Digital Renaissance: Decoding NFT’s

Episode Transcript:

[00:00:00] Monty: If you think about NFTs and the access that they provide and sort of this idea of democratizing art, the digitization of art really means that art can be distributed over the internet. Implications of that would be that like logistics of exhibiting a shell are no longer an issue and people anywhere and everywhere on the planet will have access to experience arts, as long as they can put up a computer or have access to a smartphone, going to a museum in the metaverse or experiencing, AR art within your hometown, being able to view, major art collectors, collections, and really experience that art.

[00:00:35] Monty: It's something that really. happened up to this point.

[00:00:42] Isotta: This is Art Is… a podcast for artists where we brainstormed the future of the art world and the creative industry. The NFT boom has been both confusing and exciting. We actually began covering NFTs on this podcast way back in season one episode. Clubhouse and NFTs. And I returned to the topic with some experts in episode three of season two art in the virtual space, a conversation with Eric Hoggle and also in episode five of season two, building your brand with technologist, Brenner spear. if you haven't listened to those episodes yet, I recommend you check them.

[00:01:20] Isotta: but today I'm excited to share that our guest is Monty Preston manager of art advisory and curation at Saatchi art. Monty sets the record straight on what NFTs are, how emerging artists can use them to generate income and how curation is evolving in the crypto space.

[00:01:37] This is part one of my conversation with Monte Preston and the second half of our conversation coming out later in season three, We dive into Saatchi arts NFT project, the other avatars Monty's interest in the metaverse the need for online community in the art world. And much more.

[00:01:54] I really liked speaking to Monty about how emerging artists can leverage the opportunity and FTS present. So I hope you enjoy this conversation as much as I did.

[00:02:04] Monty: I'm Monte Preston, I'm the manager of art advisory and curation at Saatchi art, which is the world's, online, leading our gallery for emerging artists.

[00:02:14] Monty: I was first introduced to crypto in 2017, and was really fascinated by the opportunities that it offered and the entire idea of, decentralized finance and being able to, offer banking services, for instance.

[00:02:30] Monty: To people all over the world, and what that opportunity held for the future. so I became really interested in crypto and then obviously when NFT started becoming a really big thing this year,I just was sucked right in. I was just so fascinated. obviously art NFTs are a really huge thing and seeing so many of the incredible creations that digital artists were making, generative art becoming a really popular, area.

[00:02:56] Monty: it was just so interesting to me to see everything developing and moving so quickly. And,The whole idea of, economic independence and the power of being able to control your own finances. Coming back into the hands of artists, especially emerging artists is just really something that I'm very passionate about at Saatchi art. we work really hard to help artists launch their careers and make money doing what they love, which is creating.

[00:03:20] Monty: So NFTs was a very. Naturally interesting thing for me, having creators, be able to support themselves and make money in this new and exciting way.

[00:03:30] What do you think are the common misconceptions around NFTs with all this hype around them over the past year? I feel that it's really important to define what they are in a way that emerging artists can grasp. Could you do that for us?

[00:03:43] Monty: It's absolutely a confusing topic. there is a lot of information out there and a lot of it's very technical. When I think about an NFT, I think the simplest way to explain it is really that an NFT is a digital asset that has verifiable ownership.

[00:04:01] Monty: So this could be any kind of digital asset. It could be a music file, a video file. It could be digital art, photography, a meme or a tweet, or a New York times article, essentially. any of these types of things can be verifiably owned. On the blockchain. and if we think about, what NFTE stands for, it's a non fungible token and we take a step back and it's, what is fungible?

[00:04:25] It's sort of a weird word that we don't encounter every day. if you think about fungible essentially means that you can trade something like for like, so for example, if I have a dollar bill and you have a dollar bill, we can trade these things. Easily between one another. We don't really care in particular, which dollar bill we have, but say I had a dollar bill signed by Andy Warhol and you had a regular dollar bill.

[00:04:48] Monty: There's no way I'm giving that dollar bill up. I'm not going to trade you because this dollar bill has, something scarce and unique about it. And that's what makes it non fungible. It's not something that you would trade like for like, it doesn't have equivalent value in another way.

[00:05:04] Monty: so obviously with the internet, Information wants to flow freely. and because information flows freely and. anybody anywhere in the world who has an internet connection is able to access information. They're able to access images, et cetera, the content that we create, we've never really been able to monetize it in any way.

[00:05:23] what's happened is we have uploaded our content, whether it's blogs or art to platforms, and these platforms make money off of our content via advertising. and what an NFT allows us to do is basically certified. Which piece of content is the original piece of content. And it allows, as we said, ownership, meaning that it can be purchased and still free and distributed across the internet.

