For someone like me who is quickly overloaded with sensory information, these conferences can be tiring. I’m tired as hell. But I learned from a ton of useful insights that I will outline here, and also found myself with lots of questions on the future of the Web3 space. All in all, I remain optimistic and this gave me an extra boost to continue my involvement in the space.

So if you weren’t able to make it to Paris or follow the livestream, I am happy to share the roundup of my Paris NFT day & Paris Blockchain Week experience, panel by panel. I tried to target as many subjects as possible, from NFTs to gaming, from Decentralized Autonomous Organizations (DAOs) to interoperability.

1 - “Exploring collective ownership through art”

with Sarah Endline (Harvard Innovation Labs), Beatriz Ordovás (Christie’s), Andréa Bonaceto (Artist), Ana Sokoloff (ORIGYN Art)

This was the first panel I attended at the Junior Stage. Although I was first drawn in by the “collective ownership” part of the panel title, the agenda was more geared towards talking about the NFT space through the lens of fine art. Overall, it was an enthusiastic take on the future of NFTs. The perspectives of these diverse actors of the art ecosystem was a good way to start the Paris NFT Day for me.

From Digital Art to NFTs

Digital art as a medium has been around since the 60s, as artistic experimentation but also as a way to subverse censorship and oppressive regimes in certain parts of the world. It is therefore not a new idea, but the introduction of blockchain technology sparked a paradigm shift regarding ownership and formats. It is a world yet to be crafted, and creativity is the only constraint in this new space. Also, NFT Art is accessible and can be enjoyed by everyone. This generation is much more generous than old school art collectors that had a habit of locking away their paintings and sculptures in a cellar somewhere only for them to see.

The Beeple Christie’s Sale - March 11, 2021

This particular part of the panel had me puzzled the whole time. Yes, the Beeple Sale did turn a lot of heads. It started at a 100 dollar bid and ended up at 69 million dollars, making a huge statement about NFTs in the traditional art world.

But continuing to talk about this as if it was the big bang of Crypto Art, and as if there was virtually nothing before and everything after feels wrong to me. All in all, it was a pecuniary event. A whole lotta money was involved, cool. We’ve seen those before and they will keep happening. Nonetheless, telling this tale of financial success just comes back to the habit we have as a society to only pay attention when huge sums of money are involved. Although it can be useful for storytelling, we should now focus on onboarding the next generations of artists by explaining how this is an innovative technology that creates new possibilities in Art.

Crypto art and Web3 won’t become mainstream because of some hyped NFT project. Adoption will come from making the space more user friendly, documented & secure, and from the efforts of founders, strategists, marketers, lawyers, economists and others truly set on opening up this space to everyone everywhere. As individuals navigating this space, we always need to listen to and welcome different perspectives, but it is crucial to keep in mind what interests the person talking serves.

How do you pick a Fine Art NFT ?

The answer was basically, the same as you would pick any fine art object. Some points that were mentioned :

• Aesthetical value, quality of idea and execution

• Artist’s process and track record

• Interaction with the NFT technology, programmability

• Opportunity for the audience to interact with the piece or possibly shape it

• Scarcity

The future

We won’t use the term “NFT” as much to talk about crypto art. The tech component will become so mainstream that we won’t need to refer to it anymore. Crypto art is a format and not an end in itself. It will see a boom of uses in open metaverses, with improved graphics. We will also see the rise of new ways of enjoying digital art in our homes, for example.

TL;DR

Artists have always been breakers of social norms and conditions. NFTs are here to stay, as the natural evolution of Digital Art. They are a new format for artistic expression and we won’t be talking about the backend side as much as this format goes into the mainstream.

2 - “How NFTs are transforming the Artworld”

with Inna Modja (World of Women), Giulia Archetti (Sotheby’s), Agoria (Artist), Eunika Sot (Yuser)

This panel really stood out to me because the interventions by Inna, Agoria and Eunika were grounded, committed and forward thinking. It was a great opportunity to learn about the amazing strides these artists are making in transforming the art world, and beyond.

