NFTs Are the Biggest Disruption to the Art World Since Cubism – Chicago Tribune

Societal transformations often arouse controversy. In the early 20th century, a new movement in art—derisively called “Cubism” for the bizarre cubes the art allegedly depicted—sparked a backlash. In 1913, students at the School of the Art Institute even organized a mass protest. The students “convicted” Henri Matisse of “artistic murder” and sentenced him to death in a mock trial. Although Matisse was not a cubist, at the time the term was associated with all the evils of modern art.

The deluded students were not alone. American newspapers raised people’s fear of cubism. The artists were despised as “freaks” and swindlers. Their works of art were “ugly”, “bizarre” and “degenerate”. A New York Times editorial said Cubism is a “false art” and “part of the general movement … to disturb and degrade, if not destroy, not only art, but literature and society as well.” The Washington Times even suggested that the modern artists might have to be quarantined, and the constitution changed, to limit free speech. A now infamous pamphlet attacked the Metropolitan Museum of Art’s first major exhibition of modern art, claiming it as the product of a “modernist degenerate cult.” Tragically, this view later prevailed in Germany, resulting in the Nazi confiscation of tens of thousands of “degenerate” works of art.

This sad chapter in history provides an important lesson. Don’t be too quick to judge. Pioneered by Pablo Picasso and Georges Braque, Cubism is recognized today as one of the most influential artistic movements. It shattered the Renaissance’s conventional view, where paintings were depicted from a single-point perspective, and freed artists to take multiple perspectives—even beyond Cubism.

Today we are witnessing the greatest disruption of the art world since Cubism – along with a similar backlash. Behind this disruption is a technology called a non-fungible token, or NFT, a computer program that establishes a new type of virtual ownership, not only for digital artworks, but also for anything that can be owned.

At first, this idea may sound like fantasy. However, my theory of “tokenism” explains this radical transformation. Tokenism is an artistic, cultural and technological movement that creates a new type of property ownership – symbolized by a virtual token – through a process of technological abstraction and artificial scarcity carried out by NFTs. (I distinguish it from tokenism’s negative hiring practices by capitalizing it.) Just as cubism radically changed how art is created and viewed in “cubes,” tokenism radically changes how art is practically owned in “tokens.”

NFTs have created a new market for digital artworks, including works generated by artificial intelligence. In the past, digital artworks were not valued in the art world because digital copies lacked an original. Why buy a digital artwork that can easily be copied online for free? NFTs solved that problem by creating a digital original through a virtual token registered on the blockchain, a public ledger.

Now the leading art institutions from the Museum of Modern Art (MoMA) to the Los Angeles County Museum of Art and from the British Museum to the Center Pompidou are exploring digital artworks through NFTs, including for permanent acquisitions. This March marked the second anniversary of the third-highest auction sale by a living artist: a $69.3 million NFT digital artwork called “Everydays: The First 5,000 Days” by Beeple, whose sale beat the individual sales of Salvador Dalí and Frida Kahlo. Artist Refik Anadol’s exhibition of “Unsupervised” at MoMA has captured people’s imaginations so much that MoMA expanded the display. And many digital artists worldwide sell their works on online marketplaces, such as Art Blocks, and at auctions at Christie’s and Sotheby’s.

Of course there are skeptics. Naysayers have attacked NFTs as “scams” and “Ponzi schemes” by the “crypto cult”, and AI generative and digital art as “screensavers” and “ugly”. The reaction is almost as hostile as the initial reception of Cubism.

These attacks will not age well. Our world has become more virtual due to the pandemic. Virtual ownership through NFTs is another part of this profound societal transformation. The expected development of augmented reality and virtual reality glasses from the likes of Apple will accelerate this shift. Fashion brands have seized this transformation to deploy NFTs for digital fashion and the hybrid class of phygital goods, which include both digital and physical versions.

Companies from Adidas and Nike to Anheuser-Busch, Salesforce and Starbucks are developing new ways to engage and interact with people through NFTs. Even during the economic downturn, Starbucks Odyssey created NFTs to enhance the loyalty program, providing new experiences and benefits for customers. The rapid growth of AI image creators is likely to only increase the utility and demand for virtual ownership of digital art.

We are now witnessing a virtual renaissance for the ages. 21st century modern art will be digital. This renaissance is driven by a technology that enables virtual ownership and allows artists to bypass the industry’s gatekeepers and galleries.

Through NFTs, creators can now take control.

Edward Lee is a professor at the Illinois Institute of Technology’s Chicago-Kent College of Law and author of “Creators take control: How NFTs are revolutionizing art, business and entertainment.”

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