NFT’s and art blockchain: what exactly are we buying and buying in to? That is the question…

Michal Rovner’s, ‘Nilus’, 2018, two LCD screens and video, 145 x 166, 12 cm, from an edition of 5 with two artist’s proofs. Courtesy of Pace Gallery.

Its Metadata, Folks

First thing is that the digital art doesn’t sit on the Blockchain. Nope it, exists in the other netherworld of either a centralized or decentralized server and is linked to the Blockchain minted token as ‘metadata’.

Digital Art Isn’t New

Digital art isn’t new. By any means. Digital images, film and slides have been a staple fine art medium for decades, at least. There is a culture, market and ecosystem that has emerged around what some call ‘time-based media’ art that has flourished, has its key protagonists and its rich collections.

The Devil may be in the Detail, it Seems

And this brings us back to what exactly are we buying?

NFT’s as Ownership Interests

And that’s what we feel leads to further confusion.

The Traditional Art Market Way

After all, digital art, digital fine art, has been successfully bought, sold and collected in limited editions, as unique, original artifacts for decades.

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Sam Miller

Sam Miller

32 Followers

Founder: TheFineArtLedger.com, blockchain powered fine art title and authentication platform, art collector, Rimon P.C. corporate finance attorney. Venice, CA