Non-fungible tokens (NFTs) and the ways in which they have shaped art discourse in the last year alone have been described using a variety of labels: a) Disruptive—a fitting descriptor, considering the prices some pieces have commanded and the hype surrounding their sales; b) Bubble—far from accurate and born of a prejudice against change and challenges to gatekeeping; c) Transformative—apt in its prediction about the potential for growth and change.
In 2019, long before NFTs became a buzzword, I dived headfirst into this revolutionary new market with the conviction that it could be a solution to many of the art world’s challenges. It can serve as a stabilising force as well as a step towards a creator-led Internet. Of course, in the early days, I was constantly pulled down by naysayers, all singing in a chorus of an upcoming impending doom. Previously, we imagined the art world as a pie where a select few got a slice. NFTs allow artists to collect royalties, owing to their smart contracts. They enable them to make their work scarce and to weed out the fakes and pirated versions. NFTs are, in a sense, increasing the size of the pie and the chance for more and more creators to get a share of it.
NFT ecosystems and blockchains reduce the barriers to entry that exist in the traditional art world, which creates the potential for a new playing field—one that is more equal and accessible. “Terrain Open,” which is the non-curated section of our marketplace, is geared towards creating a more democratic and equitable creator economy. It allows artists the freedom to upload works in their own time and at the price they deem fit. Additionally, Terrain.art allows for lazy minting through which artists can mint on sale as opposed to pre-sale. This means that artists needn’t spend large sums of money to pay gas fees to be able to create an artwork.
Everyday, artistic imaginations push the boundaries of what constitutes art—whether it is a GIF, a performance or a digital game—and NFTs are able to encompass all these forms and mediums. Increasingly, NFTs are being seen as a standard for transactions. As they delineate ownership and make provenance clear, they stand to serve both artists and buyers. NFTs ease the money flow and offer more data, making them an ideal certification of art. The transparency that is inherent to crypto art can be key to the growth and scaling up of the art industry.
NFTs have split the notions of ownership and visibility of art—ownership lies solely with one person, but countless others can enjoy and experience the art. This makes art less elite and also expands the notion of what a museum can be, especially in a country like India, where art infrastructure is limited.
Investors and collectors should acquaint themselves with the artists they want to buy from and the marketplaces where this art is minted. Some marketplaces are entirely decentralised and artist-led. It’s also imperative to check the artist’s credentials and past work, in much the same way that you would, if you were buying at a traditional auction or fair. So far, the NFT buyers are mostly younger crypto buyers, or people who are more tech-oriented. We see a different buyer base for both mediums.
At Terrain.art, we are guided by the expertise of curators and authenticators. All our exhibitions are carefully curated and laboured over. As you can see, the benefits of buying from a curated ecosystem are manifold. The authenticity of the artwork in question is assured, especially at a time when piracy and theft are niggling problems in the NFT art world. There’s also the quality of the artwork—Terrain.art highlights both established as well as emerging artists, especially those who are young and not in sophisticated urban settings, whose creations will add value to your personal collection, whether you’re new to investing in art or are a veteran. Through extensive programming and exhibitions, we give buyers insight into the creative process of artists.
"AS THE ACCEPTENCE OF AND DEMAND FOR DIGITAL ART GROWS, MORE EXCITING FORMS AND EXPRESSIONS—SUCH AS MOVING AND EXPERIENTAL ART—WILL EMERGE AND BE COVETED"Aparajita Jain
Free market forces, reselling and liquidity define the nature of open marketplaces. If a particular artwork is in demand, it may sell for millions of dollars, because it is demand and supply that determine the contours of the NFT art world. In a few years, the NFT art market may be twice or thrice the size of the fine art market, because of its ability to have liquidity. The option to re-sell gives people the scope to liquidate, should they need to.
Terrain.art has worked with some of the most promising art creators in South Asia. Laya Mathikshara is a 14-year-old artist who has captured the interest of collectors with her generative collectibles that draw on AR and VR. Sabiha Dohadwala works with textiles to explore the theme of memories, capturing lived experiences and cultural histories. Amrit Pal Singh's art has simplicity and intelligence all at once. Formally, it is very well presented and intellectually, with his consistency, it has become a powerful series of prominent faces that have now been made into toy faces. Kodanda Rao Teppala has been creating visually charged paintings for two decades, drawing on Buddhist philosophy and remarking on freedom in relation to one’s environment.
The emergence of an “NFT aesthetic” is one that has been debated in the last year, as works such as the Bored Ape Yacht Club and CyrptoPunks gain immense popularity. As the acceptance of and demand for digital art grows, more exciting forms and expressions—such as moving and experiential art—will emerge and be coveted. Certainly, as of today, the Western economies and their NFT marketplaces are way ahead of the curve, simply due to liquidity and crypto regulations. But, as always, India will catch up.