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NFTs are a game-changer for the art world. (Getty Images)

By Lauren Dei

Art has been a storytelling platform since the dawn of time. Creatively, the possibilities are endless – commercially, however, the closed network within which fine art is traditionally produced, valued and purchased limits how far people outside the network can advance within it.

Until now. In an age when the concept of property becomes less about bricks and mortar and more about storytelling, a compelling story can be told through art, sold at an exorbitant price, and leave the seller free from the confines of class, of place or means. How? ‘Or’ What? With NFT.

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Imagine a long row of people, longer than the Great Wall of China, standing shoulder to shoulder playing an epic game of passing the parcel; everyone gives a package to the next person while receiving one from the previous person. Now imagine that each pack increases in value every time it hits the next pair of hands until someone drops it, which means the value goes down as well. This human line is blockchain and the packages are cryptocurrency.

Do you have this part? Okay, now imagine this chain of people moving from that long line of the Great Wall of China and forming shapes – a house, a car, the pyramids of Egypt – while continually passing these packages. Imagine them standing in the form of the Mona Lisa, frame and all. Do you see it? Now you are looking at an NFT, a revolutionary format for digital art that uses blockchain as the original record, giving collectors an item with real Ethereum coin value and artists from outside the world of the world. elite an opportunity to exchange at the top – shelf levels.

NFT stands for non-fungible (or non-modifiable) token. Its uniqueness makes it attractive, and its fixed status ensures that a) no one can alter it and b) the artist can be identified as the creator and owner.

Art auctions have changed.  (Getty Images)

To date, the best-selling NFT ‘Daily – the first 5,000 days‘by Beeple, sold for $ 69 million at Christie’s auctioneers. (Getty Images)

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NFTs, like crypto coins, are powered by the blockchain and valued in Ethereum. The selling prices of some of these digital works are stratospheric. To date, the best-selling NFT, ‘Daily – the first 5,000 days‘by Beeple, sold for $ 69 million at Christie’s auctioneers. Before that, Beeple had only sold a physical copy for $ 100 – he is now among the top three most valuable living artists, with both the second and third best-selling NFTs in his catalog.

These digital entities are creating cultural shifts within the industry by creating new stories from a new wave of artists. The tools for developing NFTs are placed in the hands of creators whose voices add something new and necessary to the canon of fine art.

Join the Yahoo team. Yahoo Creative Studios is a multidisciplinary team of filmmakers, editors, designers and strategists. It passes the baton of innovation into extended reality (XR) to educate those who can transform their physical artistic practice into a digital legacy. Eight selected artists signed with Disrupt Space, an art gallery and a black artists’ agency based in Brixton Market, south London, will create works using NFT technology for the first time under the tutelage of specialists at Yahoo.

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With step-by-step meetings and consultations, the LA team at Yahoo Creative Studio will digitize the works using the visual characteristics of each artist’s choice – it is possible to cut layers into their work, incorporate hidden doors. leading to other ‘rooms’ and dimensions, integrate soundtracks and narration – so that the artwork then becomes an expedition of altered reality that the viewer can explore beyond the surface. This truly disruptive experience overturns the usual methods of consuming art.

Disrupt Space is an ideal partner for such a world-changing project. Their roster features artists with a range of practices in painting, sculpture, film, photography and more. Established in the heart of a changing community, the opportunity to develop a sustainable heritage is a formidable driving force for their involvement in the project.

“By nature, our position in the heart of a gentrified market is disruptive,” says Paul Reid, founder of the agency. “We want to bring sustainable culture into spaces where you might not usually find it. The NFT space is an exciting opportunity to take artists’ work further, and we are excited to show the world what they have to offer. “

So what are the social implications introduced by NFT art?

“We record our truths as seen by our eyes,” says Lady Phoenix, XR and NFT consulting specialist, founder of Yes Universe and mentor to artists throughout the project. “It’s a dynamic that rewrites history. Now your memories can be tied to a forever type thing. The story behind the most famous classical works of art is a legacy, a myth – now we can create our own. These artists invite people to make a big story now.

Are new legacies wondering if the Guardians are embracing this change or perpetuating the same hierarchies by being wealthy enough to own these works? Well, the distribution of property does not always lie with a single owner or collector. Platforms like PartyBids allow communities or “parties” to benefit from collective ownership, which gives multiple people a piece of the artwork, in the same way that fractional ownership of bitcoin is. possible. And even those with the wealth advantage have an investment to see the scene grow.

“Network and community are the foundation of the NFT space,” Lady Phoenix. “Artists tend not to ask for what they need in terms of money. Some people are rich in crypto, have the tools, and are ready to help because that’s what they live for.

Selling original artwork for massive action figures is nothing new. However, the reality of who is selling this work of art is becoming more and more recent. And with the possibility of everything digital being turned into NFT, the story has only just begun.

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