That said, there is something going on atm regarding NFTs, that is of real interest IMHO. The theory is that artists are going to be able to link their work to non-fungible tokens and in doing so, will be able to capture more value over time and build a better relationship with their audience.
To contradict Marshall McLuhan, "NFTs for NFTs sake" is neither long-term nor short-term profitable. People "dipping their toes" in NFTs are discovering that selling your undergraduate trash on Etsy makes you pennies if you're lucky, doesn't matter if it's a jpeg on the blockchain or tempera on canvas.
There's fertile ground there and the current economy for art is ineffcient AF.
I don't think that's accurate. It's more accurate to say that the current economy for art is not efficient for artists. There are definite advantages to blockchain utilization but they do not overcome the basic challenge of art: it's valuable if you can convince someone else it's valuable. This is why Damien Hirst can make 10,000 dot paintings for two thousand dollars each but if I tried the same, I'd end up with wallpaper.
THAT is the great struggle at the moment: convincing the rich that NFTs have value. Gotta say it's going gangbusters so far. Once that's happened, the mass adoption will be driven by browsers. And that, I think, is going to cause another profound shift: a move away from motion.
Right now a lot of NFTs are dumb little clips. Because hey, motion is cool. But the minute you put it somewhere it catches your eye, it looks twitchy and you hate it. Discovered this when a friend bought an FP Journe Vagabondage 3 (and I think he literally bought this Vagabondage 3):
Looks cool, right? I mean, we all love motion. We all love seeing that mechanical wonderousness. But once it's on your wrist and in your peripheral vision, it's twitchy. It's disconcerting. It's this annoying bit of jerky motion that constantly distracts you.
We're going to have to undergo a whole new evaluation of art, value and appreciation with NFTs. There's something like $20b worth of NFTs out there already, which leads me to believe they'll never go away. Everyone buying Hirst is very carefully calibrating their choice as to whether to burn the NFT or the paper because whichever one gets burned more is going to be worth more.
Or is it?