The View | NFT platform provides a viable market for struggling, marginalised artists
- Far removed from the elite and often discriminatory world of traditional art, NFT marketplaces are democratised spaces where emerging artists can connect with buyers, receive fair compensation for their work and continue to benefit as it gains value over time
NFTs, or non-fungible tokens, are a lucky draw for investors looking to make a quick fortune, a gold mine for fraudsters and scammers, and hopefully, an opportunity to make the world a better place.
Estimated to be worth US$41 billion last year, the global NFT market is inevitably a mixed bag of both legitimate and illegitimate activity. But how NFTs could be a positive driver of change remains unknown.
Given their relative infancy, we still know very little about the social impact of NFTs, particularly on those who help to make them possible: artists. By this I do not refer to “elite” artists with connections to major galleries and billionaire clientele, but ordinary artists, many of whom are struggling to get recognition and make ends meet.
My study on artists across multiple countries who have embraced NFTs reveals some interesting insights. Emerging and aspiring artists in both developed and less developed countries frequently face hurdles in selling their first work and gaining public notice.
To some extent, these hurdles can be attributed to their lack of legitimacy as newcomers to the market. But there also exist many forms of discrimination – against race, gender, age, ethnicity, sexual orientation and beyond – that can tip the balance between fame and fortune and being “desk rejected” and invisible.