On the other hand, Sotheby’s position in this panel in particular felt like they were being dragged into this by force. It is clear that having a decentralized space means that every actor of the art world is welcome and has its place. Diversity and freedom of access is important. Galleries, auction houses, museums and other institutions should all be involved. However, some attempts of the art establishment to participate in the Crypto Art world can be tone deaf, borderline cringy.

Fundraising/sustainability

Inna talked about World of Women’s (WoW) approach to activism and philanthropy. Crypto is a wonderful tool for fundraising and channeling the funds to the right organizations. World of Women supports a number of charitable organizations that were previously vetted by the WoW team.

Education and sustainability are at the core of WoW’s activities. Although the crypto world still has a long way to go towards being environmentally friendly, it is a fairly new space where activists are working hard towards sustainability and fairness. As a comparison, some industries have been around for way longer and still don’t make any efforts in that sense. So let’s stay optimistic and continue supporting emergent solutions towards climate justice.

Music, Art & Tech

Both Inna and Agoria are music artists. For them, NFTs and smart contracts changed the game altogether and allowed them to go forward in a virtuous cycle, using technology not only as a way to question creativity but also to show the invisible. For example, Agoria’s biological generative art pieces are inspired by the decision-making processes in the brain.

Long term and meaningful relationships with collectors and listeners are now possible. NFTs have opened up win-win opportunities for both artists and their audiences.

Auction houses adapting

When asked if their business models had changed when dealing with NFTs, the representative from Sotheby’s answered that for them, nothing really changed per se. Rather, they adapted. She went on explaining that the emergence of NFTs tested their ability to be agile, and that their vision is to help NFT artists tap into networks of collectors that are not educated about crypto.

Their long term vision is important but in order to uphold it, traditional art organizations should make a move from « well, this is happening so might as well adapt » to « how can we better understand this space to proactively contribute to it in a meaningful way». Just my two cents. Collaboration with Web3 native endeavours is key. Based on this recent article by the New York Times it might seem that way, but we’ll see.

TL;DR

The Web3 space is filled with communities that are conscious about what they don’t like in the traditional world and all agree they want something else. They are set on creating a world that did not exist before. The art establishment’s attempts to jump into the NFT space are often tone deaf and this panel was no exception.

3 - “How to launch and manage NFT communities”

with Justin Aversano (Quantum), Penryn (Windranger Labs), Drew Austin (Red Bear Ventures & Knights of Degen), Nelson Merchan Jr. (Light Node Media), Marc Farrington (Illustrated World Series)

This lively conversation around NFT communities was a delight. Most of the panellists were not here to plug their projects but rather inform the attendees on the different facets of successful NFT projects based on their own experience. I would say that the steps outlined below apply to all projects. An engaged community is as crucial for PFP projects as they are for artistic projects. That being said, it is important to keep in mind that for 1/1 artists, the utility can definitely be the art itself.

NFT communities step by step

• Always start with your community : you don’t create a community, the community gathers around shared values and visions

• Now, work towards a milestone moment : most typically your NFT drop

• When the drop is done, that is when the real community work begins : communities expect to be guided, as well as have plenty of opportunities to engage. They want to know that their actions matter and they are listened to. Remain as transparent as possible.

• From then on, keep the discussions flowing and provide the utility you promised. Discord still sucks for most of us so mixing in IRL meetings and Twitter space is still very valuable.

TL;DR

Don’t be shortsighted. Community is important before your NFT drop but it is also pivotal after.

4 - “How NFTs are shifting the power within the gaming ecosystem”

with Amit Peled (Kryptomon), Erik Lapaglia (Miami NFT), Nuno Pereira (Cudos), Ville Wendelin (AnalVerse)

I made sure to attend at least one panel on gaming, because it is not a subject I know a lot about. I don’t come from the gaming world at all, but I can say that from an academic standpoint, gaming communities are really fascinating and I am always curious to learn more.