[00:05:50] Monty: People can still access it, but now there's one person who's the owner of that original piece of content. and that's really changing the way that we think about how people can make money in this creator economy. the money isn't necessarily going to be going into the hands of major platforms. via advertising.

[00:06:09] Monty: It can now flow directly to creators and people can get paid for the work that they are doing creatively. The same concept really applies to physical work. If you think about what artists have done for so many years, sharing physical artworks, in order to gain exposure, right? You have a website, you put images of your physical works up online.

[00:06:30] Monty: You probably would put a watermark on it, hoping that people wouldn't steal the image and, keep it for themselves or. Perhaps reproduce it and say that it's their own work in the same way that we can now identify scarcity on digital artworks using NFTs. We can do the same thing with physical artwork.

[00:06:48] what is your medium? Can I ask?

[00:06:51] Isotta: I work in sculpture, mostly large scale outdoor work.

[00:06:54] Monty: Okay, cool. Right. So with sculpture. all of this creative work that you do to make your sculptures, for instance, right? All of this information, it comes together into a final product and that final product, whether it's a physical piece or a digital piece, it can still be an NFT. There are a, a few different.

[00:07:13] Monty: Companies, blockchain art collective, as well as various art that actually create a way for artists who are working in a physical mediums to create a sort of certificate of authenticity. That's blockchain verified, meaning that if you sell your physical artwork to a collector, you can. Create a certificate of authenticity.

[00:07:33] Monty: That's on the blockchain that helps them verify that they are the original owner. and that means that they are able to, and you are also able to share your work out widely with the world, but nobody else is going to be able to say that they are the owner of that.

[00:07:45] For many artists who are coming into the NFTE space for the first time, obviously there's a lot of hype. and a lot of people are having their lives turned upside down overnight because they're finding just amazing success within this industry. it's not going to be the case for everybody.

[00:08:01] Monty: And there are a lot of people sort of.We're running into this like gold rush, hoping to, find fame and fortune. but I think that you know, as an artist, as an emerging artist, when you apply the same principles in terms of self promotion and, sharing your practice and getting exposure, you can find success in the NFTE space.

[00:08:21] Isotta: How can emerging artists use NFTs to make money?

[00:08:25] Monty: There are three ways that artists can really use NFTs to generate additional income. firstly, as we talked about the ability to create scarcity and ownership and identify an original piece of content or an original creation, whether it's an artwork physical or digital, it's previously been hard to monetize without support from clients.

[00:08:43] Monty: So for instance, if you think about digital artists or performance artists, for instance, very tough to make a living. Ifwithout working with a brand or,like.

[00:08:51] Monty: a corporate patron who is perhaps hiring you for a project. and now NFTs have allowed artists to be able to make money selling digital art and,animations, et cetera, because they're able to identify that piece of art is the original piece of art.

[00:09:07] Monty: Also the idea of royalties. So the ability for artists to receive payment on future sales is really revolutionary for emerging artists. Especially since you may start selling your work, you know, for a hundred dollars, $500, and later that same work could be worth $5,000 or $50,000.

[00:09:25] typically, if we look back at the art world, an artist isn't necessarily going to see any of the gains from the progress that they've made in their career. there's the very famous case at the $9 million Hockney sale where David Hockney didn't receive a cent on that sale of his artwork, because.

[00:09:42] Monty: Was just something that had passed from collectors to collector and appreciated and value,as his career grew. So royalties also opened up the possibility of many more collaborations, right? This isn't necessarily have to be limited to musicians who were sharing tracks, but, it could also just be fine.

[00:09:56] Monty: Artists who are establishing a royalty structure around the use of their artworks by other artists or artists who are collaborating with one another around the world, on digital artwork for them. and the way that smart contracts work is that you could, you know, define the payment parameters and really allow a straight forward payment process for primary and secondary sales for everybody's contribution to that.

[00:10:17] and I think also just in general, the exposure to a brand new audience who have cryptocurrency to spend and who are very passionate about supporting creators, who are participating in this economy is really exciting. And therefore being able to create NFTs and participate in this space is just a wonderful opportunity to gain more exposure for.

[00:10:40] Isotta: Something I've noticed when checking out NFT marketplaces is the general lack of curation.

[00:10:45] Isotta: most of the time, the displays seemed to be pretty random. so as a curator yourself, how do you see curation evolving in the NFTE space?

