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Ryan McGinness 30 Thoughts Non-fungible Token Primer on NFT Art ryanmcginness.com 16) Outsider Artists Gallery-represented and institution-collected artists IRL are now outsider art- ists in the NFT art world. Those pedigrees do not transfer across the border. 17) The Market is the Medium The purchase of an NFT artwork is a symbolic gesture that creates the work. The gesture means something, and therefore the buyer par- ticipates in the work of art by giving the work of art utility through value attribution. Before this happens, the value of the work of art transcends money. The initial buyer lassos the work, pulls it down to earth, and cages it into the market. The NFT is used to create value. Celebrating and embracing the vulgarity inherent in this collapse of art and commerce is akin to any number of subcultures posing as degenerate members of the society. Pretending art is priceless is bourgeois. Crassly selling art is punk as fuck. 18) Artists, hold the purse strings! Always mint your own creations. Make sure your wallet is the one associated with the NFT. This ensures the integrity and authenticity of the work and ensures you get paid. The artist is the one who should pay out the gallery, broker, consultant, or any other third party that has added value to the exchange. 19) This was supposed to be a culture war. But it was lost before it even began. This could have been the biggest fuck you to the art industry in a long time. Art marketing middlemen have already de- scended upon NFTland to teach the savages about the old art world religions, with their usual unsubstantiated claims about art and aggrandizing terms to describe the work. Money is made by middlemen by exploiting the inefficiencies in the market. In the art market, those inefficiencies have traditionally been Page 6 of 17PDF Image | Non-fungible Token Primer 2021
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