GeN3 Launch Issue - Flipbook - Page 13
By linking NFTs to physical art, artists can also
bypass intermediaries such as auction houses
and galleries. This direct-to-collector model
enables artists to reach a wider audience and
potentially increase their earnings.
There are, however, challenges associated with
this approach. One issue is “double selling” where artists create and sell a physical piece alongside an NFT, selling the NFT to one buyer and the
physical canvas to another. Additionally, there is
a risk of unauthorized NFTs being created and
sold by someone other than the original artist.
Both of these can create confusion and disputes
over ownership.
Despite these obstacles, galleries can bene昀椀t
from adopting NFTs. Buyers could purchase
the NFT of the physical painting before taking
possession of the canvas, ensuring a secure
transaction. While the technology still has some
kinks to work out, artists like Aleqth are making
progress in navigating this new terrain. “I’m trying
to 昀椀gure that out myself,” said Aleqth.
Linking physical art to NFTs presents numerous
advantages, such as enhanced authenticity
veri昀椀cation and direct artist-to-collector sales.
However, it is essential to address the challenges
of double selling and unauthorized NFT sales
to fully realize the potential of this approach. As
artists like Aleqth continue to explore this space,
the art world is bound to witness even more
innovation and transformation.