I just watched “MADE YOU LOOK” on Netflix – a documentary which revolves around an art gallery which sold millions of dollars worth of paintings. I won’t do the film a disservice by telling you the whole story of it, but what stuck around my head as I watched the film was that NFT is solving one of the key problems in the scandal – provenance.
Provenance is basically refers to record of origin or ownership. For paintings, it’s knowing that your seller, bought it from this seller, who bought it from this gallery, who got it from actual relatives of the painter. It’s a trace of the history of hands on the painting, which could factor in and prove its authenticity. And you know what? The NFT space easily solves this.
If you don’t have a clear idea what an non-fungible tokens are, you might want to read my intro to NFTs for dummies.
It just dawned on me how owning paintings by Pollock and Rothka have to go through so much certification and historical background checks to be passed on as authentic, and despite all resources, you’re still susceptible to fakes. So much digging. I guess every traditional physical piece in this field needs to undergo such a thing. But for digital artists like Beeple, that’s just not the case.
It must’ve been years since admirers of Beeple wanted to collect his work beyond just downloading the piece, and NFT served that purpose. For people who will collect digital art down the line, how do they know it’s a legit Beeple art? Easy: if the NFT was created by Beeple. This goes for every digital creator. Blockchain technology has every record of the hands of sale or transfer in its public ledgers. Period.
We are living in a new space, and technology is advancing our means for collectible ownership.