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In Twitter Space’s recently conducted by Huobi with Altcoin Buzz, NFT experts and enthusiasts expressed their views on how art could transform the NFT space and vice versa. “Blockchain truly revolutionizes the Art business,” said Shash Gupta, the CEO of Altcoin Buzz.
Gupta believes that Web2 transformed art-based industries in ways that were previously unimaginable. Musicians, he argues, got everything from Napter to Spotify, found new avenues to collaborate with other musicians, and fans got to buy tickets online. Writers and authors gained access to self-publishing and global distribution. And, theatre artists got YouTube and TikTok. All of these areas hugely benefitted from the internet. Visual art, he says, did not reap the same level of benefits.
For visual art, Gupta explains, even with Instagram, Deviant Art, and Pinterest, the way to make or sell art was not simplified. There were still no proper retail channels. The top brands in the world of art, such as Christies, were companies that were set up in the 1700s, and no monumental changes in production or distribution were made in the Web2 era. “However, a seismic shift will come soon. NFT will usher in a new era for ART,” said Gupta.
With the visual art side of things, blockchain truly revolutionizes the business, which has been archaic for years.
Gupta asserts that this is the first time there is accessibility in the art space. “Blockchain provides global accessibility for arts.” He also explains that artists can also get money from secondary sales which was previously not possible. Blockchain also enables editions and fractionalization instantly, which was a tedious and painstaking process before blockchain.
The other attendees in the Twitter Spaces, along with the host from Huobi, agreed with these observations. They collectively assert that Art NFTs could drive the space to new heights. Recently, the entire NFT market has been in a crippling slump. Floor prices of prominent collections plummeted and dropped as much as 62% in the past month. However, the NFT community is anticipating a potential comeback soon.