Does the Dark Side of the Art Industry Foretell NFTs Future

[stompix]

Cringe clip..couldn't watch it fully, it's just somebody on a mission to send his own message without considering anything else.

The first thing is wrong with this approach is just putting the whole art stuff in one bag and that's it!
Art is not just some paintings or some million-per-pound sculptures, art is such a huge category you can't just classify it so easily.

For some pottery is the most interesting form of art, for others is decorating eggs, for others is paintings, some are interested in metal works, art it's not just about business, I have a few paintings in my house, I didn't buy them because of the price, the artist or anything else, I bought them because they look good in my living room and bedrooms and they are matching the mood I want to rule in here.

NFT are nothing like this, those are just pieces of data with one sole purpose, money!
You can't hang an NFT on a wall and claim it's something special, it will act just like any printed copy, you can't say there is any kind of history behind it, the only thing it represents is money, and it can go up and down and most likely to zero. What would be the use for that?

A friend of mine has a fountain in his garden, it's a damn cheap copy from a well known one, its artistic value is zero, is probably worth just the concrete is made out of, but still it's a nice thing and it looks great especially in summer, now, what would you do with an NFT, even if it's an original, the only picture in that angle from the Trevi fountain? Zero!
Comparing art with NFT is just stupid.
Comparing card collecting with NFT, that's a lot more accurate!

NFTs made enough money to a set of poor and middle class people and has the ability to grow more.
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Does the modern art industry provide these features? Like Op determined, it is only for the riches and they are using that industry to make huge profits which are out of poor and middle class' reach.

In order for somebody to make money out of NFTs you need somebody to pay for that.
For 1 million poeple to make 1000$ out of it you need somebody to invest 1 billion$ in that NFT people sell.
NFTs do not produce money out of thin air, they are just redistributing them.

1 billion poor poeple with one lousy NFT each won't make a cent until someone with at least 1$ in his pocket guy decides to buy some, that's the harsh reality, no matter how much you're criticizing the art industry the NFT profit and losses are based on the same principle.

[fiulpro]

I do think art has value based on the perspective of the person viewing it, therefore we cannot just evaluate it just like that.
- for some people the same art might be worth a million dollars and for some it might not even be remotely important, therefore we have auctions.
Plus how an art is perceived is something which one person cannot predict. Most of the artists who died without getting any recognition generally are valued more when they died broke, shows us how fragile the Predictions might be.
I do not think that predicting the value might be a good thing and there is no concept of intrinsic or extrinsic value in terms of art especially NFT's, it's more of an artistic eye if I may.

[wxa7115]

I do think art has value based on the perspective of the person viewing it, therefore we cannot just evaluate it just like that.
- for some people the same art might be worth a million dollars and for some it might not even be remotely important, therefore we have auctions.
Plus how an art is perceived is something which one person cannot predict. Most of the artists who died without getting any recognition generally are valued more when they died broke, shows us how fragile the Predictions might be.
I do not think that predicting the value might be a good thing and there is no concept of intrinsic or extrinsic value in terms of art especially NFT's, it's more of an artistic eye if I may.

The thing is I am not so sure that the majority of the NFTs can be classified as art at all, most of the NFTs we see in the market are more closely related to collectibles, however while collectibles can be classified in an infinite amount of ways, we can classify them on collectibles that are that way just out of luck and ready-made collectibles.

There is a big difference between a one hundred year old one dollar bill which happens to be in mint condition as this was not supposed to happen with what we see in this market in which NFTs have no other goal but to be bought and be collected, and as such I do not think this market will amount to much once it crashes as people realize it is a waste of money and time to try to collect something that no one cares about.

[ene1980]

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There is a big difference between a one hundred year old one dollar bill which happens to be in mint condition as this was not supposed to happen with what we see in this market in which NFTs have no other goal but to be bought and be collected, and as such I do not think this market will amount to much once it crashes as people realize it is a waste of money and time to try to collect something that no one cares about.

You got a point there but there are new users in the cryptocurrency space because of NFT, not sure what the future would be, they need to come up with something interesting to carry on with the hype. I am also eager to see how the NFT market would be when the market turns red. NFT games are coming to some of these projects and there are many coming up but only a few will survive.

[fullhdpixel]

The Art Market is a Scam (And Rich People Run It)

I am not ready to accept that it is a scam just because of only very few people are running it. Are you ready to call real estate boom a scam because mostly salaried people are buying 90% of houses with the help of loans? Art market is just another speculative market where people are spending just for the reason of their personal interest or with the hope of finding another rich person to sell.

Scam is something which hides the real part from you to get you participated with that. In art industry, the value of something may vary person to person hence if you agree for a price then you may go for it or else you may call it too expensive. But, calling it scam seems more inappropriate to me.

