Non-Fungible Tokens (NFTs): The Future of Art or Another Cash Grab
This paper, prepared by Marc Haydamous and Gabriel Tabbal, explores the topic of Non-Fungible Tokens (NFTs), specifically their impact on the art industry and the potential benefits and challenges it poses to artists. The authors provide an overview of the technology and its application, highlighting the unique features that make NFTs valuable for digital art and collectibles. They also discuss the challenges facing the market, including the lack of identity restrictions, scams, and trickeries. The authors argue that despite the challenges, NFT artworks are here to stay, and could be a valuable tool for independent artists to market their art, grow a following, and make a living out of the art they sell in token form.
The authors provide insights from a live interview with a top NFT one-of-one artist, Ralph Khoury, who goes by the alias of “@Gingerpotter21” on Instagram. The interview sheds light on the impact of NFTs on artists' relationship with their art, the main benefits of NFTs for artists, the importance of establishing a local community of knowledgeable connoisseurs, and the potential for NFTs to create passive income for artists.
Overall, the paper provides a comprehensive overview of the potential impact of NFTs on the art industry and highlights the opportunities and challenges it poses for artists.