Exploratory Writing 6B
These readings stirred up a lot of personal thoughts in regards to NFT’s. I appreciated the introduction of the cryptopunk, as that was something new to me, and its history seems to be quite significant in the exchange of such odd digital commodities. I suppose that the first things that come to mind is really the exchange of currency for digital goods. Digital goods that have little to no value in the physical world, outside of what is bestowed upon them by us their consumers. I suppose this concept of digital goods can be expanded to something more broad. I suppose video games are a great example, of non-NFT digital goods holding extreme economic value. Specifically, some video games offer skins, rare mods, and exclusive content for thousands of dollars. These digital goods are bought and sold on a variety of markets in an attempt to push prices and create a sense of unique individuality.
I am also fascinated by this “Connosseur” market that exists within NST’s. It is almost reminiscent of collectors of various cards, artifacts, fine art, collectibles, etc. The culture that surrounds the more selective of connoisseurs for NFT’s seems to share many similarities with other forms of assets gathering. I am fascinated by the human desire to acquire something because of its rarity, scarcity, or uniqueness. This is nothing necessarily new to humanity, but it is fascinating to see how it has evolved to fit a digital age.
As an artist who works in a gallery, I find myself challenged with the notion if NFT’s serve as a form of FINE art. I cant help but feel as if cryptopunks follow the necessary qualifications to be considered a form of fine art...SORT OF... Although, this is a form of art that can not be traditionally showcased in any traditionally set up of gallery. I would be interested to ponder a potential blending of NFT/ art show but to be honest I am not sure how that would take place. The cryptopunk itself takes on a visual form of sorts, and while simplistic holds value because of its content. I have found that within the upper echelons of art auctions (Like Sotheby's) the background context always carries more weight than the visual complexity of anything in auction. In this way cryptopunks are very much like fine art. Yet, the content itself is vastly different, and one focuses on cognitive contexts while the other focuses on more monetary contexts. Perhaps it is the consumer and market itself for these NFT’s and fine art that draw the most similarities. The desire to own something unique, to be a part of a specialized community, and the economic advantages to owning such assets are shared for both the collectors of fine art, and those who partake in cryptopunks.
I also cant help but wonder how the cryptocurrency movement will effect technology. I see it having an effect on technological hardware, and the concept of the GPU becoming more scare by the day. This changing the way people acquire hardware, and manipulate the markets of technology manufacturers. While this may not have an effect on most people, I cant help but feel for the communities of people it will impact. This cryptocurrency/NFT explosion is also being noticed by larger entities as well. And as a result companies like Sega, are quickly jumping on the bandwagon and attempting to profit from this craze as much as popular. I call this a craze, but I know that this has deeper impacts that will last far longer than most people would perhaps expect.