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Ryan McGinness Non-fungible Token Primer Consider the other psychological drivers for most collectors: • Feeling like they are supporting or patronizing an artist or “the arts.” • Conspicuous consumption, now made easier with NFTs as all owners are written to the blockchain. • Art collecting as atonement for how the discretionary funds for the art were accrued. NFT Art Appreciation Conclusion A work of art must gain attributes if it is going to be valued in the art market. Traditionally, those attributes have been bestowed by the art market industry to entice potential buyers. Indeed, they must be agreed upon by the buyer before the purchase. Those attributes are then bestowed upon the artwork by a buyer and then bought back. Artworks are mirrors, and buyers are buying their reflection. A work of art is valued if it embodies that which the market values. It is unclear what the NFT art market values. As of now, there is not much of an NFT art market industry beyond marketplaces. You are left to your own devices to appreciate NFT art. This is a good thing. Those devices are in the form of questions, many of which I have tried to outline here. Your NFT art appreciation will help you differentiate NFT art from NFTs that have defaulted to the status of art. • Association with other collectors or institutions that also own work by the same artist. • To tell a story about the work of art and use that story as social currency. • To assert righteousness by believing that buying art is a way to right social wrongs. • Adornment. Special Thanks to Sean Bonner. Read his informed essay here: nftwtf.art Read about environmental concerns here. ryanmcginness.com Page 16 of 17PDF Image | Non-fungible Token Primer 2021
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