What do you think about the crypto art scene?

I log in back into my Twitter account after a couple of years and what used to be a curated motion design feed it is now become a wild crypto art timeline.
I really like the whole concept behind the various blockchain technology applications. I love the fact that this could be a new dawn for the digital artists. But at the moment it looks a bit off.

Like there's a bunch of folks with loads of cryptocurrencies that just buy whatever because they can

There's a lot of hype for some and a lot of FOMO for all the others.

I can't help but think this is just a gigantic bubble at the moment. Some folks will get lucky and sell a few pieces for huge amounts and then it will all level off.

It's crazy also how the highest demand is for hyper realistic motion graphics pieces.

@mauro I haven't seen any of this. Is it specifically art market with a crypto link?

On that, it's interesting that the intangible object (like motion graphics) can become a piece of value. In the 70s, media (film) art gained value by printing limited tapes of the work. I can't really see how that works with reproducible digital work.

@ephemeral Walter Benjamin here would need to write a new book, indeed! :D

It is really a new era, but I'm afraid this whole crypto art market is bound to suffer a lot of the same issues as the actual art market.

Not trying to be the little marxist here but it's all still inside the capitalist economic system and mentality in lots of ways.

@Olm_e @ephemeral yes, this is a HUGE problem related to crypto art. Thanks for the articles!

@Olm_e

I'm reading these articles right now.

I've heard of the terrible ecological implications of the blockchain before but this is way crazier than I thought...

@ephemeral did you had a look a these articles?

#cryptoart #crypto #design #motion #animation

@mauro I'll have a look later today - just on the move now.

Thanks @Olm_e for sharing. I'll have thoughts on this - the power usage of blockchain continues to worry me...

@ephemeral @mauro
I think the problem is not just about the power usage but also the "power structure" and it's pyramid shape, that lets rich people concentrate more and more their grasp on these ponzi systems. It's not "decentralized" if you look at who possess the coins and the farms, and the artists are playing in a game where they are just canon fodders in the hope to catch some coins while giving actual value to those blockchains that would otherwise be just speculative tools

@Olm_e @ephemeral I agree completely with this way of seeing it. It's also scary to read stuff like "if you don't see the value of it you are lucky because you don't need it", advocating for crypto currencies as a tool for people and organisations otherwise antagonised by governments and banks. Maybe with the right technology? I'm thinking something like Stellar network/ Lumens?

@Olm_e

Wow.

The structure of power of trade is borderline fraud of artists (nothing new there compared to the gallery world) along with the disparity in access, that is barely touched on in this but that @mauro rightly brings up.

The second shock is definitely the energy usage. The comparative tables are so upsetting and damning. While the author rightly admits their bias, they also go to great lengths to prove what a back-of-the-envelope calculation would have hinted at.

@Olm_e @mauro

In fact, on the point about power systems, this makes the 60-70% commission that galleries charge in London or New York seem fair.

@mauro @camelo003

Just following up hete with another post on this topic that expands on one shared earlier by @Olm_e and contains lots of good insight: flash---art.com/2021/02/episod

Via @w0bb1t

@ephemeral @mauro @camelo003 @w0bb1t

Interesting read/followup ... still reading it ...

a crypto-currency and system model of trusted network that should be looked at not seen there is duniter.org which is some kind of true decentralized (commons) PoS aka Proof-of-Living network of humans

a NFT = a comment on a block, it's possible with such/any/many

but the of , and the are the questions IMHO

@Joanie
@OlivierAuber

@Olm_e @mauro @camelo003 @w0bb1t @Joanie @OlivierAuber

Interesting. Will check out duniter.org

Agreed re governance, especially in deregulated markets. But I see governance as so tied to international finance in other markets that the wider system can't be ignored. Again 90s art market is an example - the purchase of paintings became a way to move oil or pharma money around tax-free and present lobbyists as patrons of the arts.

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