It’s worth considering the perspective of renowned art historian Magnus Resch on the traditional art market. According to him, 99% of art sells below $10,000 and “… doesn't return any money“. This suggests that much of the art sold above this threshold in previous NFT market cycles may have been overvalued. It’s reasonable to anticipate that most pieces will remain at lower prices for a prolonged period. Their value may only increase again during a future revival of a particular NFT art style—similar to how certain art movements throughout history regained importance some centuries after their original prominence. However, this kind of renaissance could be far in the future, taking anywhere from 100 to 500 years to unfold. Such a long timescale is often necessary to provide the historical context and rarity that can significantly boost an artwork’s value.
The NFT market itself is known for its volatility, with current valuations often diverging greatly from any measure of intrinsic worth. That said, while current prices may appear low, their true long-term potential might not become evident for decades or even centuries.
There is also a historical dimension to consider. Art historians suggest that when viewed over centuries rather than decades, nearly all significant artworks will eventually be lost or destroyed, whether through human error, natural disasters, or the ravages of war. For good reading on this subject, consider exploring these scholarly works:
Finkelstein, C., Gillman, D., & Rosén, F. (Eds.). (2021). The Preservation of Art and Culture in Times of War. Oxford University Press. Retrieved from https://academic.oup.com/book/44050
Lambourne, N. (1999). Production versus Destruction: Art, World War I and Art History. Art History, 22(3), 347-364. Retrieved from https://academic.oup.com/arthistory/article/22/3/347/7278497
Dainese, E., & Staničić, A. (Eds.). (2020). War Diaries: Design after the Destruction of Art and Architecture. The Plan Journal. Retrieved from https://theplanjournal.com/article/war-diaries-design-after-destruction-art-and-architecture
Just as traditional artworks become more valuable over time, the earliest NFTs—now often overlooked—may eventually be regarded as priceless cultural artifacts. A century from now, collectors and historians could see these digital creations as critical keys to understanding the cultural and technological spirit of our era. Consider the Mona Lisa, painted around 1519 and now valued at approximately USD 1 Billion. Possessing exclusive rights to such an artwork would be extraordinarily meaningful. Projecting this idea forward, one can imagine that five centuries from now, to prove ownership of a historically significant NFT—whether it’s a CryptoKitties, a CryptoPunks, or The Goose could be considered highly valuable. While the digital image files themselves may have little inherent worth, their historical and cultural resonance would be profound.
The original NFT holder’s wallet would become a critical piece of the puzzle for future art historians, serving as a direct link to the digital art movements of our time. For example, in 500 years, a researcher studying the artistic legacy of Punk6529 might trace the chain of ownership of “The Goose” NFT, uncovering a nuanced story about the early blockchain era. In this distant future, the journey of such NFTs—who held them, when, and why—would offer invaluable context, shedding light on the values, innovations, and creative impulses that defined the early days of digital art. Art, after all, is not just about visuals—it’s an expression of emotion, identity, and cultural meaning. NFTs challenge our traditional understanding of art by embedding that meaning in digital code and blockchain transactions rather than canvas and paint.
In the long run, an NFT’s value extends beyond the image/JPEG. Its cultural context, historical importance, and the emotions it evokes in viewers define its real value. Symbolic Ownership: Holding a renowned NFT is akin to possessing a piece of cultural heritage. It symbolizes an era, a movement, and the evolution of technology-driven art.
A Future of Limited Resources and Personal Storage
Looking far into the distant future—perhaps a millennium from now—our relationship with data, technology, and ownership may be radically transformed. In this era, personal computing devices could become prohibitively expensive, severely limiting individual data storage capacity. Against this backdrop, blockchain technology might evolve into the ultimate global ledger—a universal, immutable, and trusted “cloud” database. Early NFTs from our present time would then rise to become priceless artifacts, valued for their authenticity and historical significance.
In such a constrained environment, the concept of ownership takes on new meaning. Although today’s NFTs may appear to be mere digital novelties, they actually represent the foundational era of a new cultural medium. A thousand years from now, early NFTs, minted at a time when both blockchain technology and digital art were still in their infancy, will be regarded as relics from a “prehistoric” digital age. Their rarity will come to define their value, much as ancient artifacts command reverence today.
Art derives its enduring value from its capacity to elicit an emotional response, whether through visual, auditory, or sensory experiences. In the far future, NFTs that captured the essence of our present era will continue to resonate powerfully with audiences, much as classical art from centuries past still speaks to us across time.