Blind spots to mainstream adoption

• There should be more education and on-boarding to lower the barriers to entry. The panellists gave the example of using Simplex, which allows to bypass the interaction with a blockchain if that’s your choice, but still buy tokens with fiat and play the games

• There is still no possibility to own gaming assets on custodial wallets

• The community needs to look at building processes differently, weaving web2 front end with Web3 back end

• The infrastructure supporting Web3 gaming is still fragile

• There is a need for decentralized game hosting. Cross-chain metaverses and true interoperability are what the future holds.

• The overall gaming space needs to work towards more eco-friendliness, and strive to do more with less.

TL;DR

The Web3 gaming space is no exception : interoperability, user-friendliness, eco-friendliness and quality onboarding are some of the challenges that need to be overcome to bring it to the mainstream.

5 - “Interoperability : challenges and opportunities”

with Daniel Kmak (Nervos), Ruben Merre (Ngrave), James Friel (Axelar), Itai Elizur (Market Across)

This panel was well moderated, with clear questions guiding the discussion. It was a good mix of technical insights and big picture subjects. Interoperability is a hot topic and this panel helped me understand its intricacies.

As an FYI, interoperability refers to the process of operations between two or more blockchains. In other words, you can see, access and share data across different blockchains, as well as build upon their respective features. This exchange and leveraging of data can look like moving digital assets from one blockchain to another, for example allowing a game user to buy an NFT in one game and then go use it in another one.

What’s stopping widespread interoperability from happening?

First, it is a technical challenge. Infrastructure bridges have only emerged in the past few months. When building interoperability protocols or bridges, there is always a tradeoff between :

• Trustlesness : equivalent security

• Extensibility : ability to be supported on any domain

• Generalizability : ability to transfer any type of data supported by the chains

This is the interoperability trilemma, and protocols involve different levels of compromise between these.

Second, there is a growth bias in crypto that results in solutions and projects wanting to come out fast because of heightened demand. However, builders should be cautious of this and remain focused on the processes without wanting to move too quickly.

Interoperability for users

The ideal scenario is that interoperability becomes seamless for users. It is not the case right now since these are recent developments in the blockchain space and user friendliness remains a challenge. The security layer needs to be dealt with so these protocols are easy enough to use, like you would use any website or social media. There are challenges on the hardware level as well, and according to the panellists, decentralized identity systems might be important for cross chain cooperation.

The EVM ecosystem

I’ll start here with a few words on what Ethereum Virtual Machine (EVM) is for those who don’t know. The EVM is the foundation of Ethereum’s operating structure. It is the software platform that developers can use to create decentralized applications (dApps) on Ethereum. Instead of developers building solutions and protocols from scratch, they can save time and deploy them to the blockchain quicker. It is also where all Ethereum accounts and smart contracts live and can be accessed from anywhere in the world through participating Ethereum nodes. It supports only one coding language : Solidity.

The panellists started by stating that right now, there are a lot of new EVM based projects because it is where the best tools are. The EVM ecosystem boasts a large amount of developer adoption. Naturally, developers will congregate around the chains that are the most useful. However, having more choices for the developers is a net advantage for the future because scalability remains a challenge in the EVM case.

Layer 0 concepts are trying to solve this, like Polkadot and Cosmos, by facilitating the creation of an ecosystem of interoperable blockchains as opposed to dApps.

The Bitcoin ecosystem

What about interoperability that includes Bitcoin? Can we build apps or smart contracts on Bitcoin? According to the panellists, getting more utility out of Bitcoin could be happening in the near future. It wasn’t the solution at first and Ethereum prevailed, but we could see more interaction and forks adding programming abilities to Bitcoin.

TL;DR

Based on the very ethos of what blockchain is, there is an inherent need for multiple blockchains to exist to promote decentralization, diversity of access as well as diversity of innovation. Freedom of choice for developers and users is very important, as interoperability prevents silos and monopolies. There are still challenges summed up in the Interoperability Trilemma, as well as security conundrums. Layer 0 projects like Cosmos and Polkadot are examples of emerging solutions for interoperability.

6 - “DAOs : a new world order”

with Liat Aaronson (Horizen Labs), Benjamin Rameau (Jenny DAO), Sarah Wood (Upstream), Brian Gallagher (Partisia Blockchain)

As I am currently diving into the DAO rabbit hole head first, I immediately flocked to this panel based on its title. I was dreading another abstract discussion on what DAOs can become, but found myself learning a lot more than I expected.

