In addition to discussion about the return of arts and cultural experiences, people's respective vaccine status, one topic that’s been on the collective consciousness this Frieze Week is NFTs, and their implications for the art world.
Shot into the spotlight with a series of record breaking sales, most notably the $69 million dollar work by Beeple at Christie’s, billed as “the first purely digital work of art ever offered by a major auction house,” NFTs’ moment have arrived.
At the same time, for many, NFTs, aka Non Fungible Tokens, remain head-spinningly complex for an art world that is built upon the traffic of physical objects. In the interest of clearing up some of the confusion and providing an opportunity to learn more, NeueHouse Madison Square hosted “From Instagram to Christie’s: How NFTs Became a Household Name,” a Frieze Week Panel discussion featuring a cross-section of convergent perspectives: curator, futurist and creative producer Lady PheOnix, creative connector Jose Mejia, and NYU Stern Department of Finance Chair David Yermack.
While there is still much to learn and see about the implications of this new tool as it relates to artists, gallerists, archivists, and collectors, the discussion touched on the ways NFTs are democratizing access to the art world, building community, and potentially, protecting artists.