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[Podcast] NFTs – Artistic Innovation or Just a New Hype?

27 December, 2024

Keywords: NFTs, sustainable development, art innovation, ArtTech Fusion, ATF24.

As part of the international ArtTech Fusion 2024 (ATF24) series of University of Economics Ho Chi Minh City (UEH), the plenary session with the theme “NFTs – Artistic innovation or just a new hype” by Professor Álvaro Barbosa and Professor Daniel Farinha offered an in-depth view at NFTs – Technology that is stirring up the art world. Are NFTs a creative revolution, opening up new horizons for art, or just a new hype? The professors have provided a comprehensive and in-depth view at this issue.

Presentations opening the ATF24 international series

The plenary session with the theme “NFTs – ARTISTIC INNOVATION OR JUST A NEW HYPE” opened the ATF24 international series of UEH. The keynote speech attracted the participation of many experts, researchers, businesses, artists, authorities, lecturers and students from the country and abroad.

The keynote speaker were Prof. Alvaro Barbosa – Vice President of Saint Joseph University (Macau) and Prof. Daniel Farinha – Senior Lecturer from Saint Joseph University. Prof. Alvaro Barbosa is an expert in the field of Media Arts and Technology. Prof. Daniel Farinha is an expert in the field of Information Technology, with more than 10 years of experience in the fields of system management, digital marketing, biotechnology, telecommunications and education.

Image 1. Prof. Alvaro Barbosa and Prof. Daniel Farinha from Saint Joseph University (Macau) at the plenary session

The future of NFTs depends on the collaboration of artists, technology experts, investors, and the community in building a healthy and sustainable ecosystem

In recent years, NFT (Non-fungible token) has become a phenomenon that has attracted great attention in the art world. NFT is a type of digital asset built on blockchain technology, representing the sole ownership of a digital item. Unlike cryptocurrencies that can be interchanged, each NFT is unique and cannot be replaced by another NFT. NFT can be used to represent a variety of assets, from digital artwork, music, and videos, to virtual items in games. NFT has revolutionized the art industry, creating a creative space for artists. By removing traditional barriers, this technology allows creative talents to directly connect with their audiences and freely express themselves through their works. Many digital artworks are sold for millions of dollars in the form of NFTs, leading many to question whether NFTs are truly a breakthrough for art or just a new hype.

Professors Alvaro Barbosa and Daniel Farinha have analyzed NFTs in-depth and pointed out that NFTs open up opportunities for artists to sell and to own digital works authentically thanks to blockchain technology. This helps solve the problem of ownership and uniqueness of artworks in the era of digital reproduction. According to Professor Alvaro Barbosa, NFTs are bringing the art world into a new era. Previously, artworks were associated with uniqueness and authenticity. For example, a painting or a sculpture only existed in one original. However, the digital era has changed this. With NFTs, artists can create multiple digital versions of their work, but each one remains unique thanks to being recorded on the blockchain. This opens the door to the creation, storage and trading of art in the digital age. The professor gave insightful views on the pivotal role of NFTs in shaping the future of digital art. With a pioneering vision, he emphasized that the birth of NFTs marks a historic turning point, charting a new chapter in the history of human art. In the past, physical presence and uniqueness have always been the factors that determine the value of an artwork. However, with the explosion of digital technology, these traditional boundaries have gradually been erased. NFTs have opened up a new space where artists can create and distribute digital works while still ensuring authenticity and uniqueness. Each NFT is securely verified and recorded on the blockchain, making it unique and impossible to copy or counterfeit. This innovation has unleashed the creative potential of artists, allowing them to express their talents and visions through new media beyond traditional frameworks. Professor Barbosa believes that NFTs will drive innovation in the field of digital art, opening doors that have never been explored before.

Image 2. Prof. Alvaro Barbosa at the presentation

NFTs also bring great freedom and creative potentials to artists. Professor Farinha discussed the artists’ experiments with NFTs. From impressive visual artworks using impressive digital effects to generate art created by complex algorithms, each work shows a creative vision beyond the limits of traditional art. NFTs allow artists to overcome the limits of traditional media, exploring new possibilities of digital art.

