The Private And Public Benefits Of NFT Art

The Private And Public Benefits Of NFT Art

 

With physical art, there are certain limitations in place due to the physicality of the artwork and this results in varying benefits that are dependent on whether the physical art is in a public collection or a private collection. 

With NFT art, however, the private and public benefits of art are merged, and in many instances, added to by the fact that NFT art is a digital asset.

What Are NFTs? 

If you’re wondering what exactly NFTs are, here’s a brief explanation: 

NFTs (non-fungible tokens) can represent ownership in almost anything, from digital art to virtual real estate. 

In contrast to traditional forms of trade and currency, each NFT is unique and has its own value. They make it safer and easier to demonstrate rights and ownership in the digital asset space. 

NFTs hold unique data that is stored on a digital ledger that establishes a transparent proof of ownership on the blockchain network. This enables anyone at any time to trace who owns a particular digital asset.

The Private And Public Benefits Of NFT Art 

This table briefly shows the benefits of private art ownership and public art, which are merged by NFTs which have both private and public benefits at the same time, as well as added benefits that are exclusive to NFTs due to blockchain technology. 

Benefits

Private Art

Public Art

NFT Art 

Ownership

Private Ownership

Public ‘Ownership’

Established Ownership

Accessibility

Selective Accessibility

Accessible To Most 

Accessible To Everyone

Experience

Private/Social Experience

Collective/Local Experience

Global Experience 

Opportunity

Investment Opportunities

Educational Opportunities

Secure Transferability

Value

Social Status

Social Connectivity

Social Impact

Viewing

Exclusive Viewership

Physical Presence Of Artwork

Multiple Display Options

Commentary

Encourages Dialogue 

Raises Public Awareness

Immune To Censorship

Effect

Expression Of Individuality

Enriches Physical Environments

Guaranteed Authenticity

Quality

Promotes Personal Quality

Promotes Community Quality

Immune From Deterioration

Employment

Supports The Art Market

Provides Creative Opportunities

Supports Artists Directly


Let’s take a look at each benefit in a bit more depth:

 

Ownership: 

 

Private Art 

Private ownership - One of the key benefits of private art is that of having private ownership of a small piece of cultural heritage, bringing both status and sense of pride, knowing that a particular artwork or collection, belongs solely to you.

 

Public Art 

Public ownership - Public art is directly available within the public sphere, and not confined to the private homes or collections of a select few; giving the community at large a sense of public ‘ownership’ of the art.

 

NFT Art  

Established ownership - With NFT Art, you own it privately and that ownership is both established and irrefutable, however, it’s also public because it lives on the blockchain, which is a very transparent digital ledger. 

Accessibility:

 

Private Art  

Selective accessibility - Private ownership of art affords the owner the choice to be selective with who has access to the art, as well as how, and when.

 

Public Art  

Accessible to most - Public art is accessible to most people, most notably those that are able to visit the space wherein the artwork is displayed, whether that’s a museum, gallery or public space.

 

NFT Art 

Global accessibility - NFT art offers global accessibility as it can be accessed from anywhere with an internet connection and a device to view it on.

Experience:

 

Private Art  

Private/social experience - Art that is experienced in a private setting can offer a sense of awe different to that of artworks viewed collectively in public. It also provides a unique social experience for guests of the artwork’s owner.

 

Public Art  

Collective/local experience - The collective experience of public art can be used to educate, inform, and inspire an entire community or group of people to think and act differently, also offering ample opportunity for civic engagement.

 

NFT Art 

Global experience - NFT art has the ability to encapsulate both of the aforementioned experience benefits, but on a global scale and without partiality, bringing people together all over the world.

Opportunity:

 

Private Art 

Investment opportunities - As an alternative form of investment that exists within the portfolios of almost every successful investor on the planet, the opportunities for profit that come from privately owning art are self-evident. 

 

Public Art 

Educational opportunities - Public art creates supportive learning environments that offer an abundance of educational value; encouraging people to think, ask questions and engage in discourse. 

 

NFT Art 

Secure transferability - Thanks to blockchain technology, NFT art can be traded in a secure, transparent way; allowing people to transfer assets of huge value globally, in full public view. All NFT transactions are easily traceable and deliver unprecedented confidence to collectors, opening up trade in a way that hasn’t previously been possible.

 

Value:

 

Private Art 

Social status - Privately owning art increases the social status of the collector, especially when the artworks are created by a notable artist. Along with the ownership of the art itself, the private owner also gets the ‘bragging rights’ that come with it.

 

Public Art

Social connectivity - Public art helps people to learn to appreciate one another and better understand one another by creating a sense of community and social connectivity. Public art serves as a shared experience between all those that are experiencing it.

