The rise and fall of NFTs: An artist's perspective
In a The Crypto Radio exclusive, artist CW Stubbs shares her journey through the evolving digital art space
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The world of non-fungible tokens (NFTs) has been a rollercoaster ride for many artists, and multimedia artist CW Stubbs is no exception.
In a captivating interview on The Crypto Radio, Stubbs shared her personal journey navigating the meteoric rise and dramatic fall of the NFT market.
Stubbs' introduction to NFTs came in early 2020, just before the COVID-19 pandemic hit. As she recounts, "In February 2020, when I'd finally gotten the real kind of artistic mojo to, for lack of better terms, put myself out there - and had booked almost 10 different shows for that upcoming year - it was really, really exciting. And as we all know, the pandemic arrived and so and then with that, you know, the world shut down."
It was during this time that Stubbs was contacted by artist Mark Craig, who suggested her work would be a great fit for the emerging NFT space. Stubbs' initial reaction was one of confusion, as she admitted, "I didn't know what an NFT was at that point, and we had several conversations about it. And I was like, 'so people are paying money for JPEGs? I really, really couldn't get around the whole right-click-save concept of it."
However, with the help of patient explanations and a growing community on platforms like Clubhouse, Stubbs began to understand the potential of NFTs. What appealed to Stubbs most was the "ideological decentralization" and the sense of community that emerged within the NFT space.
As she described, "it did feel like there was suddenly access to this wonderful community that would support you as we were all going through this very large existential and medical crisis. So suddenly it was like, 'Oh, wow. Art can make a difference. Art can make a change.'"
Technical and ethical minefield of NFTs
Despite the initial excitement, Stubbs faced challenges in navigating the technical aspects of minting NFTs. She recounts, "the process, I won't say that it was always seamless, and I won't say that I didn't press the wrong button and lose money on more than one occasion, but it was that willingness to make mistakes to learn something."
The high gas fees on platforms like OpenSea also presented a significant barrier, with Stubbs noting that "you were looking at like 180 pounds to mint an NFT."
As the NFT market continued to grow, Stubbs observed the emergence of "bad actors" and the "gamification" of the space. She explains, "there were bad actors, and trying to understand the difference between good actors and bad actors, as more people joined the space became incredibly difficult." The exclusivity created by platforms like Discord and the practice of "wash trading" also contributed to the market's eventual downfall.
Stubbs was particularly critical of the bored ape Yacht Club (BAYC) NFT collection, stating, "I just didn't like the art. Just wasn't a fan. I thought it was ugly." She also noted the "testosterone filled room with men making ape noises" that put her off the project.
The rapid growth of the NFT market, fueled by celebrity endorsements and inflated prices, ultimately led to a dramatic crash in September 2022. As Stubbs observed, "more and more artists and more countries were being banned from certain platforms, and then with the bear market, if you want to call it that, shortly after the start of the war in Ukraine, the market just crashed."
The future of artistic expression
Despite the challenges, Stubbs remains optimistic about the potential of NFTs as a tool for artistic expression and communication. She shares her plans for a future project that will involve "local artists, local printmakers, local quilters, local poets" creating a collaborative digital gallery in a Metaverse space.
Stubbs' perspective on the role of AI in art is also nuanced. While acknowledging the ethical concerns and legal issues surrounding the use of AI-trained models, she sees AI as a tool that can be integrated into artistic practices. As she explains, "there are people who are differently abled where the ability to use AI has completely changed how they can express themselves creatively, and I think that's a wonderful thing."
Ultimately, Stubbs' journey through the rise and fall of the NFT market has been a learning experience, one that has shaped her perspective on adapting to new technologies while maintaining ethical practices. As the crypto space continues to evolve, artists like Stubbs will play a crucial role in shaping the future of digital art and expression.
Listen to the whole interview on The Crypto Radio's live player or in the Crypto Culture podcast.
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