Are NFTs a revolution in the digital art world or just another bubble about to burst?
N x NFTS, is a program aimed at those intrigued by digital art, NFTs, and their immense potential.
We interviewed many renowned artists and asked all of them the same question: Are NFTs a revolution in the digital art world or is it just another bubble about to burst?
Today’s interview is with Fito Conesa & Siddharth Gautam, they are artists and producers and their work has been shown at various art fairs, art centers, and galleries such as ARCO Madrid, Loop Barcelona, Matadero, CCCB, and the Cartier Foundation.
They are the creators of the first Digital Ninot Indultat turned into an NFT, and since 2019, along with filmmaker Aimée Duchamp, they form La Rabiosa Productora, producing film and video content.
What brought you into this digital art world and what is it that you find attractive and interesting about NFTs?
Well, it was a bit of a coincidence. While we were still studying how the sector was evolving and beginning to understand it better, we received an invitation to participate in a contest in Valencia; a bid to create a digital ‘ninot’ (which is usually a giant paper maché sculpture that is burned) for the occasion of fallas (the local festivities).
The winning entry would become the first digital ninot pardoned as an NFT. We were the winners, by the way, and this was our entry into the world of NFTs.
At the same time, we were also participating as artists in the TFN exhibition at the House of Chapazz Basement gallery in Barcelona; an exhibition of NFTs created by the artists of the gallery, and that was another occasion where we exhibited another NFT piece.
What we see interesting about NFTs – especially for digital artists – is the smart contract that ensures that creators maintain their intellectual and economic rights beyond the first sale. This can secure the author’s rights, avoid plagiarism, and push creation.
What possibilities for artistic expression does the world of NFTs offer?
From Cryptokitties, to Winkelmann’s 5000 day, to Bored Apes, and VeeFriends, there are many ways in which creators are using Ethereum’s core technology to create and sell art, entertainment, and experiences.
The decentralized technology, the number of selling platforms, and the high interest of the industry can provide a lot of freedom for artistic expression. It’s such a pleasure to see so many artists creating pieces and making money from this – free from traditional ways of working.
But on the other hand, the high speculation, volatility, and competition can cause many artists to tire and fall by the wayside of this boom. The industry is still evolving, and we have to watch how it develops.
Do you think NFTs have been a revolution in the digital art world or are they just a speculative bubble?
In many ways yes, for digital artists, having their rights secured on the blockchain and having an open marketplace where you can sell your creations is a freedom that wasn’t there before.
But still, how everything is linked with the high speculation of cryptocurrencies, it isn’t a utopia.There are cases of plagiarism, theft, gas fees, complications of converting cryptocurrencies into fiat currency, and the cost to the environment of maintaining decentralized networks. This could prevent the egalitarian artistic paradise that this technology aims to become.
How do you see the future of NFTs in the short and long term?
The technology is promising, but there are many things that need to be improved. At the moment there is a lot of noise and a lot of speculation – the promise of getting rich quickly – tilts the balance in favour of investors and not creators. It must be recognized that the old forms/structures of the market have to evolve, and this technology can be an option.