
NFT space is freeing up for creators; only those in for the long haul, will stay – BusinessToday
Half a year ago, there was a digital-art Renaissance playing out on Twitter. Every evening, there would be a handful of spaces running with digital artists discussing their art – what they were minting, which platform they liked, the challenges they were facing and so on.
That buzz has died.
The crypto crash has not just hit investors and exchanges, it has also hit a section of artists who had ventured into the NFT space to take their work to a wide audience – and to make money.
The NFT space became a hope-filled arena for traditional artists whose careers nosedived during the COVID-19 lockdown. Many artists started ‘coming out’ in the Twitter space to share how the NFT space provided a sort of safety net to socialise beyond their creative spaces.
This was of course before the NFT space started getting crowded. Be it fashion houses, luxury brands, movie stars, soon, the NFT space became a domain for the big names. Was it FOMO?
Even then, pure digital artists or even traditional artists, working largely independently, continued to foray into the digital, thereby retaining a niche. The crypto crash changed a few things for creators. Not everyone is still around or as excited anymore.
Swarnali, who is an active NFT artist from India, says that the engagement has died down a lot with the crypto-crash and this low phase may clear out the NFT space as well.
She said: “A lot of people who used to regularly engage have moved out or become quiet over the last few months. No more do you see NFT chats being held all day on Twitter. At the same time, those who are truly invested in their art are still sticking around and creating. In fact, a lot many artists are co-creating at this time, trying to build collaborative projects. Gas-fees for minting are low now, also there are easier ways to mint – so if anyone is in the NFT space only to create, this time is as good as any other.”
Some experts also think that the NFT space will now see more creators who create for the joy of it instead of people who want to make a quick buck.
Ramkumar Subramaniam, the CEO and Co-Founder of the NFT marketplace GuardianLink, is, however, optimistic. As Subramaniam explains, the crash has both positive as well as negative aspects to it. It could now lead to the creation of a new breed of artists who are more keen to sell their art purely for the sake of art.
“The crypto crash has both positively and negatively impacted artists. Artists who were entirely dependent on crypto for selling their artwork as NFT might have faced a little bit of disappointment because of the price crash. This will now create a new breed of artists who are intent on selling their art for the sake of art. This will ensure that the NFT space is dominated by artists and not people who are looking to make quick money. We observe that the NFT space is getting standalone right of existence and is moving away from crypto. This is yet another manifestation of blockchain. The crash may cause short-term inconvenience for artists, but will benefit them in the long term,” he said.
How will the NFT space continue to draw both talent and interest despite the crypto crash is something that would unfold with time. Those who had suddenly rushed in to make fast money have lost interest. But how many are ready to wait for the long-term benefit?
“This is a transformation time,” says Dileep Seinberg, Founder & CEO of the crypto-based fintech start-up MuffinPay, and adds: “NFT is a $40 billion industrial force that is in an experimental phase. We see both decline and investment in the industry at the same. Crypto will shift from being a gamble to pure innovation. The future of NFT for credible media projects and good artists’ work is inevitable.”
When will the crypto world take a U-turn? No one can tell just yet, but for creators and collaborators, this is the right time to spread wings and make the most of the quiet, before it gets all noisy again.
This content was originally published here.