DAO Adoption

Different incentive schemes are going to be relevant for different groups : exclusivity, membership to a community, play to earn, micro payments, rewards and incentive layers. I would add to that list that sharing strong values and a long term vision is also key for adoption.

For Sarah from Upstream, adoption also comes with getting rid of the jargon to make DAOs more accessible to the mainstream. For example, at Upstream they don’t call it a DAO, they call it a collective. Their “make your own DAO” tool built on Ethereum aims to be what Wix or Wordpress are for building websites. She was also keen on seeing what types of uses brands (cosmetic brands for example) will make of DAOs.

Problems of real life can be present on-chain as well, in DAOs and in metaverses. There has to be a balance between decentralization and top down efficiency. Initial momentums need to come from leadership first, followed by open discussions in the wider community. Strong execution is important to get things done. Communities have to remain careful about that and think ahead of coded dispute-resolution mechanisms.

Jenny DAO / Fractionalization

By design, NFTs are unique and have only a single owner at a time. Up until now, the NFT market has largely deterred small and medium investors from participating in often super pricey NFT auctions. That is where fractional NFTs come in. A fractional NFT is simply a whole NFT that has been divided into smaller fractions, allowing multiple people to claim ownership of the same piece. The NFT is fractionalized using a smart contract that generates a set of tokens linked to the indivisible original to create the fractionalized NFTs (F-NFTs), which can be traded or exchanged on secondary markets. Artists and NFT owners can monetize their assets through F-NFTs, and target larger audiences.

I was glad that the subject of F-NFTs was brought up, as they can provide wider access to pricey collections.

The goal of Jenny DAO is to make the ownership of an NFT possible with just 1$ based on F-NFTs. Even so, they are not quite there yet. Benjamin explained the many technical difficulties of fractionalization. One of the most prevalent problems is that fractional units are not reflecting the changes in price of the NFT they are tied to. It is tricky to correlate these underlying assets. Additionally, the people building NFT collections usually have a hard time giving up control of it.

TL;DR

Always remember that DAOs essentially boiled down to human organizations. Think about the balance between top-down decision-making and decentralization. Fractionalized NFTs can help in providing wider access to pricey NFT collections.

7 - DAOs and web governance

with Eowyn Chen (Trust Wallet), Clarence Liu (Tacen), Laurent Perello (Tron DAO), Bruce Pon (Ocean Protocol), Paulius Vaitkevičius (VILP Solutions)

Oh how I enjoyed this one. Not only was it very well structured, but the discussion touched upon some very pertinent issues of the DAO space pertaining to democracy, governance and regulation. I was thrilled. We know that DAOs are innovative. Now, let’s initiate discussions about optimizing these new mechanisms to move forward, face existing regulations and create new ones.

The biggest changes linked to decentralization

The first big change that DAOs are introducing is the speed at which they allow people to self-organize. For example, a few DAOs were created to support the Ukrainian people in the ongoing crisis in just a few days. DAOs can be set up very quickly and start garnering funds right away. The acceleration pace is something that traditional companies have a hard time matching.

Crypto has allowed to assign value to concepts that did not have any before, like identity or governance. DAOs have the potential to change the socio-economic structure inside and between organizations. There is unparalleled transparency in the DAO model and this change entails that communities can now decide on their own economic models and incentivized feedback loops. DAOs introduce liquid democracy between humans organizing. Members decide on governance rules and how to cooperate respecting each other. There is now a possibility to get the most out of every participant in the community, creating a context in which they can thrive autonomously.

Because the DAO space is fairly new, the important thing is to not chase the hype but consciously strive for more experimentations that could potentially trickle down to improve our democracies.

Threats and challenges in adopting DAO models

The panellists agreed to think that Web3 native organizations have a higher chance to succeed vs. traditional organizations adapting to the DAO model. Some challenges evoked :

• Anonymity : how do you sign a Non Disclosure Agreement (NDA) with an anonymous third party? The anonymity that is valued in Web3 for privacy concerns can be challenging for trust for the collaboration between more traditional organizations and Web3 native organizations

• At what point does democracy fail? Where does crowd wisdom fail? For which decisions should the community chime in, and for which ones should the core team decide? How can we make community contribution more efficient?

