According to Decrypt, digital artist Beeple recently discussed the current situation and progress of the NFT market, stating that while speculators have left the NFT market, there is still a group of “enthusiasts who understand this technology.” Beeple also used his own work as an example to illustrate some “new functionalities” that digital art can achieve, which physical art cannot.
Beeple, whose real name is Mike Winkelmann, auctioned his NFT artwork “Everydays: The First 5000 Days” for a record-breaking $69.3 million in 2021. Since then, the NFT frenzy has cooled significantly, with transaction volume dropping by over 90%.
Beeple added, “We lost a lot of people, but those people were never here for the art, and I could tell instantly.” He said that when the “Everydays” auction took place, he knew that this market was 100% a bubble.
Although Beeple acknowledges that the NFT market “will come back to reality” and speculators have “left,” he points out that “the passion surrounding this thing is still very high.” Beeple mentioned the millions of dollars in sales achieved earlier this year by the well-known NFT series CryptoPunks, saying, “It’s incredible to me how normalized this has become, to the point where it’s not even news anymore.”
The Fragmentation of the NFT Market
Beeple also pointed out that the NFT market has seen “differentiations,” with some projects deviating from the true vision of this technology. Many NFT uses and related projects actually do not entirely belong to the realm of art and have mixed different usage scenarios. For example, the Bored Ape Yacht Club NFT series focuses on the collectible aspect, but the development team is trying to create a social club and other related applications for it.
Beeple states that NFT technology is unrestricted, similar to a webpage, where “a webpage can be many different things, and an NFT is a way of proving virtual ownership of many different things.”
Beeple adds that achieving widespread application of NFTs in physical art authentication requires a universally accepted “NFT standard.”
Dynamic NFT Art
Beeple states that although the NFT market has cooled down, there is still a passionate group of NFT enthusiasts who understand this technology and see it as a medium for expressing artistic ideas, which was not possible before.
Beeple mentions that NFT technology allows him to create dynamic artworks, with the changes in the artwork recorded on the blockchain. Using his physical artwork called “Human One” as an example, he altered the landscapes that the walker traverses in the artwork.
Beeple notes that museums face difficulties in accepting the idea of dynamic art, even with just the concept of “Human One” changing. “When I talk to people at museums, they would say, ‘Wait, I don’t know what it’s going to show’,” he says. Beeple adds that museums and collectors will eventually embrace the “new functionalities” of dynamic digital art.
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