Images 3,4,5. Some types of NFT artworks

In his inspiring talk, Professor Farinha presented the groundbreaking ideas related to the strong development of NFTs in the art field. He described how NFTs provide a new platform for art exchange and preservation, and a powerful force for creativity and innovation. The professor gave many examples of bold and groundbreaking NFT works that artists could hardly create with traditional media before.

In particular, Professor Farinha emphasized the great potential of interactive works that incorporate programming codes, where viewers can directly interact and influence the artwork. These are beyond simple works, rather, this is an interactive experience opening up new possibilities for communication between artists and the public. With NFTs, the boundary between artists and viewers is gradually blurred, creating a new creative space where art is no longer limited by traditional rules or media. Creativity is fueled by technology that have never been explored in the history of human art.

Image 6. Prof. Daniel Farinha shared at the session

In addition, NFTs are reshaping the art business model. Previously, artists often relied on studios and distributors to access the market. Currently, with NFTs, artists can connect directly with fans and sell their works through digital marketplaces. This helps artists regain control of their works and potentially increase their income to promote a circular economy in the artist community.

However, the explosion of NFTs raises other concerns. According to Gartner’s “Hype Cycle” model, the necessary question is whether NFTs are at the peak of expectations and to enter the skepticism stage.

Image 7. Gartner’s “Hype Cycle” model

Copyright issues, the spread of unauthorized copies, or the true artistic quality of NFTs are also additional concerns. Furthermore, the environmental impact of minting NFTs and trading NFTs cannot be ignored. Therefore, platforms listed as Hic Et Nunc and Teia have been working to build a more environmentally friendly NFT ecosystem by using lower energy consumption blockchains such as Tezos and Ethereum Layer 2. This significantly reduces the carbon footprint associated with mining and validating NFT transactions. Another important aspect of NFTs is the ability to record the evolution of interactive artworks online via blockchain, creating a transparent and immutable history of the artwork’s origin, ownership, and modifications. Professor Farinha introduces the ARKIVO.ART research project that enables interactive NFTs, aiming to preserve them from changing APIs and technologies by creating a virtual environment that stores the entire artwork.

Image 8. ARKIVO.ART Research Project

NFTs are opening a new and promising chapter for art. With NFTs, we are witnessing the intersection of art, technology, and economics in the digital age. Although there are many challenges ahead, the potential for creativity and innovation in NFTs is undeniable. The future of NFTs will depend on the collaboration of artists, technology, investors, and the community in building a healthy and sustainable ecosystem.

Image 9. UEH leaders and speakers taking photos with each other at the presentation

It can be stated that NFTs are not only a new technology trend but also a potential revolution for the art world. With constant innovation and the cooperation of the community, NFTs promise to open a new chapter full of creativity for art in the digital age.

TF24 – A platform contributing to orienting the future of the young creative generation towards sustainability

In the development trend of the ArtTech field, the international activity series ArtTech Fusion (ATF) is organized annually by ArtTech Hub (ATH) under the UEH College of Technology and Design (CTD), University of Economics Ho Chi Minh City (UEH), and coordinates with domestic and foreign units with different themes each year.

2024 is the third time the ArtTech Fusion international series is held with the theme “New ArtTech for Future Generations” to inspire and promote creative thinking and innovative actions of future generations, contributing to building a sustainable society.

Throughout the 3-day ATF24 journey (October 22-24, 2024), there are more than 30 academic and practical activities including 05 keynote speeches, 10 special sessions, 05 parallel sessions, 05 workshops, 01 book chapter, 09 exhibitions, 01 heritage connection trip, 01 tangible performance.

Author: Ms. Tran Le Quynh Anh – University of Economics Ho Chi Minh City

This article is part of the series spreading research and applied knowledge from UEH with the message “Research Contribution For All”. UEH cordially invites readers to wait for the next UEH Research Insights newsletter.

News, photos: The Author, UEH Department of Communications and Partnership