• Community proposals within DAOs tend to be peripheral and don’t impact the essence of the organization

• Scalability, when does growing become a hindrance?

The regulatory side

I don’t believe I’ve stumbled onto many regulatory related talks in the DAO space, so it was refreshing to hear about DAO founders who are directly impacted by their respective jurisdictions’ regulations. The general word was, you can move fast in the DAO space but need to do it carefully and knowing what regulators are doing.

A great majority of states in the US do not recognize DAOs as legal entities. The exception is the state of Wyoming, which recognizes DAOs as a type of limited liability company (LLC). The regulations are biased toward non profit DAOs, and Clarence pointed out the significant difference between setting up a non profit DAO vs. a for profit one in handing dividends out to the community, and in tax exemptions. Moreover, it is stipulated in the Wyoming legislation that at least 51% of votes must come from the whole community and this can be hard to implement for newly incorporated DAOs. One of the most noteworthy reasons to incorporate a DAO is to get limited liability, protecting the core team from personal responsibility for debts or liabilities (for example, any criminal activities from other community members).

A lot of Web3 native organizations are looking to the MENA region, and Dubai especially. According to Bruce, Dubai regulators tend to be more flexible and listen to Web3 founders when setting up their DAOs to thrive. Dubai is a crypto friendly jurisdiction and doesn’t have capital gain stacks. The most famous recent move is Binance. His word of advice when incorporating a DAO : pick a jurisdiction that minimizes liability. There is also a recent project worth noting, a blockchain incubator created in Ethiopia in partnership with Input Output, the organization behind Cardano.

On the relationship between Web3 native organizations and governments, panellists agreed that traditional regulations have a lot to catch up on, might that be in the US or EU (these are the jurisdictions in which the panellists are acting).

Regulators can be afraid of these new types of organizations, stemming from a lack of education or simply resistance to change. What should guide the DAO space is therefore transparency in values and goals that can be defensible, and continuing to show that the DAO model has the potential to solve crucial problems citizens are currently facing. Open mindedness and remaining humble can help build trust with willing governments and demonstrate how they can benefit from having a more Web3 approach without sacrificing privacy and efficiency. Some panellists shared this vision, and some were more pessimistic about dealing with governments, seeing them as being in the way of innovation.

Panellists’ final thoughts

Because we come from a world that is not very transparent, Bruce’s ideal is that DAOs give 100% transparency on their values and long term goals, outperform traditional organizations and establish themselves as viable solutions so that regulators have to follow along. The goal is to have people more involved.

Laurent believes that we are in a crucial chapter of human history with potential to radically change the world. He is urging the space to never stop improving the long term vision. It’s not about profit, it’s about the ability humans now have to never be involved in the same models again.

Eowyn would like to see more experiments in the DAO space. Leadership also has to think about what their exit strategy is for the sake of decentralization and to resist becoming a kingship. She cites MakerDAO leaders as an example, who exited after 4 years.

TL;DR

DAOs can happen fast and represent the ideal context to experiment with liquid democracy. A healthy dialogue with willing governments can result in win win situations as DAOs gain legal statuses. When incorporating a DAO, make sure to do it in the right jurisdiction and think about limited liability. The MENA Region and Dubai seem like good options right now.

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If you have any feedback, comments or questions, feel free to write me anytime.

Talk soon.

The aim here is not to try and explain the super complex phenomena underlying the functioning of the traditional art market. We all know it is unsoud and broken. Some of us feel stuck. Now that we all agree, I would like to adopt a solution driven mindset, spark a conversation and see how the nascent Web 3.0 could pave the way for a better and fairer art ecosystem. 

Whether you like it or not, whether you understand it or not, whether you are excited or scared of it, Web 3.0 is here.