[00:10:52] Monty: I think really the question here is what is curation, right? And does curation mean something different for the NFT space than it does for what we've traditionally considered curation to be within the traditional fine art industry? I really don't think there's one definition of what it means to be a curator.

[00:11:10] and it is very undefined within the NFTE space, since everything is so new and everything is changing rapidly, many collectors and influencers within the NFT space are taking on the role of curator. and more broadly of crypto culture. it's really incredible to see so many young participants in the space like Diana Sinclair becoming a major curatorial voice, and curating exhibitions, as well as being artists and just being able to participate in multiple roles.

[00:11:37] she's only 17 and I would highly recommend that everybody listening check out some of her work and some of the shows that she's curated because, they're really phenomenal. what the signals to me is really at the architectural picture of who can or should quote, unquote, be a curator is changing.

[00:11:53] Monty: And that means that what curation looks like is also going to change.I do think that there are a few core components, within curation that will remain steady even if the people in the processes change. so whether we're talking about NFTs or traditional art, I really see the role of a curator as having several different facets.

[00:12:10] Monty: All. Really important in the development of great art and also, the appreciation of that art by a broader audience. So, you know, curators work with artists and identify talent and foster development by working closely with them. they may provide portfolio reviews or encourage artists to expand and explore new areas, advocating for their work.

[00:12:31] Monty: You know, providingsupport and helping artists talk about their work, which isn't something that a lot of artists are comfortable doing. It can be really hard to vocalize something that's so internal and sort of emotional, or, like core to who you are as an artist. It can be very difficult to talk about that.

[00:12:46] Monty: So working with a curator who can help tell your story is just a really amazing thing. and many curators can also sort offunction as managers, right? Likenot every artist is going to be business savvy nor should they have to be, working with a curator and having somebody there to. Promote your work and help you gain the right exposure allows you as an artist to continue focusing on what you do best, most importantly creating.

[00:13:10] so I think that, you know, there are a lot of platforms that are popping up and, Many of them do have,curation. Some of them do not have curation. but I think it's actually art. We're really excited about being able to continue to support artists via curation. There's also the whole element of just being able to put art in context for collectors and for people who are consuming that art.

[00:13:35] Monty: So the way that. content and stories are organized and arranged in a thoughtful manner. preserving history, preserving art, preserving culture, putting together exhibitions and shows, writing about artists. These are all things that. You really teach a broader audience, how to appreciate art and help them to understand why that art is important.

[00:13:55] Monty: And I think this is something that's going to be very crucial within the NFT space, just because there's so much FID, fear, uncertainty and doubt regarding NFTs and crypto. And. And I've teaser just a fad, which they aren't, right. This is a new technology. That's going to completely revolutionize the way that the art world functions.

[00:14:13] and so for curation to be able to lend a credible voice and be a trusted authority and help tell the stories and help communicate to people who are uncertain and who, find the whole space, very unapproachable. I think it's really important. And Saatchi art is. Really looking forward?

[00:14:30] Monty: to contributing to the demystification of the entire NFT space, both for artists and for collectors.

[00:14:36] Isotta: One of the things you hear a lot is this notion that NFTs offer opportunities for increased diversity and democratized access to the art world.

[00:14:44] Isotta: Could you speak to.

[00:14:45] Monty: this is probably one of my favorite topics. I'm so excited about all of the opportunity that NFTs and blockchain technology, offer to improve diversity within the art world. if you think about NFTs and the access that they provide and sort of this idea of democratizing art, the digitization of art really means that art can be distributed over the internet. Implications of that would be that like logistics of exhibiting a shell are no longer an issue and people anywhere and everywhere on the planet will have access to experience arts, as long as they can put up a computer or have access to a smartphone, going to a museum in the metaverse or experiencing, AR art within your hometown, being able to view, major art collectors, collections, and really experience that art.

[00:15:32] Monty: It's something that really. happened up to this point. access to world-class art, won't just be limited to people who have the reality privilege of living in, or being able to travel to a major global art hub. What this really means is more access and what more access leads to, I think is a more egalitarian digital economy and greater representation.

[00:15:52] Monty: So key players and influencers of the mainstream art world will look radically different as will the art world itself. it will be representative of what our world actually looks like. Not just a small subset of, you know, mostly Caucasian players who we have seen up until today. I think art is such an incredible tool for learning and for gaining insight into other people's perspectives.

[00:16:12] Monty: And I would be hopeful that this art movement, might transform how we relate to each other and one another in the world. and right now, what we really need to do is focus on ensuring that at this early stage, we are elevating diverse voices within the space and helping to onboard and provide crypto education and opportunities.

