NFT market will mushroom and morph and spread far beyond art
Non-Fungible Tokens: Part 2 – Q&A with Kenny Schachter
In the second in our series on NFTs, the Art Management team catches up with Kenny Schachter, art dealer, artist, curator and critic.
SFAM: What makes NFTs so exciting to buy?
KS: Buying art is always exciting! NFTs aren’t anything more than a digital delivery system that incorporates the blockchain to establish authenticity.
SFAM: How are NFTs made?
KS: If you create art that is digital in nature, NFTs are an ideal and exciting way to introduce and sell your art to an entirely new set of collectors. The crypto crowd. By utilising NFT platforms such as Opensea or Foundation, artists are no longer dependent on the existing gallery system to promote and sell their work.
SFAM: How will NFTs change the art world?
KS: Galleries and auction houses have historically had a stronghold on accessibility to the art market. The advent of NFTs offers a revolutionary system which is shifting the balance of power back to the content creators. It provides a tool for artists to market and disseminate their own art.
However, it is an illusion to think this is a network without gatekeepers. An invitation is required for an artist to get on the most desirable platforms and even when they have gained entry to that platform – curated or not – they still need to promote their work to potential buyers unless they are a celebrity.
SFAM: Is the NFT market a ‘bubble’?
KS: I don’t believe in bubbles. There are always pockets of excessive prices that will, as with the best of all meritocracies, correct over time. NFTs are here to stay and the market will continue to grow and mature in the coming years. It will transform and morph into different incarnations but the overall concept is indisputably one that will only mushroom in scale and spread far beyond just art.
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