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Session

NFTs: Sizzle or Fizzle?

Web3 Xr & Metaverse

NFTs: Sizzle or Fizzle?

About

In case you missed it, the crypto crash has been a brutal reckoning for both the blockchain industry and the NFT space. But is it really time to throw the baby out with the bathwater?

What is the true value of NFTs and Web3? The blockchain’s great promise, beyond transforming enterprise systems and replacing intermediaries, is to conform to a new social system that’s widely decentralised. Blockchain technology can also provide proof of provenance of a work, and smart contracts can make sure artists receive a cut of royalties from secondary sales in perpetuity (something that's almost unheard of in the traditional art world). It also provides an opportunity for digital artists to build a group of collectors who are interested in buying their work, and allows them to own their own content and have agency about how it's distributed.

But, the big question remains - is it working, and what does the future hold for artists and creators hoping that web3 will solve some of the art world problems of yesteryear?

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