Post Magazine

September/October 2021

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NFT www.postmagazine.com 29 POST SEPT/OCT 2021 "And then I started getting in touch with others. One was David Yermack, head of the finance department at NYU Stern School of Business and an expert in cryptocurrency. He knew about NFTs before it was about art. "I also talked to other artists about how this is affecting their livelihood, particularly with every- one talking about the Metaverse — which is how you buy and sell digital goods. If you want to buy architecture or real estate in a Metaverse, an NFT is probably a cool place to do it, which now means that architects should start thinking about build- ing things in a Metaverse instead of in reality, or in addition to reality." Are NFTs a temporary fad that will eventually go away? "No. There is definitely an oversupply problem right now, which is not necessarily a bad thing, because it's going to weed out some work and, eventually, the cream will rise to the top. Remember, NFTs are not necessarily just about art, but they do have an effect on the art market. And, I don't think that's going to go away. I think people are going to con- tinue to buy and sell digital goods, and NFTs are an answer to doing that. That includes art, videos, and other content of that nature." What take-away do you have for digital artists? "We need to get information out that helps people, especially artists, and the more people can learn about NFTs and educate themselves on the subject — whether they're for them or against them — the better equipped they are to make decisions on whether they want to be part of that market." Karen Moltenbrey is the Editor in Chief of Post's sister publication, Computer Graphics World (CGW). NFT non-fungible token digital blockchain crypto world carbon footprint one- of-a- kind unique cryptocurrency ownership ether digital asset digital art Ethereum artist token

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