Why would you buy Crypto Art?

What is Digital Ownership of the Crypto Art?

First, “ownership” of crypto art confers no actual rights, other than being able to say that you own the work.

You don’t own the copyright, you don’t get a physical print, and anyone can look at the image on the web.

There is merely a record in a public database saying that you own the work – really, it says you own the work at a specific URL.

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Why would You buy Crypto Art?

Art is inherently Social

It might be helpful to think about crypto art in the context of why you would buy original works of art.

Some people buy art for their homes, hoping to incorporate it into their living spaces for pleasure and inspiration.

But art also plays many important social roles. The art in your home communicates your interests and tastes.

Artworks can spark conversation, whether they’re in museums or homes. People form communities around their passion for the arts, whether it’s through museums and galleries, or magazines and websites. Buying work supports the artists and the arts.

Then there are collectors. People get into collecting all sorts of things – model trains, commemorative plates, rare vinyl LPs, sports memorabilia – and, like other collectors, art collectors are passionate about trying to hunt down those rare pieces.

What are Crypto Art Collectibles

Perhaps the most visible form of art collecting today, and the one that drives so much public discussion about art, is the art purchased for millions of dollars.

Especially, the pieces by Picasso and Damien Hirst traded by the ultrawealthy.

This is still social. Whether they’re at Sotheby’s auctions or museum board dinners, wealthy art collectors mingle, meet and talk about who bought what.

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Is crypto art really that different?

If you look at the reasons people buy art, only one of them – buying art for your home – has to do with the physical work.

Every other reason for buying art that I listed could apply to crypto art.

You can build your own virtual gallery online and share it with other people online. Convey your tastes and interests through your virtual gallery and support artists by buying their work. You can participate in a community.

Some crypto artists, who have felt excluded by the mainstream art world, say they have found more support in the crypto community and can make a living out of it.

While Beeple’s big sale made headlines, most crypto art sales are much more affordable, in the tens or hundreds of dollars.

This supports a much larger community than just a select few artists. Additionally, some resale values have gone up.

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Value as a social construct

Aside from the visual pleasure of physical objects, nearly all the value art offers is, in some way, a social construct.

This does not mean that art is interchangeable, or that the historical significance and technical skill of Rembrandt’s imaginary. It means that the value we place on these attributes is a choice.

When someone pays $90 million for a metal balloon animal by Jeff Koons. So it’s hard to believe that the work has that much “intrinsic” value.

Even if the materials and craftsmanship are quite good, surely some of those millions are simply buying the right to say “I bought a Koons.

And I spent a lot of money on it.” If you just want an artfully made metal balloon animal, there are cheaper ways to get one.

Conversely, the conceptual art tradition has long separated the object itself from the value of the work.

Maurizio Cattelan sold a banana taped to the wall twice, the value of the work was not in the banana or in the duct tape, nor in the way that the two were attached, but in the story and drama around the work.

Again, the buyers weren’t really buying a banana, they were buying the right to say they “owned” this artwork.

In Victor Pelevin’s satirical novel “Home Zapien” the main character visits an art exhibition where only the names and sale prices of the works are shown.

When he says he doesn’t understand – where are the paintings themselves? – it becomes clear that this isn’t the point. Buying and selling are more important than the art.

This story was satire. But crypto art takes this one step further. If the point of ownership is to be able to say you own the work, why bother with anything but a receipt?

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Manufacturing scarcity

It still seems hard to get used to the idea of spending money for nothing tangible.

Would anyone pay money for NFTs that say they “own” the Brooklyn Bridge or the whole of the Earth or the concept of love?

People can create all the NFTs they want about anything, over and over again. I could make my own NFT claiming that I own the Mona Lisa, and record it to the blockchain, and no one could stop me.

But I think this misses the point.

In crypto art, there is an implicit contract that what you’re buying is unique. The artist makes only one of these tokens, and the one right you get when you buy crypto art is to say that you own that work.

No one else can. Note, though, that this is not a legal right, nor is there any enforcement other than social mores. Nonetheless, the value comes from the artist creating scarcity.

This is the same thing that’s happened in the art world ever since photographers and printmakers had to figure out how to sell their work.

In the world of photography, a limited-edition print is considered more valuable than an unlimited edition; the fewer prints in the edition, the more valuable they are.

Knowing that you have one of a few prints personally made and signed by the artist gives you an emotional connection to the artist that a mass-produced print doesn’t.

This connection could be even weaker in digital art. But what you are buying is still, in part, a connection with the artist. Artists sometimes publicly tweet their thanks to their crypto art patrons, which may strengthen this emotional connection.

