Meaning of owning a work published in NFT
With many NFT works appearing, there are various platforms to buy. Why do people buy NFT art? In what ways would it be good for them to own an NFT work?
There are various reasons for buying NFT artworks, but among them, I would like to consider aesthetic and economic perspectives.
From an aesthetic point of view:
Understanding the ownership of artworks from an aesthetic point of view is relatively close to the traditional perspective.
Traditionally, owning a work was considered to be a privileged act of a few. Portraits, and works beautifully expressed with religious sanctification or personal meaning, were subject to ownership. The ownership process also had a ritual character, because it required a series of processes for the patron and artist such as: requesting, producing, and collecting artworks.
The ownership of contemporary NFT artworks can be viewed as digital play. This is because most of them are digital works and are easily accessible, so anybody can enjoy the process comfortably.
Now, various genres of works using various media are sold, so individuals can easily have artworks even if they are not with museums or art galleries. If someone feels pleasure in choosing, buying, and selling artwork, the owner may add meaning to the work due to social activities, ideologies, and beliefs.
From an economic perspective:
Understanding the possession of artworks as an economic activity is a perspective that has been increasingly emphasized in recent years.
Traditionally, possession of artwork has become a measure of one’s wealth. In the past, it was difficult to access artworks due to high prices and custom-made procedures. Owning artworks meant that they were cultured and wealthy upper class. On that account, artworks were understood as luxury goods. In addition, artworks were purchased as liquid capital without much tax burden because there were few or no transfer taxes, acquisition taxes, and holding taxes.
NFT artworks use virtual currency, which changes in value similar to stocks. There is a possibility that the price of the work changes frequently, and its width will be large. Since it became easier to buy and sell works, works published in NFT may have the function of digital assets rather than meaningful ownership of artworks.
By examining aesthetics and economic perspectives, it seems difficult to understand the ownership of NFT artworks under the standards of owning works such as traditional paintings. It is an appearance of a new method of owning artworks.