Debuted at Playground Detroit, “The Deity” sculpture, otherwise known as Pre-Genesis Collection, is an NFT-asset artwork created by Hygienic Dress League founders Steve and Dorota Coy.
Photo courtesy of HDL Corp
The latest cryptocurrency darling, Non-fungible tokens, or NFTs, are giving digital artists an edge to commodify their art while retaining the integrity and value of their own over time.
In Detroit, creatives, educators, and artist spaces are navigating the world of NFTs as traditional artists cross over into the digital realm and learn to collaborate with digital creatives for a broader audience.
“As illustrators or other digital artists, you first want to get paid for what you do,” said Don Kilpatrick III, professor and department chair of Illustration at the College for Creative Studies (CCS).
“And in the digital sphere, it’s become a time-tested media because there is no intermediary between what you create and the actual object itself. You can create that artifact and it’ll be truly one of a kind.”
Kilpatrick said the value of NFTs begins with the merits of the work itself and how it communicates a message or concept that resonates with art lovers. Once creative patrons are hooked, NFTs can help extend the marketability of an artifact and the long-term value after the initial sale.
What are Non-fungible Tokens or NFTs?
NFTs first came into use in 2014 but were not popularized until 2021.
Unlike traditional artwork that can produce millions of reproductions, digitized artwork of an original piece can help the owner directly trace the piece back to its creators.
Physical assets, such as paintings, sculptures, photographs, and books, require specialists to determine whether something is original and appraising them as worthy to be bought as unique assets.
NFTs are presented as digital files for downloading, including animations, images, texts, tweets and audio. They involve “smart contracts” that mint a piece of media known as NFT that exist on a decentralized digital ledger called a “blockchain.” The blockchain is a digital asset with its ownership uniquely identifiable and traceable.
Kilpatrick said his CCS students, especially graduating seniors, are often excited about incorporating NFTs into their work.
“The kind of advice I give my students is really making sure you’re doing it through responsible and legitimate avenues because when there is an emerging technology, or something like an NFT, there are a lot of people flooding the market that want to take advantage of those that may not be educated on it,” said Kilpatrick.
Creators can find dozens of reputable NFT marketplaces to buy and sell digitized assets online. The most popular sites are Rarible, OpenSea, CryptoSlam and SuperRare.
Art patrons and collectors can transfer their funds into a cryptocurrency and connect the digital wallet, such as MetaMask, into tokens for transactional use. NFT assets can be made available online for long-term purchase or viewing for a limited time.
Kilpatrick said NFTs enable artists and creatives to strategize another revenue stream in a way that is different from the traditional artist market.
“That’s been the age-old question of art,” said Kilpatrick. “There’s always been a discussion around the commodification of art. As an illustrator, I try to work with a client to keep my artistic integrity as well as a need for the commission.
“A mentor of mine, Brad Holland, has said illustration is to find out how much you will get paid for the illustration of painting and then do it. On the other hand, fine art is [when] you do the art, then find a buyer…NFTs allow you to control the price of my art while I do the research in meeting the demands of the market.”
Paulina Petkoski is the co-owner of Playground Detroit, an art gallery and creative talent agency. Since 2021, the organization has held art exhibitions of NFT-based collections in the city.
“Artists need to have an interest and medium that translates to NFTs,” said Petkoski. “With retained value over time, which is not currently present with physical artwork is really exceptional for secondary market sales thereafter. So, the artist continues to receive proceeds of that sale and the person who bought it can stay linked to other future features.”
Petkoski said she witnessed a learning curve for traditional art collectors who have not purchased NFTs before. Playground Detroit’s NFT art inventory is available on Rarible.
The best way she suggested bridging the gap is to connect a print asset, such as a limited-edition print, with an NFT purchase so that the purchaser has both and it’s an easier transition to digital collecting.
Last November, Playground Detroit partnered with Detroit-born artist, Gerald Collins, for his first NFT series that’s now available on Rarible.
In September 2021, the gallery collaborated contemporary art duo, Steve and Dorota Coy, founders of Hygienic Dress League to launch another NFT called “Pre-Genesis Collection,” otherwise referred to as “The Deity”. The collection features one thousand NFTs as unique digital representations of the sculpture “The Deity” in various virtual backgrounds.
“I think there is a lot of community benefit to NFT uses,” said Petkoski. “It’s in such a new stage and also the market is so volatile, and I think it’s going to take a while. But overtime I don’t see it going away. I see policies and on federal level funding mechanisms and investments and ownerships. Once these things get more evolved, NFTs will become much more common and the people who are in the space early on will have benefits from their participation at this point.”