Better understand the functions of NFT

Where can I buy NFT works?

Alexandre Czetwertynski: “There are various sales platforms, or markets, which act as intermediaries between artists and collectors. Examples include Open Sea or Feral File. But you can also find NFT works in the galleries present on Metaverse or on the artists’ own pages. Sometimes there are also very creative sales methods, such as handing over a piece of paper containing a code that then gives you access to the NFT.

Does the NFT market follow the same rules as the traditional art market?

“The connection is often more direct between the artist and the collector. It is also very community. People who are part of an artist’s community, for example, will be able to get priority access to new NFTs created by this artist. What is different is that the artist does much more himself: he creates the work, sets the price and promotes the work. These last two stages in the traditional market are mostly managed by the gallery. But today, there are still no galleries specializing in NFT. On the other hand, there are curators who select NFTs to display in exhibitions whose works are also for sale.

Today, there are still no galleries specializing in NFT.

Alexander Czetwertynsky, parallel

Are there any specific risks associated with owning NFTs?

“These are the same risks as with other cryptocurrencies. You need to know how to properly manage your portfolio.

Can an NFT job be secured?
“Currently not, but the insurance companies are working on this issue. What it can provide is its Ledger, which is a type of USB key that acts as a physical wallet for its cryptocurrencies.

What is the profile of an NFT collector?
“These are generally people who are in these virtual environments on a daily basis and who are already familiar with cryptocurrencies. But it could also be a completely different person who is just curious about this art. There are probably more very young collectors. We are talking about people under 20 years old. Because the advantage of NFT is also that you can become a collector with a much more modest budget than in contemporary art for example. Then, among collectors, the profiles are very different: there are people who buy only on Tezos, or others only generative art… There are speculative collectors and others who do not buy only on impulse…

What are the benefits to the artists who produce these NFT works?

“The connection with collectors is much more direct. They can also more easily earn royalties on the secondary market.

Are traditional museums interested in NFTs?
“Yes, there are already examples. The Uffizi Gallery for example has already sold an NFT version of a painting by Michelangelo. This digital copy, authentic, intact and encrypted, allowed additional income for the museum, which had lost a lot of money with the pandemic. The Vasarely Foundation did the same and used the money to restore the artworks. It is a new form of sponsorship in this particular case. In addition, Moma has started collecting NFT and the Luma Foundation in Arles and Art Basel have joined forces to create a blockchain specialized in the art world, Arcual.

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