I am not a fan of hegemonic statements around how Web 3.0 will liberate us all. This is not a highway to some kind of utopia. Most of these technologies are fairly new and need to be experimented with. However there is something about incremental changes that is soooo worth being explored by artists worldwide. 

This write-up is primarily geared towards my fellow artists and curators that have not yet taken a deep dive into Web 3.0 and the crypto art world. Overall, I am addressing all the curious people out there. I felt like this was a good place to start. 

Here we go : 

THE STATUS QUO

Sure, art and economy have always been intertwined. But in the art ecosystem, it has come to the point that creativity is subject to commodification. Economic power is shaping artistic outcomes. Artists have to stay productive, as if they were machines in an assembly line. It is undeniable that the art market follows the logic of capital. However, please let us not forget, production is not an end in itself. 

In the current status quo, artists compete for fewer and fewer resources. They do not own the decision-making power, nor their economic fates. The art world operates simultaneously as a dream of liberation and as a structure of exclusion. Additionally, we have told artists that they need to only be ‘artists’, when they would benefit from learning other skills, like marketing, coding, branding, and building a business model, for example. This is all perpetuated by the ‘lonely artist’ myth that is rewarded by the current dynamics. 

As far as making art accessible to audiences, ‘white cube’ exhibitions aren’t going anywhere, except for a few examples.

(Sidebar to the Web 3.0 galleries and curators : why are we still displaying NFTs on screen in IRL galleries with a little card on the side? Don’t they deserve a better set up? Can’t we find something else? Let’s talk.) 

It is precisely because of the power that exhibitions have in assigning or opening up meaning, in creating contexts and situating viewers, that standardized exhibition methods and formats as well as display conventions need to be critically rethought and potentially subverted. (Julie Ault)

As Joseph Beuys brilliantly pointed out, Art is the Science of Freedom. As artists, we need to find room for solid experimentation, might that be artistically or in any other field linked to our practices, to find better ways of creating our future. Above all, we need viable and long-term ways to own our art, and live from it. 

WHAT NOW?

Now I understand that Blockchain, Web 3.0, Crypto art, NFTs and all that good stuff sounds scary. This huge nebula of information and words that we mostly do not understand can be very daunting to approach. We’ll try and start to demystifying it bit by bit.

I like to think of Web 3.0 as an aggregation of multiple worlds or planets : DeFi, DAOs, NFTs, Governance, with the technical side as a horizontal between all these worlds. 

I'll start here with a quick vocab 101. I’ll explain after that why I believe Web 3.0 is a door worth opening for artists. Finally, I have compiled a list of some great resources that helped me get started in this space. 

FIRST, A VOCAB 101

Web 3.0

Web 3.0 or Web3 is basically what comes after Web 2.0 (the version we are in right now). This third generation uses artificial intelligence and blockchain technology to be more decentralized and open while focusing on ownership and greater utility. It gives users the power to create and execute tools and software, rather than depending on other people or centralized entities (like central banks or Facebook, for example) for software. So when we talk about Web3, we are touching upon the universe of fungible tokens like Cryptocurrencies (Ethereum, Solana, Cardano, Tezos…), non-fungible tokens (NFTs), Decentralized Finance (DeSci), Decentralized Apps, Decentralized Autonomous Organizations, Decentralized Science applications (DeSci), smart contracts, and so on. 

One simple way to look at it :

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Go to this link to read more 

Blockchain and Bitcoin

Blockchain technology is a decentralized, distributed ledger that records the provenance of a digital asset. This ledger consists of encrypted blocks that are used to store data. Different types of information can be stored on a blockchain (namely the chain composed of these ‘blocks’), but the most common use so far has been transactions. Decentralized blockchains are immutable, which means that the data entered is mostly irreversible.

The blockchain existed before its most famous application : the cryptocurrency named Bitcoin. No single person or group has control over Bitcoin transactions. All users collectively retain control, and miners verify the transactions made. Transactions are permanently recorded and viewable to anyone and as long as there are more honest people than hackers/attackers, the system works. 

Since the inception of Bitcoin in 2009, the use of blockchains has exploded via the multiple applications it has found within Web3. 

