A Brave New World

If you have not already jumped on the NFT art bandwagon, here are a few things to consider—whether you are an artist, a musician or a collector

- Paul Tan

Given the buzz about non‑fungible token (NFT) and art, many in Singapore must also be wondering what this tech disruptor means for our culture scene. Globally, NFTs’ impact is astonishing. It has blurred some of the boundaries in the ecosystem, allowing artists and musicians to interact—and sell—directly to consumers. Leading auction houses such as Christie’s have jumped into the game, with art changing hands for millions. One head‑spinning number: US$69.3 million, which was what one digital work of artist Beeple sold for.

A quick recap: an NFT is a unique digital asset lodged on a blockchain and which belongs to one person exclusively. (Read our guide on p.38 for more information.) The nature of the technology is that it is flexible enough to represent any digital asset—from a meme to a voice recording to a digital collage. What’s good is that NFTs allow for creators and collectors or consumers to confidently establish provenance, price transactions and ownership, thanks to the open‑access public record. Creators also get potentially better financial outcomes given that the middle man—whether it is the art gallery or record label—is now out of the equation. Sounds really good, right? Are we feeling a sense of FOMO yet?