Audrey Ou, Co-founder and CEO of NFT art platform TR Lab
Traditional art and NFTs
Art collectors have become much more interested in NFTs over the past year. Crypto-native NFT projects, like profile photos, are opening an entirely new market to art fans.
The ranks of mainstream art collectors are also expanding, since many young NFT collectors go on to explore other forms of art, including physical art.
NFTs as a bridge between the physical and the virtual
There’s still a big gap between the traditional and digital art worlds, but I believe the gap will narrow as new NFTs pull in new buyers from the physical market. NFTs are the gateway to cryptos, and what we’re seeing now is just the start.
In 2022, I predict that luxury brands, art institutions, musicians and other creators will experiment with NFTs on a much larger scale than in 2021.
Copyright conundrums
Many issues remained unresolved in terms of copyright and copyright infringements. This isn’t something TRLab deals with closely, because we work with artists directly and don’t offer user-generated works on our platform.
Authenticity and legitimacy are incredibly important to all artists, and issues around ownership continue to swirl in the NFT space. One example is the controversy raised around an NFT sale planned by Pablo Picasso’s granddaughter and great-grandson: Marina Picasso and her son Florian. The collection was not previously authorized by the Picasso Administration, and therefore would be deemed counterfeit, a complex copyright issue that can’t be solved with blockchain technology alone.
Outlook for 2022
This year, I see NFTs as a blank slate for exploration. What we believe to be the boundaries of NFT art will be pushed and broken by creators. With developments such as Coinbase’s NFT marketplace, more people will become more familiar with NFTs, adding to the ranks of NFT buyers.
The NFT art market is still in its infancy, and this is no time to proclaim or accept a one-size-fits-all position on how to produce, launch, sell or collect NFT art. Beyond art, I see gaming and fashion as a big focus for NFTs this year.
