A few weeks ago, we posted our first blog piece about Non-fungible Tokens (NFTs). Since then the media has continued its focus on how many artists are embracing NFTs. The UK artist, Damien Hirst, is now participating in NFTs while others have indicated that the environmental costs of the block chain technology are so high that they will not be participating in this new distribution channel.
Given the ongoing debate about the many controversial aspects of NFTs, it seemed like a great idea to invite individuals with different types of expertise to comment on this fusion of block-chain with creative expression. This is our mission here at Carpe Art – help our students to understand art AND business.
What's the point of NFTs with art?
We know that evaluating and understanding the use of NFTs in art require deep knowledge about monetizing art. The underlying crypto technology is controversial given the amount of energy that is required to produce a digital token. Conversely, the opportunity for artists to find new distribution channels while securing their intellectual property must be attractive. Damien Hirst is collaborating with a platform, Palm.io, which the company claims is more eco-friendly as it apparently can mine a token on the blockchain with much less energy use than rival systems. Of course, these are unaudited claims.
What do experts say about this?
We felt that we would bring a range of voices to provide input on the NFT debate. We wanted the opinion of a technologist and the likely effect of NFTs on the creative industries. We turned to a proud Montclair State University alumnus, Ori Eisen. He wears many hats, including technologist, philanthropist, art collector, and filmmaker! We wanted his take on NFTs from a technology perspective. Ori has years of experience managing data privacy. A serial entrepreneur, Ori started Trusona to pioneer digital authentication without the use of passwords. Trusona.com serves corporations in many industries.
Of course, Ori provided us with much more than just a technology perspective, as you will see from the video interview conducted by Julia and edited by Aryanna! We hope you enjoy the video!