an actual digital NFT token which had cost me 200 euros in “gas” to mint.

Now to place it on the market, I was instructed to pay the same amount again — with a helpful hint that, as this was such a small amount, I may not succeed as the “Gas Men” dealt with the larger sums and the big boys first — of course, ensuring a larger slice of said gas for themselves — and fair play to them!

So, I have a Non- Fungible Token that is worthless.

It serves me right for thinking that I could bypass an entrenched system of Gatekeepers who, during the pandemic, have simply moved sideways into the digital sphere to carry on doing what they have always done — make money for their mates.

It has been an instructive experience — one that has confirmed my own artistic practice which is based upon authentic experience and one which I am very lucky to have.

See you in the studio…!