NFTs

Non Fungible Tokens are a special kind of crypto based asset. Each token is unique — as opposed to “fungible” assets like the ones of a given cryptocurrency which are all worth exactly the same amount. Because every NFT is unique, they can be used to authenticate ownership of digital assets like artworks, videos, music or virtual real estate.

And please don’t let your mind automatically go to projects like Bored Ape Yacht Club (the monkeys selling for a fortune) when you think of NFTs. Although it is a huge financial success based on a strong-knit community with interesting mechanisms, hype projects are not the only side of NFTs. 

Smart contracts

A smart contract is a self-executing contract using blockchain technology stipulating the terms of the agreement between buyer and seller. It is self-executing because it is directly written into lines of code. Transactions are trackable and irreversible with no human interaction as a third party. Smart contracts can be carried out between anonymous parties without the need for a central authority, legal system, or any external enforcement mechanism.

As an artist, you will come across smart contracts when selling or buying NFTs. You can also encounter them if you join a Decentralized Autonomous Organization (or DAO, which I touch upon later). You can either build your smart contract through non-coding tools or use the ones provided by the well known NFT marketplaces.

To mint

Minting an NFT is the process of converting your digital file (your artwork for example) to a digital asset stored on the blockchain. To uniquely publish your token on the blockchain and make it purchasable, you have to create your digital wallet (well-known wallets include Coinbase, MetaMask, and Rainbow). Then you can purchase enough cryptocurrency to cover the cost of minting the NFT (known as gas fees). Finally, you link your wallet to an online marketplace or create your smart contract to sell your NFT.

FOR THE NEWCOMERS

Beyond the hype and the speculation, let’s look at some very real ways blockchain technology has potential for artists : 

Ownership and property rights

We’ve all heard the pitch : Non Fungible Token (NFTs) is a blockchain-based certificate of authenticity. Ownership is managed through a unique ID that no other token can replicate. NFTs are minted through smart contracts that assign ownership and manage the transferability of the NFT's. Blablabla. If you already know all that, great. If you don’t I would advise you look into this as I will not go into the intricacies of NFTs here. 

What I find fascinating, as an artist, is that every sale of the NFT is traceable, meaning that you can know when and to whom your artwork has been sold. Smart contracts can now be created by artists directly using tools from Manifold or Nifty Kit, as opposed to artists having to use ready made contracts by platforms like OpenSea, Rarible or Super Rare. Also, one of the coolest features of smart contracts that I am aware of is that you can dictate what the NFT will look like over time. For example, you could sell one digital artwork of the different phases of a flower blooming. One artist that uses this is Matt Kane. The fluidity of all this is mind-boggling. 

Moreover, unlike in Web 2.0 where we post content on our social media (Facebook, Instagram, Twitter, Tik Tok etc) just to gain ‘exposure’, in Web 3.0 you can now be paid for any content you create and share by minting them as NFTs on various platforms (Mirror for text, for example). Building a strong community and following is still important and inevitable, but the sole fact that content is thought of as a value driving asset is exciting. 

The business model enabled by NFTs is better for every stakeholder involved: creators, their audiences, and developers can all make more money in a marketplace built around true digital ownership.

Royalties

Typically, payday comes when artists first sell an artwork, and that is it. You paint the painting, you sell the  painting, and… that’s it. Now with NFTs, artists can have 5%, 10% or 20% on all future sales of the same artwork. This is directly coded into the smart contract that lists all the rules around the use and transferability of the NFT. One of the most exciting things about this entire web3 is how much agency people have from the start to consider royalties down the line.

The secondary markets in the crypto art world are much easier to navigate than in the traditional art world, and artists benefit from royalties as long as the artwork keeps being sold and resold. 

Utility and participation

For most NFT projects, there is always an application in the ‘real world’ (In Real Life or IRL). This is called utility. For example, buying an NFT can grant you access to a community of like minded people that organize events. Some artists also offer signed prints of the photographs they sell as NFTs. Buying an NFT can unlock ownership of a poem along with the digital art bought. The sky's the limit with utility, and artists need to think about this as creatively as they can to truly bond with their supporters. 

