NFTs – An Art Revolution or a Fad?
Keywords: NFTs, sustainable development, art innovation, ArtTech Fusion, ATF24.
As part of the international event series ArtTech Fusion 2024 (ATF24) organized by the University of Economics Ho Chi Minh City (UEH), the keynote session on “NFTs – Artistic Innovation or Just a New Hype” by Professors Álvaro Barbosa and Daniel Farinha provided insightful perspectives on NFTs – a technology that is shaking the art world. Are NFTs a creative revolution, opening new horizons for art, or are they just a passing craze? The professors presented a comprehensive and deep view on this issue.
Opening Keynote of ATF24
The keynote session titled “NFTs – Artistic Innovation or Just a New Hype?” marked the opening of the international ATF24 event series at UEH. The session brought together numerous experts, scientists, businesses, artists, government officials, lecturers, and students from both domestic and international backgrounds.
The expert speakers were Prof. Álvaro Barbosa – Vice Rector of Saint Joseph University (Macau) and Prof. Daniel Farinha – Senior Lecturer at Saint Joseph University. Prof. Álvaro Barbosa is a specialist in the field of Media Arts and Technology. Prof. Daniel Farinha is an expert in Information Technology, with over 10 years of experience working in system management, digital marketing, biotechnology, telecommunications, and education.
Prof. Álvaro Barbosa and Prof. Daniel Farinha from Saint Joseph University (Macau) Share Insights at the Keynote Session
The Future of NFTs Depends on Collaboration Among Artists, Tech Experts, Investors, and Communities to Build a Sustainable Ecosystem
In recent years, NFTs (Non-Fungible Tokens) have become a major phenomenon in the art world. An NFT is a type of digital asset built on blockchain technology, representing unique ownership of a digital item. Unlike cryptocurrencies that are interchangeable, each NFT is one-of-a-kind and cannot be replaced by another. NFTs can represent a wide range of assets, from digital art, music, and videos, to virtual items in games. NFTs have revolutionized the art industry, creating a space for artists to freely express their creativity. By eliminating traditional barriers, this technology allows creative talents to directly connect with audiences and express themselves through their works. Many digital artworks have been sold for millions of dollars as NFTs, prompting the question of whether NFTs are truly a breakthrough for art or just a passing trend.
Professors Álvaro Barbosa and Daniel Farinha analyzed NFTs and highlighted how they provide an opportunity for artists to sell and own digital works in an authentic way, thanks to blockchain technology. This addresses the issue of ownership and the uniqueness of art in the digital age. According to Professor Álvaro Barbosa, NFTs are ushering the art world into a new era. In the past, artwork was closely tied to physical uniqueness and authenticity. For instance, a painting or sculpture existed only in one original form. However, the digital age has changed that. With NFTs, artists can create multiple digital versions of their work, but each remains unique due to being recorded on the blockchain. This opens the door to creativity, storage, and trade in the digital art space.
The professors offered profound insights into the pivotal role of NFTs in shaping the future of digital art. With a forward-thinking vision, Professor Barbosa emphasized that the advent of NFTs marks a historic turning point, charting a new chapter in the history of art.
In the past, physical presence and uniqueness were key factors determining the value of an artwork. However, with the rise of digital technology, these traditional limitations have gradually faded. NFTs have opened up a new space where artists can create and distribute digital works while still ensuring their authenticity and uniqueness. Each NFT artwork is securely verified and recorded on the blockchain, creating a uniqueness that cannot be replicated or forged. This advancement has liberated the creative potential of artists, allowing them to express their talents and vision through new media that go beyond traditional boundaries. Professor Barbosa believes that NFTs will drive innovation in the digital art field, opening doors that were previously unexplored.
Professor Álvaro Barbosa Shares at the Conference Session
NFTs also provide tremendous freedom and creative potential for artists. Professor Farinha shared the experiments of artists with NFTs. From impressive visual artworks that utilize striking digital effects to generative art created by complex algorithms, each piece reflects a creative vision that transcends the boundaries of traditional art. NFTs allow artists to break through the limitations of traditional mediums and explore new possibilities in digital art.
