While traditional art has long stood as a tangible cornerstone in galleries and private collections, the advent of nonfungible tokens (NFTs), fueled by blockchains and cryptocurrencies, disrupts conventional notions of value and ownership. 

This article explores the distinct dynamics between traditional art and NFTs, scrutinizing their profound effects on artists, collectors and the art industry.

What is traditional art?

Traditional art, steeped in centuries of human creativity, embraces mediums like canvases and sculptures, forming a tactile connection with viewers. Specific traditional artworks, like Vincent van Gogh’s “Starry Night” or Leonardo da Vinci’s iconic “Mona Lisa,” hold such immense value that they are deemed truly priceless, defying any precise monetary valuation, each residing in various prestigious locations and captivating audiences with their cultural and historical significance.

Challenges in accessibility and market elitism persist, limiting opportunities for emerging artists and hindering widespread appreciation. Despite these hurdles, traditional art remains a vital cultural cornerstone, reflecting humanity’s diverse expressions across generations.

Digital influences on traditional art

The digital revolution has significantly transformed the traditional art world by introducing new mediums, tools and distribution channels. Digital technologies have enabled artists to create, manipulate and share art in ways previously unimaginable, leading to the rise of digital art forms such as digital painting, 3D printing and virtual reality (VR) experiences. 

Additionally, online platforms and social media have democratized access to art, allowing artists to reach global audiences without traditional gallery representation. Nevertheless, this transition has prompted inquiries into the genuineness of digital art and has brought up concerns related to copyright issues.

NFTs, explained

The advent of NFTs has revolutionized the world of creative industries, challenging centuries-old concepts of value and ownership. With NFTs, art transcends physical limitations, transforming into a digitized, tradable asset that allows artists to monetize their creations in unprecedented ways.

Moreover, NFTs are a groundbreaking form of one-and-only cryptographic assets utilizing blockchain technology. Unlike traditional cryptocurrencies, each NFT is unique and rare, distinguished by individualized data recorded through smart contracts on blockchains, commonly Ethereum. 

This distinctiveness ensures scarcity and authenticity, making NFTs an innovative tool for creators across diverse domains, including music, collectibles, gaming, metaverses, decentralized identity management, virtual real estate and, notably, art. 

How does NFT influence the art world? NFTs not only empower artists to directly monetize their work through NFT marketplaces but also aim to democratize access to crypto art, engaging a global audience.

NFT vs. traditional art

The debate on differences between NFT art and traditional art is not a matter of superiority but rather an invitation to embrace evolving times and acknowledge the unique value inherent in both. NFTs offer heightened accessibility to art, enabling broader ownership and appreciation, while traditional art remains a crucial cultural heritage, fostering a tangible link to our shared history and identity.

Exploring the differences in value and ownership between NFTs and traditional art reveals a transformative shift, with NFTs offering unique digital ownership through blockchain, challenging traditional art market norms. 

Moreover, NFTs can be dynamic or can be divided into smaller units, offering fractional ownership, in contrast to traditional art, which typically exists as a single piece. On top of that, NFTs facilitate easier online buying and selling, whereas conventional art transactions may rely on gallery exhibitions or auction sales.

Can you convert traditional art into an NFT?

For artists, converting traditional art into NFTs requires a unique blend of artistic skills and some technological acumen. Mainly, this transformation starts with creating and digitizing the traditional artwork through high-quality scanning or photography, creating a digital file. Artists employ digital art creation tools like Adobe Creative Suite or Procreate to translate their masterpieces into digital formats, preserving intricate details.

Artists then use tools to convert traditional art into NFTs on blockchain platforms, thereby tokenizing their artworks. Decentralized applications (DApps) and NFT marketplaces, such as OpenSea, Nifty Gateway or Rarible, serve as mediums for artists to showcase and sell digital art.

A crucial step involves crafting specific information about the artwork — its origin, artist details and distinctive features. Once the NFT is minted, it officially exists on the blockchain as a unique and verifiable digital asset with a clear ownership history. 

Why are some artists against NFTs?

Some artists oppose NFTs due to environmental concerns related to the energy-intensive nature of proof-of-work (PoW) blockchains. Critics also argue that the NFT market commodifies art, shifting the focus from artistic expression to speculative financial gains. 

This shift challenges traditional values associated with art, such as cultural commentary and emotional connection. Concerns about copyright infringement and intellectual property rights in the decentralized NFT space add to the skepticism among artists.

Nuances in the NFT/traditional art dichotomy

The aspiration to democratize art through NFTs, challenging the entrenched elitism linked with art collecting and envisioning a more inclusive art landscape, may seem promising. However, the dichotomy between NFTs and traditional art presents a nuanced perspective. 

As exemplified by Beeple’s “Everydays: the First 5000 Days,” which commanded a staggering $69 million at Christie’s in March 2021, high-profile sales stand as potent counterexamples. These instances suggest that substantial financial gaps persist within the art market despite the strides toward democratization. 

Exclusivity is a worry, as high transaction fees and the need for cryptocurrency knowledge may limit access to the NFT market, excluding artists and collectors with fewer resources or technical expertise.

The distinction between digital and physical forms in art is not as stark as some argue. Both represent subjective, non-replicable creations, with their value intricately tied to the subjective judgments of buyers. 

Influential artists, such as Damien Hirst, recognize this convergence. Hirst allows collectors to choose between an NFT or a physical version of his work, “The Currency,” further blurring the boundaries between the digital and physical art worlds. This acknowledgement underscores the evolving and interconnected nature of these two realms.

The road ahead

The clash surrounding NFTs versus traditional art delves into several critical questions. Why are traditionalists against NFTs, and how does their stance impact the evolving relationship between creators and digital ownership? The financial aspect adds another layer of complexity, prompting inquiries into the cost of NFT paintings and the perceived value of these unique digital assets.

A fundamental query emerges concerning the essence of ownership in the Web3 realm: Do you truly own the art if you own the NFT? This question challenges conventional notions and is integral to understanding the dynamics between the tangible and the digital within the art world.

Amid these discussions, a call for reevaluating traditional art analysis arises, emphasizing the need to adapt established methods in the face of technological evolution. As NFTs continue to reshape the art landscape and how we view art, these questions and analyses contribute to a broader conversation about the future trajectory of the modern art world.

Written by Sasha Shilina