photo via Recess Studio
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Written by Ramsey Brown.
To catch you up in short, NFT is essentially a form of cryptocurrency that allows you to buy or sell digital items. They authenticate ownership of an asset and allow it to be transferred or sold. NFTs cannot be copied, interchanged, or IP transferred. Basically, they are like collectibles in the digital sense and represent proof of purchase and authenticity. Think of it in terms to how a vehicle title shows who owns a car.
There have long been digital items, but up until now you could never truly possess or prove ownership of a digital item.
NFTs are used, but not limited to commodifying digital items such as art, files, audio, videos, items in video games and other creative forms of work. When purchased, NFTs act as a digital receipt and ultimately provide bragging rights to the owner.
These digital tokens have been causing major waves around the creative world, stirring up conversation about the future of fine art collecting. The new use of this technology has opened up vast possibilities for how artists create, sell, appraise, and preserve their work.
One creator in particular who has gotten behind the NFT movement is Atlanta based contemporary artist, Greg Mike. On February 25th, Mike dropped his NFT art collection through Nifty Gateway, debuting a limited series of digital collectables. Though what sets this release apart from other NFT crypto-art releases is the physical items that accompanied it.
The current sold out series included a crystal sculpture, custom box, framed 4K IPS digital screen, and of course the highly sought-after NFT to represent the transaction. With crypto-art being so fresh and unusual to many, supplying physical tokens along with the NFT feels like an appropriate approach to entice collectors.
Not only is Greg Mike pioneering the new digital art world, but he is bridging the gap between the digital and traditional art spaces as well.
With much success of his Nifty Gateway NFT release, Mike decided to push the nearly limitless boundaries of crypto-art even further.
On March 20th, Mike brought to life one of the very first physical NFT galleries at his ABV art studio in Atlanta, Georgia. Partnering with Outfront Media and other leading crypto-artists around the world, he transferred these digital forms of art into physical reality. The show termed ‘Chain Reaction’ definitely precedes its name, as the popularity and new forms of crypto-art continue to grow and innovate.
Though there has been some speculation behind the legitimacy and novelty of NFTs, Greg Mike tends to think differently.
The group NFT exhibition showcased 20 uniquely fascinating digital art displays, all which decorated the walls of Mike's ABV gallery near downtown Atlanta. Shown on the displays were different lengths of looped animations, ranging from around 10-20 seconds. Another unique factor to some of these digital art pieces was the sound and music accompanying them. Gallery goers were able to put on headphones and enjoy an audible experience along with the overall visual and digital journey.
Some of the art displays ranged from one out of one pieces to 1/30. In order to purchase these limited edition audio/visual NFT art pieces, guests had to enter in a raffle. Winners were drawn to determine who could gain access to purchase the art. After the show was closed, collectors received their artwork as NFT via their Nifty Gateway user wallet, then later claimed their physical offering.
Unfortunately for us Greg Mike and NFT art fans, this exclusive exhibit was only open for about a week, and the limited appointments were reserved quickly. However, the continuation and frequency of these types of events is on track to increase, with the downfall of NFT nowhere in sight.
There is currently no word on when Greg Mike himself is planning to host another crypto-art show or drop any more NFT releases. If you are itching to spend your hard earned cryptocurrency on some fine NFT art, then head over to Nifty Gateway to check out their drop schedule... and cross your fingers you can score one before they sell out.
Photo via GregMike.com
Previously, artists have only monetized selling their work in the physical sense. Just like before streaming services were available, musicians made money through physical record sales or physical ticket sales. With these types of advancements in technology, new doors are opening up for those in creative spaces.
NFTs have diversified how artists can collaborate and collectively enhance the value of each other's work. Greg Mike himself partnered with EDM artist and producer, NGHTMRE to release a joint tokenized collection. Featuring Mike's brilliant animations and NGHTMRE's prodigious sound design, the combined effort was (surprisingly not) a huge success.
So as for musicians, the same concepts can apply to them. Names like Halsey, Calvin Harris, Lil Pump, Kings of Leon, and many more have already hopped on the NFT train. Selling digitized collectibles such as songs, music videos, album artwork, animations, and beyond, there are numerous possibilities how artists can capitalize through NFTs.
This is only the beginning of these newly digitized ventures, but we can already see the prospective benefits NFTs can have in the creative field. Artists and musicians alike now have another means to increase revenue, grow their fanbase, and the chance to tap into a brand new market.
Once again, technology has set new standards for creatives. Digital rarities such as NFTs have become increasingly popular in 2021, and are continuing to expand into different sectors of the economy.
Whether you choose to embrace this new wave of technology or not, evolution in the digital world is inevitable. Early adapters like Greg Mike have already seen great success from NFT, and we are only beginning to scratch the surface of its capacity.
We are now entering the future of the creative sector and early adaptation to these types of changes could possibly benefit you and your career in the long-run. The digital realm offers creative potential for artists that you won’t be able to find anywhere else.
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