Some types of NFT art forms
In his inspiring talk, Professor Farinha presented groundbreaking ideas about the rapid growth of NFTs in the field of art. He described how NFTs not only provide a new platform for exchanging and preserving art but also serve as a powerful catalyst for creativity and innovation. The professor gave numerous examples of bold and revolutionary NFT artworks that artists could not have achieved with traditional media.
In particular, Professor Farinha emphasized the immense potential of interactive works combined with programming code, where viewers can directly interact with and influence the artwork. These are not just ordinary pieces; they become an interactive experience, opening up new possibilities for communication between the artist and the public. With NFTs, the boundary between the artist and the viewer gradually blurs, creating a new creative space where art is no longer confined by traditional rules or media. Creativity, driven by technology, opens doors that have never been explored in the history of human art.
Professor Daniel Farinha shared at the panel discussion.
In addition, NFTs are reshaping the art business model. In the past, artists often relied on studios and distributors to reach the market. Now, with NFTs, artists can connect directly with fans and sell their works through digital marketplaces. This allows artists to regain control over their works and the potential to increase income, promoting a circular economy within the artist community.
However, the explosion of NFTs also raises concerns. According to Gartner’s “Hype Cycle” model, the critical question is whether NFTs are at the peak of inflated expectations and are about to enter the phase of skepticism.
Gartner’s “Hype Cycle” model
Copyright issues, the proliferation of unauthorized copies, and the actual artistic quality of NFTs are also concerning. Furthermore, the environmental impact of minting NFTs and trading NFTs cannot be overlooked. As a result, platforms like Hic Et Nunc and Teia have made efforts to build a more environmentally friendly NFT ecosystem by using blockchains with lower energy consumption, such as Tezos and Ethereum Layer 2. This helps significantly reduce the carbon emissions associated with the mining and transaction validation process of NFTs. Another important aspect of NFTs is their ability to record the evolution of interactive artwork on the network through blockchain, creating a transparent and immutable history of the artwork’s origin, ownership, and modifications. Professor Farinha introduced the ARKIVO.ART research project, which helps preserve interactive NFT artworks against changes in APIs and technology by creating a virtual environment to store the entire artwork.
The ARKIVO.ART research project
NFTs are opening a promising new chapter for art. With NFTs, we are witnessing the convergence of art, technology, and economics in the digital age. Although there are many challenges ahead, the creative potential and innovation of NFTs are undeniable. The future of NFTs will depend on the collaboration of artists, technology, investors, and the community in building a healthy and sustainable ecosystem.
The UEH leadership and the speakers took a commemorative photo at the panel discussion.
It can be said that NFTs are not just a new technological trend but also a potential revolution for the art world. With continuous innovation and the collaboration of the community, NFTs promise to open a new, creative chapter for art in the digital age.
ATF24 – A platform that helps guide the future for the creative youth towards sustainability
As part of the development trend in the ArtTech field, the annual international event series ArtTech Fusion (ATF) is organized by ArtTech Hub (ATH), the units of the UEH School of Technology and Design (CTD), University of Economics Ho Chi Minh City (UEH), in collaboration with various organizations both domestically and internationally, covering different themes each year.
2024 marks the third edition of the ArtTech Fusion event series, with the theme “New ArtTech for Future Generations” to inspire and promote creative thinking and innovative action for future generations, contributing to the building of a sustainable society.
Throughout the 3-day journey of ATF24 (October 22-24, 2024), there were over 30 academic and practical activities, including 5 keynote speeches, 10 special sessions, 5 parallel research paper presentations, 5 workshops, 1 academic book chapter, 9 exhibitions, 1 heritage connection trip, and 1 tangible performance.
Authors: MSc. Trần Lê Quỳnh Anh – University of Economics Ho Chi Minh City
This article is part of a series of research and applied knowledge dissemination from UEH with the message “Research Contribution For All – Nghiên Cứu Vì Cộng Đồng”. UEH cordially invites readers to look forward to the next issue of UEH Research Insights.
News, Photos: Author, UEH Communications and Partner Development Team
Voiceover: Thanh Kiều
