NPR's ON POINT with Meghna Chakrabarti
March 16, 2021
How Non-Fungible Tokens Are Digitally Disrupting The Future Of Art
On what the sale of NFTs means to artists
Matt Kane: “What’s not crazy is supporting a living artist. And for many years, digital artists have been making this content and they’ve been participating in something of like a social capital where they’ve been getting followers and attention. And it’s just kind of a wish and a prayer that they’re going to translate that kind of like follower count on Instagram into money. So what we’re seeing right now is these NFTs are helping support living artists. You know, who would’ve otherwise not been able to sell their art or who had been struggling.
“I would say that I’m very concerned for a healthy market for each individual artist to slowly build their prices. And that these prices should really scale for everyone. I’m not interested in the huge sales. … You know, in 2019, we started to see NFTs sell for over $100,000 for the first time.
“And one of those was one of my NFTs. And it was this great feeling because I had dwindled down my savings account for seven years and I was down to borrowing money and suddenly I was able to sell an NFT $1,750. This is life changing for me. I was able to make different plans for my future just on that. And that’s a very modest price. And you have to realize that behind the $69 million and the $600,000 sales, there’s very modest prices that are supporting a lot of legitimate artists.”