NFTs are here, ushering in a new Golden Age in art. The flood of fiscal support into the NFT market has changed everything. This world has become very real and very serious, extremely fast. Investment firms are buying Degenerate Apes to flip! There’s a need to understand a new vocabulary, a new system of provenance, a new sales structure and the elimination of the historic gallery model. My new column,“The Digital,” will be a place for elucidating the morphing digital art space, exploring crypto and NFT trends, understanding new verbiage, reviewing existing/upcoming collections, speaking with artists/developers, and shouting out my ridiculous advice in this space. —Seth Hawkins
NFTs Flood LA BY SETH HAWKINS
T H E
D I G I TA L
Six original NFT’s by Sir Mix-A-Lot for his project Bit Butts, 2022
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As the rain poured down and invaded Los Angeles on a recent Monday, so did the selfproclaimed NFT degenerates. There were representatives from both big NFT blockchains: mutant apes, nuked apes, boogles, money boys, cets on creck, and—did I mention that Sir-Mix-Alot was performing at the Magic Eden kickoff party shilling his own “Bit Butts” NFTs. What a night it was—I like “Bit Butts” and cannot lie! The attendees for NFT|LA, one of the first major IRL NFT events, was a mixed bag to say the least. Furries and crypto investors in their early 20s had on thousand-dollar shades, nerdy unkempt dev teams were huddled around laptops while gray-bearded old-timers tried to not miss the boat. The current state of affairs began to come into focus as I watched the Magic Eden keynote panel opening night. It included founders of some blue-chip Solana collections; Best Buds, Thug Birdz, Degods and for fun why not throw rapper Waka Flocka Flame into the mix. These are some of the heaviest traded collections on Solana—all in business for less than a year. To put this into perspective, the Degods is just about to pass the $25 mil in secondary market sales and they are only just hitting the six-month mark. What does that mean? It exemplifies the fact that this space is so new and so rapidly changing that by the time this column has published, one of these collections may be out of favor. Even the whole Solana blockchain that these exist on is still said to be in beta. With much of the discourse at the conference being about NFT collections establishing and connecting communities, even noted musician and NFT enthusiast Steve Aoki was on stage vigorously yelling about how much comes from his online discord interactions. I question what we are creating. Are these communities or investments? Do we ride the rocket to the moon and hop off with fiscal liquidity, or do we diamond hand for the community, as gravity inevitably pulls prices back to Earth? Of the 20 blue-chip art collections that currently exist on Solana, will five still be around in a year’s time? How will this ecosystem change in the next two months as the world’s largest website for NFT secondary market sales—Open Sea—onboards the hottest new blockchain—Solana. We are days or weeks away from something big with this merger, but I am no financial advisor, just an enthusiastic onlooker. When do you dip your toe in the pool? If you have taken the time to read this far, then you can invest $20 in crypto and feel like you vested in the community also. Invest a sushi dinner’s worth in an NFT if you are feeling adventurous. Get in the Game. Invest yourself. Show people the picture on your phone just like you would your firstborn. The Question is: How do you even buy an NFT and what the hell is a phantom wallet? Keep reading “The Digital.”
