This week Doosie Morris wrote about NFT and Melbourne’s most boring urban artists GT Sewell, Rone and Lushsux, in The Guardian. Morris implied that NFT is in the same league as Yves Klein. Without mentioning that Klein’s immaterial art, like the K Foundation burning a million pounds as an art, are acts where the artist/s removed monetary value from the system. So this might be a subtle suggestion that you could invest in NTF or just burn your money.
According to Morris’s article NFT is Sewell, Rone and Lushsux current business ventures. Sewell has been spruiking cryptocurrency for years on social media, and Lushsux has been positing similar stuff, including income tax avoidance on NFT sales.
These are boring artists because they are focused on money; there is no other objective to their art. For them, even popularity is just another revenue source. Remember that Rone received $1.86 million from the Federal Government’s Restart Investment to Sustain and Expand (RISE) for a project that won’t be seen until 2022. Rone does decor for a coffee shop at Melbourne Airport, decorating walls on construction sites, modelling clothes for a high street clothes shop, that kind of thing.
But aside from the dodgy economics, the environmental impact of blockchain technology, two problems aren’t being discussed with NFT; provenance and digital art preservation.
Anonymous churn is even more a problem for provenance than it is for trust in the market. No institutional art gallery will buy or even accept gifts of art with a secret origin because of stolen art, fraud, and forgery. After the artist’s death, how would you prove that it was their work?
Digital art preservation is an even more complex issue because substantial parts of the technology will eventually change. For example, the online links may become broken. And in 30 years, when you can’t see the art on an LED screen because that technology is now redundant, the art will not look the same. So now your expensive work is the equivalent of a photograph of a Monet oil painting or just unreadable code.
Bubble art to rival Millais. NFT art, along with most of the art market, is divorced from any significant culture but still living on alimony and hasn’t changed its name back. And if you don’t want to burn your money but want to give it to artists there are plenty of more better hands to put it in.