[00:16:30] for many different kinds of creators from communities all over the globe, because this is a really powerful new technology and, we should really be sharing this and spreading this out to as many people as we can.

[00:16:42] I think the introduction of NFTs has totally, flips. what the future of art looks like on its head, right? This is a really revolutionary technology.

[00:16:51] Monty: And so many things are gonna change. such yards vision, is really in line with the whole ethos of crypto. We're an open platform representing emerging. We want to help advance the careers of artists all around the world and give them access to a global collector base, and you know, put more money back in their hands, on the sale of their artworks than any other gallery.

[00:17:11] Monty: You know, being a welcoming place for collectors and artists of all kinds, whether you're a seasoned collector or coming to explore art for the first time, being able to interact with our curation team, we really value transparency, and we want to democratize the entire art buying process, making it accessible to anyone and everyone with an interest.

[00:17:28] Monty: And this is exactly what NFTs are doing. They're completely disrupting the way that the art world's functions with transparency. democracy, anybody being able to buy an NFT, valuing the artist as a creator, whether they're emerging or established, artists, rather than, what's happened in the past, where, it's more about the artwork and the artist, and not paying artists for the work that they do.

[00:17:50] Monty: So the whole introduction of royalties is incredible. Tokens as authentication tools and for determining provenance and tracking royalties are genuinely helpful. And this is something that is just amazing. It's an incredible advancement for the, our world in general. I really hope that moving forward, the art world becomes more approachable and more welcoming and more transparent, in line with what we're trying to do, and bringing more people into the NFTE space to experience digital.

[00:18:19] Monty: Whether they're collectors or artists I think is going to be really great. Just having more art out there in the world to, help people, gain me perspectives and learn interesting stories about artists and, you know, connect with one another. It's just a really exciting thing. And in terms of some trends that we might see, I think that,beyond increasing access and, democratizing art, the improvement of diversity and representation that we touched on earlier. I think we'll also see a lot of really interesting innovations when it comes to the ways that artists.

[00:18:51] Monty: You know, make money and support their careers, right? So the idea of fractionalizing the artist or the creator and having fans being partial owners of that artist in the way that they're sharing in the future earnings of that artist and their work. So this resurgence of the patron artist relationship and on.

[00:19:09] Monty: Many to many model where fans can directly invest in their favorite creators early on in their careers and then share in their successes as they move forward. we're already seeing this type of thing happen with musicians and professional athletes, and in Hollywood where,you know, Mila Kunis and Ashton Kutcher have their stoner cats, TV show.

[00:19:25] Monty: And, you can invest in the show and get access to it. And, you know, have input and in what happens. I think that's really interesting. obviously with new technologies, like blockchain technology, all of this tech is going to continue to advance as more builders, enter the space.

[00:19:39] Monty: And naturally this means that there are going to be more people and artists experimenting and working with new media. So I think that we'll see art taking on new forms, whether it's wearables to immersive experiences, Games and so on art, isn't just going to be something that you look at on a wall or on your phone screen or in a gallery, but it'll be something that users will be able to participate in and interact with, in their daily lives.

[00:20:02] and I think that's a really exciting idea as well. But, you know, most importantly, I think that the freedom and independence that blockchain and crypto offer to artists, as a way for artists to get out from under the thumb of corporate patrons, and, no longer having to rely on big brands and no longer needing to necessarily compromise their own artistic vision in order to fit a brand's guidelines.

[00:20:23] I think we'll just see more independent self-supporting. That will really lead to an explosion in creativity, like the Renaissance, but you.

[00:20:30] Monty: know, digital Renaissance.

[00:20:35] Monty: I would love to hear from you all. you can find me on Twitter at underscore Monte Preston, or you can reach me at Saatchi art, by emailing curator@saatchiart.com.

[00:20:47] Isotta: Thank you for listening to art is a podcast for artists. This was season three, episode three. This episode I'd like to thank Monte Preston for sharing her expertise with us. Stay tuned to hear part two of our conversation. Coming later in season three, when you have a moment, please leave Art Is… a podcast for artists, a rating and review in apple podcasts.

[00:21:09] Isotta: It really helps others find us. You can support the work I do by subscribing wherever you live. And by donating to the podcast, the link to do so is in the episode description. Also, I really love hearing from you. So please keep reaching out on Instagram at art as podcast or by emailing.

[00:21:26] Isotta: listen@artispodcast.com. Okay. That's it for now. Thanks so much and see you next Wednesday.