Want to know more from a crypto enthusiast
before you buy an NFT?
Hi David and welcome! So when did you first become interested in NFTs?
About three years ago I started to take a real interest in cryptoart, and it is safe to say I was confused! Crypto and art are two things I feel confident with as I already invest in both, so delving into NFTs [ Non Fungible Tokens] felt like a very natural progression for me. But it took some time to understand the concept and the reasons behind why I should invest in them.
I bought my first artwork in 1993 by a local painter that was fairly big in my hometown (I bought it for £70, sold it for £100!) and in 2017, I rather began my heart fluttering journey with Bitcoin and cryptocurrencies.
So you are channeling the art of daft-apeth right now?
I first bought his work in 2018, not a million miles before his solo show in Soho, London. I love the Leicesterian humour! And all the 80's nods. Very funny stuff, and I relate to his work in a big way, particularly as someone that also had a misspent youth in working men’s clubs (following my Dad around!). I’m definitely excited about his NFT auction.
Why do you invest in artists?
My reasons behind collecting or often really varied, from pure financial investments to big emotional investments and lots in between. For me it is a personal and very real way to support artists whose works you enjoy. Over the pandemic I’ve seen so many reasons to support artists, be they actors keeping us entertained via Netflix, thespians treading the virtual boards via Zoom shows, singers performing YouTube concerts and fine artists - by creating art that turns your home office In to a gallery space like mine is!
NFT’s allow that support in a way that can also bestow a benefit to you. The unique factor allows for me to clearly support the art I am interested in at a time when doing so is more important than ever.
And what about the Investment attraction of NFTs and that $70million sale?
OK – so let’s be honest. The investment factor is alluring for many art collectors. I’m happy I’m supporting artists but I also know there’s a chance their work is a great investment for the future. It might seem glib to say, but it’s a very valid reason to collect NFTs. I might not feel the emotional connection from my Bitcoin, but I do get that with my cryptoart. This for me is why NFTs are better than other traditional digital assets.
Many will have heard of Beeple’s $70million sale making it the fourth most expensive artwork by a living artist, or the same artist’s $66,000 artwork that sold for $6.7million, but alongside these headline numbers there are some seriously impressive movements across the concept.
Do you feel NFTs will attract more collectors used to tangible/physical art?
This is may sound controversial, but I feel like the NFT market currently offers something very different to the average gallery or art fair. We can all see it allows for a different type of artwork and artist to flourish, and as someone that had originally always erred on the side of traditional, it has opened up a whole new world to me. I think this can only be a good thing and I believe in 15 years some of the biggest names in the bricks and mortar game will be cryptoart alumni.
I’m not even going to explain this one. I just can’t get enough! I find it a thrill - be it an auction or not, I just find something thrilling about it. We all need a bit of excitement in our lives, and this is definitely one of mine.
So you were an early NFT investor, relatively speaking?
This is one of those things that people maybe don’t even admit to themselves, but it’s fun being an early adopter! Sometimes this is rewarded financially, as my cryptocurrency has been, and sometimes this is rewarded via experience and the enjoyment of learning and discovery. In the early digital days, people felt the Internet would be a fad, not a really sustainable product for a global market and I was one of them! I didn’t see it and look at it now. I also didn’t see iPhone’s being a thing, Alexa, Netflix and a host of other more modern concepts, and that’s fine, you can’t win ‘em all! Although this isn’t day zero for crypto and cryptoart, it is very much a formative period and I love being a part of that. I wouldn’t be betting against it.
Do you think there’s a growing audience of NFT collectors?
I am fascinated by the people entering the NFT market. I’ve become friends with people that have huge collections from artists across the world who are excited about it, and I’ve also introduced friends and family that would never normally even try something like this. In fact, my brother-in-law, nephew and my accountant have started collecting due to me badgering them about its potential!
I very much look forward to seeing how things will play out in the NFT world over the next decade.
David B, art collector.