[LUCKMCFLY]

The Art Market is a Scam (And Rich People Run It)

I am not ready to accept that it is a scam just because of only very few people are running it. Are you ready to call real estate boom a scam because mostly salaried people are buying 90% of houses with the help of loans? Art market is just another speculative market where people are spending just for the reason of their personal interest or with the hope of finding another rich person to sell.

Scam is something which hides the real part from you to get you participated with that. In art industry, the value of something may vary person to person hence if you agree for a price then you may go for it or else you may call it too expensive. But, calling it scam seems more inappropriate to me.

I also agree with you, when it comes to art, everything changes, it is synonymous with having a lot of knowledge about art, in my case I am also an expert appraiser and when it comes to works of art framed in pictures, for me they are appraisals more complicated than they are made, their assessment takes a lot of work, in addition to knowing the history and how and why art painting was generated, the value must be put in a qualitative way based on many historical arguments and taking into account even the value that is given in museums, I really do not see the art NFT as a scam, but as knowing how to understand this type of business, firstly as art and secondly to be able to mix it with NFT.

[24Kt]

The Art Market is a Scam (And Rich People Run It)

I am not ready to accept that it is a scam just because of only very few people are running it. Are you ready to call real estate boom a scam because mostly salaried people are buying 90% of houses with the help of loans? Art market is just another speculative market where people are spending just for the reason of their personal interest or with the hope of finding another rich person to sell.

Scam is something which hides the real part from you to get you participated with that. In art industry, the value of something may vary person to person hence if you agree for a price then you may go for it or else you may call it too expensive. But, calling it scam seems more inappropriate to me.

I also agree with you, when it comes to art, everything changes, it is synonymous with having a lot of knowledge about art, in my case I am also an expert appraiser and when it comes to works of art framed in pictures, for me they are appraisals more complicated than they are made, their assessment takes a lot of work, in addition to knowing the history and how and why art painting was generated, the value must be put in a qualitative way based on many historical arguments and taking into account even the value that is given in museums, I really do not see the art NFT as a scam, but as knowing how to understand this type of business, firstly as art and secondly to be able to mix it with NFT.

People need to look deeper so they will understand more the art industry and maybe change their perspectives and not call it a scam. Maybe, some people will see it differently because some artworks really fetch high prices, but there's reason for it. Now, when we talk about NFT art, it is a different story. As we can see, basically anyone can create their own NFT art today and sell it in the market. However, it depends on the buyer how you will see it as a valuable item. So right now, it depends on the buyer if he will buy an expensive NFT art but the actual value is really questionable. It is not a scam per se but it is up to you how you will assess its true value in the market, and think of its future value.

[wxa7115]

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There is a big difference between a one hundred year old one dollar bill which happens to be in mint condition as this was not supposed to happen with what we see in this market in which NFTs have no other goal but to be bought and be collected, and as such I do not think this market will amount to much once it crashes as people realize it is a waste of money and time to try to collect something that no one cares about.

You got a point there but there are new users in the cryptocurrency space because of NFT, not sure what the future would be, they need to come up with something interesting to carry on with the hype. I am also eager to see how the NFT market would be when the market turns red. NFT games are coming to some of these projects and there are many coming up but only a few will survive.

This is nothing new in the world of collectibles, whenever you see something like limited edition sports memorabilia or similar those are objects that were made to be collected as the only ones that will be interested to buy such an object for an inflated price are collectors, and as such they will never worth much.

However objects that are worthy to be collected are the ones that are that way by accident, so while I see the NFT market lasting for some time, at some point the hype will diminish and a great deal of the ones that invested in those NFTs will lose everything they invested in that market.

[LUCKMCFLY]

People need to look deeper so they will understand more the art industry and maybe change their perspectives and not call it a scam. Maybe, some people will see it differently because some artworks really fetch high prices, but there's reason for it. Now, when we talk about NFT art, it is a different story. As we can see, basically anyone can create their own NFT art today and sell it in the market. However, it depends on the buyer how you will see it as a valuable item. So right now, it depends on the buyer if he will buy an expensive NFT art but the actual value is really questionable. It is not a scam per se but it is up to you how you will assess its true value in the market, and think of its future value.

Yes, and that's why they see such a complication, but seeing them in NFT already changes everything, of course if we start to see, worldwide very few people know about art, and how there are so many types of art (at least in paintings ) is one of the things that cost the most to value, but if something very good can be done, if a work of art costs $ X, in the NFT market it can start a possible pre-sale with that value, and then end up with $ XX, or more significant figures, that cannot be dismissed, if we put the business in that perspective the art will not lose, otherwise it will be for connoisseurs only, the market will be very small.

[Ucy]

There is a reason why certain people dance around ancient trees, and that could be worth alot to them but meaningless and worthless to those who do not know the truth behind the whole thing.   If a mere image of a beautiful woman starring at you in your eyes could have a profound effect on your body and mind imagine what an intricately designed arts could do.
There is a good reason why our CREATOR forbids humans from arts idolatry.