Economy and Funding

The emergence of crypto economics and the Web3 ecosystem are significantly lowering the entry barrier of experimentation with new business models for artists. We can now collectively experiment with the conception and production of value.

There’s no passive viewer: the legitimation of the artwork fully depends on community participation. And with little or no intermediation from galleries and other institutions, which are used to collect up to 50% (!!!) of the artists profits. Art and economics are now more transparently intertwined, offering agency to artists instead of being subjected to financial markets. No more galleries to please, and the artist can decide on the scarcity of their work. 

Because NFTs are part of the cryptocurrency ecosystem, it is much easier to move around funds than using bank transfers.

On the buyer side, buying NFT art on platforms or directly from artists is way less intimidating than having to deal with a gallery. The barrier to entry to new collectors is lower here as well, and artists can now more easily collect art that they love. 

Organizing and building networks

Blockchain technology has allowed the creation of Decentralized Autonomous Organizations (DAO), which are tokenized communities organized towards shared values that agree on a set of coded rules to vote on decisions within the DAO. 

Some examples of DAOs that are disrupting traditional art systems 

• Music DAOs 

• Festival DAOs, like Refraction

• Cultural DAOs, like Friends With Benefits 

• NFT communities organized in DAOs : MSCHF, Pleasr DAO or Gm DAO

This autonomous ideology is part of the fabric of Web3. I believe they can foster a more localist approach to the art ecosystem. I think that now more than ever, building networks of care and sharing information is key for artists. Co-creation is the way to go and mutual growth can be directly incentivized in DAOs. Community is crucial in Web3 and this is something that is aligned with values that a lot of artists hold dearly. 

Anonymity

In Web3 like in Web 2.0, you can remain anonymous. However people in the Web3 space are way more used to anonymity. On Instagram, we all know that artists tend to get a lot more traction when they show their faces. Whether you are an artist with a profile picture of some NFT you bought or someone building in the metaverses using an avatar, anonymity is easier in Web3. For me, this touches upon the issue of inclusivity. People have the choice to be more comfortable showing up in these spaces stripped from all the tags that society has put on them. If you don’t want to disclose certain pieces of information about your identity, no one cares. Your information is yours. 

Creativity

Although creativity is so important, I put this bit at the end because it isn’t intrinsically linked with blockchain technology, but goes hand in hand with it. I wasn’t versed in the whole Artificial intelligence and generative art formats before being interested in the crypto art world, but the possibilities these tools allow really blew my mind. AI generated art is definitely an art form in itself and a powerful storytelling medium. I think that visual artists that are used to painting or sculpting for example could really get inspired with a little research on these topics. Some amazing examples : Ivona Tau, Michael Hansmeyer, Robbie Barat. 

Please be careful

I am urging any newcomer to Web3 and the Crypto Art World to thoroughly get educated on the safety and security concerns that come with owning a crypto wallet, buying cryptocurrencies/tokens, minting NFTs and signing smart contracts. Also, please don’t spend money that you don’t have. Finally, know that nothing happens over night. Like with everything else, consistent and intelligent effort pays off.

Some resources to start :

• Ledger Academy

• Crypto Society Web 3.0 starter pack

• Forefront Newsletter

• Rekt (DeFI)

• Podcasts : On the Ledger (EN), On the Other Side (EN), RabbitHole (EN), GreenPill (EN), L’Art du NFT (FR), NFT Morning (FR), 

• Make sure to spend time on the Twitter Spaces that interest you, and ask questions freely and respectfully 

• Discord can be very overwhelming and chaotic but by joining the discords of the projects you are interested in, you can get a sense of how those communities function and get involved if you want to.

CONCLUSION

This is the first instalment of a series of write-ups I would like to share with other artists. This comes from a place of deep love for art and its power throughout society.

I am still learning myself, but I would just like for most of us artists to adopt a shift in perspective here: away from the cynical sensation of ‘everything is backwards’ and instead towards how to ‘better create our future together’. Let’s find solutions. 

If you have any feedback, questions or advice on this piece or the upcoming ones please don’t hesitate to reach out. Like really just write me. 

Talk soon.