ARTS & COLLECTIBLES
NEW ART ON THE BLOCK
NFT art offers collectors a new way to invest—but what is it? The founder of The Patrick Jones Art Gallery explains the digital phenomenon sweeping the art world.
Ashley Metro - Panic Attack
Curator and gallerist Patrick Jones is a veteran of the art world and has a talent for spotting new trends and emerging artists before they hit the mainstream. So, it’s no surprise that he is ahead of the game when it comes to non-fungible tokens (NFTs), a new form of art that’s rapidly gaining mainstream popularity with collectors. These unique digital assets have been attached to everything from digital collectibles to online gaming and even memes—and, most recently, art. But, as with any art form, it’s important to understand the value of what you’re buying… Here, Jones shares his insights into the rise of digital collectability and how NFTs benefit collectors and artists alike.
What are NFT’s?
Non fungible token—essentially a digital record that cannot be duplicated or forged.
Why all the hype?
Blockchain technology like the one behind Bitcoin has the potential to revolutionize every industry; NFTs represent one of the first mainstream areas of benefit from blockchain to the artistic community. It solves many problems faced by the art world, such as chain of custody and forgeries.
Angela Fabbri - Bored Ape FOMO -5910
Vhils - “Prevail”
What does it mean to art collectors/artists?
Collectors get a much more liquid market as well as infinitely easier storage for their art in NFT formats. For artists, NFTs offer for the first time the ability for an artist to receive part of the sales profits from any NFT work for life, which was never possible before. Finally, you have a solid provenance for artwork that cannot be forged.
Should you consider collecting NFTs? Why/Why Not?
NFTs have a strong collector base, but buyers should do their research and know what they’re buying before investing in NFTs. That’s where an art curator can help save a new investor much time and avoid making costly mistakes. Right now, because of the coverage that NFTs are receiving, it’s possible to overpay.
Where are some of the best places to buy NFTs?
Opensea and Rarible are two of the major exchanges where most artists are listing their new offerings. Picking the winners from the rest of the options out there is where it gets difficult and where I’d strongly advise new collectors to consult with an art curator or gallery that specializes in this new frontier of art and investments.