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Why would you Buy Crypto Art?

Personally, I want to buy only art I can hang on my walls, so I have no interest in buying crypto art. There are also environmental costs. 

Certain blockchains used for crypto art are really bad for the climate because they require computations that consume staggering amounts of energy.

That said, if buying it right now gives you pleasure and you enjoy sharing what you’ve bought and the community around it and you’re using a more environmentally friendly blockchain, that’s great.

If you’re buying it for some future reward, however, that’s risky. Will people care about your personal virtual gallery in the future? What will be crypto art even be a thing in a few years?

As an investment, it just seems inconceivable to me that the higher prices reflect true value, in the sense of these works have higher resale value in the long term.

As in the traditional art world, there are a lot more works being sold than could ever possibly be considered significant in a generation’s time

My feelings about crypto art aside, I do believe that art is, fundamentally, a social activity.

The more our social lives are lived online, the more it may make sense for some people to have their art collections online, too whether or not the blockchain is involved.

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Where did all the Crypto-Art go?

After the big busts of 2022, seemingly everyone buying and selling at the uber-chic Swiss fair Art Basel has closed their digital wallets.

The NFT-based art that shot onto the scene in 2021 was a notable absence from the stalls of all but a few of the 284 exhibitors this year.

And Tezos, once the crypto-currency darling of the art world, was also absent as an official partner at the marquee Swiss fair (unsurprising, since it has lost 56 percent of its value year-over-year).

Given the uncertainty swirling in the art market in general (the Swiss have their own banking scandal on their hands as UBS, a major sponsor of Art Basel, sweeps in to take over Credit Suisse), can anyone really be blamed for a bit more caution?

A sense of risk aversion was felt among buyers here—and crypto is especially risky. And yet, perhaps now that the froth of speculation has gone, the blockchain experiments that remain are more sustainable and meaningful.

Crypto Art

“What we’ve learned is that an art fair is not necessarily the best place to debut an NFT,” said one gallery director who had previously brought NFT-based works to this fair.

“Transactions for them happen online, so if we do bring them it is to show them, not for a point-of-sale.”

In 2021, Kenny Schachter debuted NFT-based art for Art Basel with a special project at Galerie Nagel Draxler called “NFTism” packing the booth with curious, confused, and excited onlookers.

This year, he said he was not surprised by the sudden lack of crypto-art on the fair floor.

Crypto Market

“The crypto market crashed, so no one here wants anything to do with it,” he said, sitting inside the atrium of the fair with some friends.

He rolled up his sleeve to show me his famous “NFT” tattoo, which he recently updated to add the word “post” above it.

“People here are so conservative, they want to have what their friends have,” Schachter added.

“The art world has its finger up and the wind is blowing away from NFTs, especially with the onslaught of the SEC.” (U.S. regulators are currently knocking on the doors of big crypto exchanges such as Coinbase and Binance.)

The fizzle of interest was felt already at Art Basel Miami Beach last fall, he noted. “There has been no change from December to June. As soon as things cool down, the art world will be back in no time.”

Galleries that had been quick to charge into the crypto space were taking a pause this year.

Including Galerie Nagel Draxler and Pace, the latter of which presented Jeff Koons’s first-ever NFT project, Jeff Koons: Moon Phase last year.

Crypto Space

Now, both continue to work in the crypto space, but in the expanded fields beyond the Messeplatz (Pace is still active online and Nagel Draxler has a dedicated gallery called a Crypto Kiosk in Berlin.

It is presenting all kinds of works that engage with blockchain). In their Art Basel booths, paintings and sculptures and art historical classics dominate.

Meanwhile, galleries have made moves towards using the technology for actual concrete business strategies.

Arcual, now an official partner of Art Basel, was set up near the champagne in the collectors’ lounge on the third floor, presenting talks and artworks.

The company uses blockchain technology to create ownership chains that benefit both artists and dealers, hoping to change the way business as usual is done in the art market.

They are creating NFTs for any and all works of art.

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Conclusion

Depending on your point of view, crypto art could be the ultimate manifestation of conceptual art’s separation of the work of art from any physical object.

It is a pure conceptual abstraction, applied to ownership.

On the other hand, crypto art could be seen as reducing art to the purest form of buying and selling for conspicuous consumption.

There have been lots of bubbles before – tulips, bean babies objects that were flying off the shelves one year and then piled up in landfills the next.

And, in a bubble, a few headline-making winners get rich, while a whole lot of others lose their shirts.

Even if crypto art lasts, maybe the particular artist or platform where you’re buying won’t be popular in the future.

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