 

NFT Art

Social impact - NFT art can have a huge social impact, addressing issues and encouraging positive change on a global scale whilst still affording the established owner of the NFT art the social status that comes from art ownership.

Viewing:

 

Private Art 

Exclusive viewership - For private art collectors, exclusive viewership is a huge benefit that enables the owner to be alone, or with selected guests in the physical presence of an artwork.

 

Public Art 

Physical presence of artwork - There is a profound sense of appreciation to be felt when you’re in the physical presence of an artwork and this is a feeling that can be enjoyed by the masses thanks to public art.

 

NFT Art 

Multiple display options - With the aforementioned benefits, physical art is limited to being in just one place at a time, NFT art gets the best of both worlds again by merging the private and public benefits as well as being able to be in many places at once; whilst still only owned by one individual.  

Adding to that, you’re not only limited to a 2-dimensional viewing experience as NFT art can be displayed in many ways including within the metaverse, where 3-dimensional immersive art displays can be enjoyed in VR.

Commentary:

 

Private Art 

Encourages dialogue - Privately owning artwork can be a highly effective way to increase the sense of connectivity and encourage dialogue with your guests or clients.

 

Public Art 

Raises public awareness - Public art can be used to raise public awareness about important issues and connect across cultural differences, breaking barriers and moving people to action. 

 

NFT Art 

Immune to censorship - Along with the benefits above, NFT art is also immune to censorship due to the immutability of the blockchain. This immutability ensures that NFTs cannot be modified, removed or replaced, which helps to extend the future legacy of the art itself.

Effect:

 

Private Art 

Expression of individuality - Just like interior design, private art collections are a great way to express your individuality and show your personality through the artworks you choose to own and display. 

 

Public Art  

Enriches physical environments - It’s a well-known fact that art can positively affect and impact a person’s mood, improving mental health and overall well-being. Public art offers this ‘healing’ benefit to all who come into contact with it, without limitations. 

 

NFT Art 

Guaranteed authenticity - An effect of NFT art is the guarantee of authenticity and uniqueness that comes with it. As well as the established ownership of these unique assets, you will have irrefutable evidence of the artwork's creation.

Quality:

 

Private Art 

Promotes personal quality - Private art will promote personal quality by improving the general mental health and well-being of its owner, whilst also improving the aesthetic quality of the space it’s displayed within.

 

Public Art  

Promotes community quality - Community quality is improved massively by the presence of public art; encouraging positive thought and action, whilst also positively impacting the local area by increasing foot traffic and improving the local economy.

 

NFT Art 

Immune from deterioration - Unlike physical artworks of any kind, NFT art is immune from deterioration no matter how much time passes; it also has the added benefits of promoting both personal and community quality. 

Employment:

 

Private Art 

Supports the art market  - Private art collecting is the driving force of the art market and the art industry at large, in fact, without it there wouldn’t be an art market. 

 

Public Art 

Provides creative opportunities - Public art provides professional opportunities for artists and cultivates an environment for creativity to thrive within. This offers artists not only the opportunity to get inspired to create but to also find an audience for their work and ultimately, a dedicated customer base. 

 

NFT Art 

Supports artists directly - NFTs are based on smart contracts which outline specific conditions between a buyer and seller of any given artwork; using NFT technology, royalties can be hard-coded into the artwork itself and each time the piece is sold or resold, a percentage of proceeds can be automatically credited to the original creator. 

Is NFT Art Worth Investment?  

Regardless of whether you’re running an art business or you’re an art collector, this question will be at the forefront of your mind when it comes to purchasing new artworks to add to your inventory or collection.  

When you look at the many benefits we’ve covered in this article, and take into account that NFT art manages to capture both the private and public benefits of physical art, with the added benefits that are exclusive to NFTs, it could easily be argued that they are indeed worth investing in. 

Even with such a brief history of NFTs, they have staked their claim in the art market and not only are they here to stay, they’re thriving.

Do You Want To Learn More About NFT Art? 

Zeno Fine Art is a pioneering art publishing house, connecting galleries to artists and providing a quality worth collecting. 

If you’re an art gallery, business or collector looking to learn more about NFTs as well as discover Zeno Fine Art’s exclusive NFT collection: 

Feel free to contact our expert advisors or sign up for a trade account with us. 

Our trade clients benefit directly from access to all of our stock at a fixed, discounted wholesale price with exclusive notifications and a dedicated, bespoke service providing support and guidance in selecting and curating the perfect collection to fit your gallery’s style and needs.  

Learn more about NFTs at Zeno Fine Art.



Featured Artwork: Miss Aniela - Turtles