NFT Mania - How NFTs are Taking Over Web 3.0 & Artists Pushing The Frontier
Like Pet Rocks during the 1970s, N.F.T.s or “Non-Fungible Tokens” have exploded this past year in pop culture. From Jay Z buying a CryptoPunk to Jimmy Fallon sporting a Bored Ape Yacht Club to Beeple selling his Everydays for $69 million at Christie’s to EtherRocks (image above👆) selling for millions, NFTs have crossed the nerd rubicon and entered into mainstream consciousness in a big way.
But what exactly are NFTs? ..and why all the hype? Arn’t they just expensive JPEGs?
What are NFTs?
Generally speaking, NFTs are a way to represent digital property rights. Using a new type of programming language called blockchain technology, programmers are able to encrypt or “mint” digital birth certificates. These birth certificates allow buyers and sellers to verify the authenticity of a piece of work and trace its provenance from inception onward.
Although non-fungible tokens are often associated with expensive “jpegs”, they can really be attached to anything digital, such as: Music, Art, and Videos to less obvious things like a Tweet, Real Estate, Gaming, and Social Tokens. Due to their diverse use case, NFTs will certainly become more integrated with our society as we move to Web 3.0 in the coming years.
For most people, NFTs are used as their digital identity on social media. Just like one might sport a new pair of sneakers, watch or jewelry, likewise you flaunt your new NFT on Twitter. It is the ultimate status symbol of your digital loot & identity.
Generally speaking, social NFTs fall into one of two categories — a one-of-one (a single NFT) or the P.F.P avatar club (NFT family).
When you buy into a P.F.P (Profile Picture) club, like CryptoPunks or BoredApeYC, it is sort of like buying real estate in downtown Manhattan. You know the demand is high and the supply is limited. And when a P.F.P avatar sells for more than baseline, the “floor” price of the entire œuvre levels-up.
Each avatar club has their own mix of utility, community norms, and perceived value (which you can see in real time here ☞ CryptoSlam!). For example, owning a Bored Ape comes with legal commercial use rights. This allows the collector the rights to open up a Café or a Bar or sell branded merchandise and not be sued or need to ask permission. Or, they do other cool things. For example, Tom Sacks built a Rock Factory which you can buy individual NFT parts and assemble them digitally, and if you choose, you can even schedule a “launch” which will leave you with a fun surprise on your doorstep!
In this way, these so-called “JPEGs” are much more than just art-appreciation societies. They represent a burgeoning landscape of digitization and a brand new sector of the economy which we call The Creator Economy.
Artists Pushing The Frontier: Part 1 of 3
We at Crypto Crumbs had a conversation with JakNFT. Jak is a part of a growing collection of online pseudonymous creators who have headed out “West” in search of new opportunities. His digital motif is Glitch art, which is a visual style characterized by using digital or analog effects for aesthetic design. We chatted about his art and some details about his life and where he thinks this NFT space is headed.
Check out our interview below👇🏿
JakNFT & “Glitch” Art
Q: First, what is the story behind the art “Happy Jak” you submitted above👆?
A: He’s the JAK who just came out the other end of 15 year struggle to get to this point in life where he’s doing what he really loves everyday… feeling huge relief, almost in a state of disbelief and constantly feeling an immense sense of gratitude for living out a dream.
Q: Interesting. What is your background? and how did you first hear about NFTs?
A: "I’ve been in crypto since 2013, initially heard about NFTs in 2018, and first started collecting in early 2021. I was eyeing punks when they were single digit ETH, but ended up pulling the trigger on some Hashmasks as my first NFTs. Art has always been a part of my life and a passion of mine since I was a kid, but didn't really become a serious career option and the central focus of my life until recently. I learned how to draw at a very early age and had a lot of exposure to great works of art during my adolescence. I also went through a heavy street art phase, graffitiing and posting paste ups, often with political themes to the work. When I became an adult my creative pursuits were overshadowed by work that had little to do with my true creative interests. My artistic side was pretty much suppressed for about 15 years as I took part in the rat race and worked many different jobs, never feeling fully at peace with what I was doing, but subconsciously drawing closer to what I am doing now with each step I took. I could have never predicted that I would be able to develop a real career as an artist, but NFTs have made that possible, and I am so grateful for it. When NFTs exploded in 2021 I was overwhelmed by the incredible art and felt compelled to start drawing again and mint my own creations in a digital format. Once I started creating again, I couldn't stop. It is the most stimulating activity for me. I love sharing what I have produced. I try to create something new every day and strive to constantly improve. This is exactly what I'm meant to be doing with my life. Everything I have done up until this point has converged perfectly into this moment.
Q: What do NFTs mean to you as an artist?
A: Non-fungible tokens mean permanent, provable authenticity of my work. On a deeper level an NFT is a piece of me. Proof of my existence. Proof of my art. Proof of my part in and contribution to a revolutionary technological and artistic movement. When I'm long gone, my NFTs will stay forever (so long as theres not a massive electro-magnetic pulse that wipes out the blockchain :] ) .
For the community — besides an NFT being a permanent, provable form of authenticity, NFTs are often something community members identify with on a very personal level. A collector often feels connected to the art and artist directly and to others who have collected the same NFT. This emotional connection with the art, artist and other collectors is what drives the formation of strong communities around particular artists and projects. A common identity and camaraderie is formed, rooted in the verifiable connection with the creator of the work.
Q: Is the concept of the starving artist now dead with NFT royalty rights from secondary sale revenue?
A: I've only been minting for about 6 months, so primary sales account for the majority of revenue I've generated. There's also a lot of cross-platform issues for NFT creators that often results in secondary sales never actually reaching the creator as they are meant to. For example, NFTs minted on rarible, but sold on secondary via Opensea prevents the royalties from reaching the artist and could even lead to Opensea claiming some of the royalties. Over time I hope this changes. Secondary sales as a consistent source of passive income can probably not be relied upon by most NFT creators. Secondary sales aside, NFTs have created a new dynamic for creatives. Being an artist can actually provide a livelihood now and become a full time career if one can achieve some degree of success with NFTs. Approaching this question from a different angle, I suppose it depends on what your definition of a "starving artist" is. You can be a successful artist, generate good revenue and still be a "starving artist" if you're hungry to create something every day and to constantly improve your craft.
Q: Who is currently pushing the edges in the NFT world? Which artist do you look up to in this space?
A: VincentVanDough, ROBNESS, XCOPY, Punk 6529, Gary Vee, Cozomo de' Medici, Punk 4156, Murat Pak, John Karel, Fewocious, Guido Disalle, NoOne0X and Sartoshi are some examples of people in the space who I'd say are pushing the edges of NFTs. Besides the artists included among the names I just mentioned, I really admire the works of Or Yogev, Pop Wonder, Gremplin, Che-Yu Wu, Matt DesLauriers, BotFrula, SuperFreak, Antoni Tudisco, ACK, Maco Moroni, Hiroji Kotegawa, Rhymezlikedimez and Luke Conroy. Outside of NFTs, Basquiat, Banksy and Kaws are some artists who I really look up to.
Q: Where can people find you and your art?
A: As of now, I have work on Known Origin, Foundation, OpenSea, Rarible, and OBJKT. You can find me ☞ HERE
Stay tuned for next Friday’s “Special Ed” featuring Manic (@manicdistopia) another artist pushing The Frontier in the NFT space.
DISCLAIMER
THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.