The future internet is predicted to revolutionize the way we interact with the digital world — and that revolution is not just limited to gaming and social media. It has the potential to be a new frontier for artists and collectors, as well.
Artists have always been at the forefront of innovation and creativity, and the metaverse provides them with a new canvas to express themselves. The future internet will give artists the ability to create innovative new work, share their art with a global audience, and get compensated more fairly for their efforts.
Let’s dig into what future internet technology will mean for artists and collectors, explore its possibilities, and discuss how artists can adapt to this new digital world.
Navigating the Intersection of Art and Web3 Technologies
As we venture deeper into the digital age, the canvas of creativity is becoming increasingly virtual. Artists, no longer confined to the traditional tools and spaces of their craft, are exploring and embracing new technologies that redefine their creative boundaries. In the forefront of this avant-garde movement are Web3 technologies — a set of decentralized, blockchain-based systems that promise to reconfigure the contours of artistic creation, ownership, and consumption.
Here are three of the biggest ways web3 technologies — particularly NFTs — will enable artists to take back control of their art, including how they get paid and how their work is used:
- With NFTs and automatically executing smart contracts, artists can receive a portion of the sale every time their work is sold and resold among collectors.
- Blockchain records will potentially add value to pieces of NFT artwork because artists and collectors will be able to see where each piece of art came from and who has owned it since it was initially sold.
- Digital art will create a new class of assets that will be a better fit for people who live in the digital world just as much as they do in the physical world.
Harnessing the AI Revolution in Art
Among the transformative forces in the art world, generative AI has emerged as a tool of extraordinary potential. At the intersection of technology and creativity, generative AI algorithms function as virtual collaborators, assisting artists in creating artworks of unique aesthetic value.
In this process, artists design algorithms or rules that AI follows to generate art pieces, leading to an exciting blend of human creativity and machine efficiency. The resulting artwork, inherently unpredictable due to the nature of algorithms, often possesses a unique dynamism, complexity, and scale that could not be achieved by human hand alone.
This innovative process can result in a near-infinite variety of art pieces; each one imbued with a singular identity by its algorithmic genesis. By tying generative AI art to Web3 infrastructure, artists can issue each of these unique pieces as NFTs, underscoring their digital authenticity and singularity. This not only redefines the concept of originality in art but also opens up exciting new avenues for artists to monetize their creativity in the digital realm. Thus, the melding of generative AI with the burgeoning technologies of NFTs, blockchain, and smart contracts is forging a vibrant new frontier in the digital art landscape.
One example comes from Art Blocks, an Ethereum-based platform where collectors can invest in unique, generative art NFTs. The platform has already facilitated over $1 billion in primary and secondary sales.
Transforming the Traditional Art Gallery
We already have metaverse galleries — virtual exhibitions where artists can showcase their work to a global audience without the limitations of physical space. Metaverse galleries can take many forms, from VR environments to simple 2D websites.
Metaverse galleries can offer immersive and interactive experiences for visitors. Viewers can explore the virtual gallery space, interact with the artwork, and even attend events and openings. This makes the experience of visiting a metaverse gallery more engaging and memorable than simply viewing artwork online.
Some NFT marketplaces (like SuperRare) are also opening physical galleries where people can look at digital art in frames on the wall. These types of physical NFT exhibitions are still experimental, but they illustrate how the metaverse can intersect with real-world experiences.
As metaverse technology continues to evolve, we will likely see more sophisticated and innovative metaverse galleries emerging, offering new and exciting possibilities for artists and art lovers alike.
Sotheby’s Enters the World of NFT Auctions
Sotheby's, one of the world's leading auction houses, has been at the forefront of the NFT market. The organization has already hosted several high-profile NFT auctions. These auctions feature curated collections of NFTs from prominent artists, musicians, and other cultural figures. Sotheby's has partnered with various NFT marketplaces and platforms, such as Nifty Gateway and OpenSea, to host these auctions.
The NFTs offered in these auctions can include digital art, music, collectibles, and other forms of digital media. The auction process typically involves a pre-sale exhibition, where potential buyers can view and inspect the NFTs, followed by a bidding period, in which buyers can place bids on the NFTs they are interested in purchasing. The auction culminates with the sale of the NFTs to the highest bidder.
Sotheby's involvement in the NFT market has been seen as a significant milestone in the mainstream adoption of NFTs. The fact that one of the world's most prestigious auction houses is now offering NFTs for sale is a testament to the growing legitimacy and value of this new form of digital asset.