What makes a good art NFT?

Art NFT’s are a hot topic, and many people are still confused, especially when it comes to the question of what is good within this category. As the market grows, this question will become more important. Because Artfundi will be launching an NFT marketplace soon, we've been having discussions with galleries, artists, and collectors, and many are asking for guidance on what kind of work makes a good art NFT. So I put together this set of principles for those preparing projects,?planning their NFT’s in future, or thinking of adding them to their collection. Hope these tips help . . .

NFT’s have to be ‘good’ on three levels - Creative, Authorship and?Technical.

Creative

- Digital native

The most authentic NFT’s, and most popular, are artworks created in the digital medium as they are in their purest form. That said there are great and bad digital works. Consider both skill and concept, just as you would in the physical Artworld. Good work makes sense of the medium and can also push the limits of the medium.

- Digital twin

This is a high-resolution scan of a physical work authenticated on the blockchain as a separate digital work. It is directly related to its physical twin. If the original work is rare and very precious, its digital twin would share some level of this fame and value. Museums have used NFT’s this way to raise funds and avoid having to divest of works from their collection. Some artists are creating a digital twin with every physical work, and selling them together, using the NFT as a certificate of authenticity. Of course, you cannot guarantee they will stay together, as they each have value.

- Editions

NFT’s by their digital nature can be minted as unique works or as editions. Just as in the physical print world, the edition must be declared in full upfront.

Authorship

The creator behind the work will become increasingly important as the NFT market matures. Collectors will research the artist and will be looking for backstory, and to contextualise the NFT work within the artist’s overall practice. Don’t anticipate the future of NFT art based on the present, the market will weed out the pseudonyms and quick-money-makers, and settle in favour of the true artists.

Technical

NFT’s are made from digital files, Jpg’s, Tiff’s, GIFs, and movie files. These need to be highest-quality and their digital size must be sufficient and stated. Though many NFT buyers view their collection on mobile phones and tablets, serious collectors, galleries, and museums are beginning to display them on large screens or projections. The file quality needs to stand up.

Good NFT’s also must have good smart contracts.

Check that the platform you are using to mint or buy your NFT allows you to verify the work’s authenticity on the actual blockchain before you buy. You should be provided links to the IPFS to view the actual work file and to the blockchain itself, e.g. Etherscan where you can view the information and provenance of the work as it is stored on the blockchain.?

In conclusion, in addition to watching out for creative, authorship, and technical best practices, if you're interested in creating or collecting NFT's or thinking about how your organisation might embrace them, the best way to know what is good is to read, look, listen and educate yourself as much as possible, and ask for advice (we often forget to do that).