WTF are NFTs?

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Redwood Art Group, the leading connector of collectors, galleries, and artists, recently hosted a virtual art fair, RAVE (Redwood Art Group Virtual Events), with a focus on Artexpo New York to connect artists around the world with industry professionals. The virtual event lasted three days and featured artists like RISK, Al Diaz (aka SAMO), and Gatsby. 

Saturday’s RAVE event ended with an after-party focusing on the crypto craze of NFTs. Co-Hosts, Eric Smith, CEO of Redwood Art Group, and Hannah Smith, Social Media Manager of Redwood Art Group spoke with Craig Kausen of Chuck Jones Gallery, Jon Stock of Corridor, and Gary Symons, Editor in Chief of The Licensing Letter. These industry professionals gave viewers a quick lesson on what NFTs are, dove deep into how they work, and more importantly, gave insight on whether or not artists and art enthusiasts should be involved in the new trend.

You may be asking yourself, “what is an NFT?”

To sum it up, NFTs are non-fungible tokens, which are a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. They can be used to represent items such as photos, videos, audio, and digital art. 

Similar to receiving a certificate of authenticity when you purchase a piece of art, an NFT is unique to whoever owns that “piece” or digital file. 

NFTs are a way for artists, especially digital artists, to sell their work to new collectors and make a profit. In fact, Chuck Jones Gallery is offering an NFT on their booth page for RAVE Artexpo New York. 

Bugs-and-Bull-Grape-scaled

Bugs and Bull Grape NFT

However, this new form of cryptocurrency is gaining more and more controversy as professionals are learning more about the impact NFTs have on the environment.

Jon Stock and Gary Symons spoke on the environmental effect NFTs cause during the RAVE after-party and the shocking and eye-opening statistics scientists have discovered. 

If you’re interested in learning more about NFTs, check out the RAVE After Party event – “WTF are NFT’s?” on the Redwood Art Group YouTube page

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