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Building a connection between artists and collectors through NFTs
New NFT utilities providing value beyond the art itself
Good morning!
Another week another dive into the world of NFT photography.
Here's what we got in store for you:
Galvanizing collectors through burned NFTs
Categorization in NFT photo art
Nifty Gateway releases AI-generated NFT photography collection
Buying land from NFT photography
Galvanizing collectors through burned NFTs
In the past, we've covered multiple strategies on how NFT artists can benefit from different drop strategies that can help establish their presence. Burning collector NFTs has proven to be a very successful method to achieve this goal.
What is "NFT burn mechanism"?
A "burn mechanism" is a strategy NFT artists can use to expand their digital art collections and build stronger relationships with collectors. When a collector burns (exchanges) the NFT, they receive a new one that is rarer, because it is part of a series with a lower mint count. This creates exclusivity, and collectors feel like they are part of the artist's creative process. It also plants the seed for value creation, as collectors can decide whether to keep their original piece or exchange it for a rarer one. The original piece may become more valuable over time as the supply of that edition decreases.
Additionally, by giving collectors the choice to exchange their NFTs, the artist is building a deeper relationship with them. This can also help expand the artist's collector base, as it makes it more affordable for people to collect the art.
In the traditional art world, editions are copies of the original artwork made in batches of a set size. However, in the digital art world, specifically NFTs, there are two main types of editions: open editions (no limit on the number available for purchase) and limited editions (a capped number available for purchase).
Recently, open editions have become more popular, as many artists struggle to sell their high-priced 1/1 work. Now they are introducing their work as low-priced editions, making it more affordable for people to collect. Platforms like Manifold and Nifty Gateway provide tools to launch NFTs using this type of mechanics on the blockchain.
Art market researcher and NFT collector Armin Hoori recently published a piece on contemporary art and its history, which stems from the mid-20th century to modern-day times.
The author highlighted the importance of categorization when it comes to evaluating the work of the artist:
...when you come across an NFT photograph, pay attention to whether the photo is used as a medium to create meaning, pose a question, or play with signs and symbols, or the photographer's intention was to show his point of view towards the subject, or it was a kind of painting with a camera or to provoke the sense of aesthetics in you. In the first case, you are facing a type of photo art, and in the second case, you are facing a type of modernist photography or decorative photography.
Why is this categorization important? Because it affects the way we discuss and evaluate a work. You cannot judge a conceptual photo (photo art) from a technical point of view, because the photo was not created for this purpose. In many cases, the final photo has not been taken by the artist and they have used existing photos or photomontage techniques to achieve their goal.
Dubbed ‘Post-Photography Glimpses’, Nifty Gateway's latest show looks to explore the use of AI in art.
Curated by Ivona Tau, the collection centers around artists pushing the boundaries of traditional representation, with contributions from creatives such as Anne Spalter, Francien Krieg, the infamous BitPixie, and Nygilia.
The artworks, which range in price from $15 to $100 per piece, feature hyper-realistic, surrealist, and haunting visuals further driving the AI-in-art conversation.
The use of AI in art is a hot topic in the creative field and is not without controversy, yet the artists behind the collection aim to show a different side to it.
According to the show notes, "The use of advanced tools such as AI means that the photographer is no longer bounded by what they experience and observe in their closest environment".
South Korea-based street photographer Noealz has made a YouTube video talking about how NFTs changed his life, allowing him to acquire a piece of land in the countryside.
He highlights how selling your art on the blockchain can be a way to escape the rat race and protect yourself from inflation.
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