Kristel Bechara made history as the first female artist from the UAE and Middle East to launch a painting which will only be available as a non-fungible token (NFT). F or those of you who are not aware, NFTs transform digital works of art and other collectibles into unique verifiable assets that can be traded through blockchain technology. Kristel tells us how NFT is the future of digital art!
What is NFT? How does it work?
NFTs are basically smart contracts produced (or minted) in the blockchain (currently Ethereum is the leading this space). They are an immutable digital record where each NFT can represent a unique digital item, and thus they are not interchangeable. NFTs can represent digital files such as art, audio, videos, items in video games and other forms of creative work.
NFTs directly address the concerns of scarcity and authenticity that buyers and collectors of physical art have when it comes to acquiring digital art. NFTs are produced with the help of blockchain technology, which just like the Bitcoin, provides a secure record of transactions. This helps in maintaining an unquestionable proof of ownership and provenance that ensures that original artworks and their owners are always identifiable via the blockchain.
What made you pursue NFT art?
Over the past couple of months, you could not really talk about digital art without segueing into the topic of cryptocurrencies and how they are shaking up the art world. Having always been fascinated by the topic of Decentralised Finance (DeFi), I wanted to be an early adopter of this amazing technological development into how I presented my art to the world. I started by accepting payment in cryptocurrencies on my website shop then I discovered NFTs, thanks to a casual encounter with some friends at the gallery when we briefly talked about the topic and it triggered my curiosity, so I started learning about it.
Recently NFT projects have emerged on a massive scale. When you approach a new NFT project what is your evaluation process?
Initially, I brainstorm on the concepts and ideas that I am attempting to convey with the specific NFT artwork. I think about the story telling aspect of the project as well, since I want viewers of my work to be taken on a journey within, where they question their beliefs and perceptions. Once I have these details finalized, I try to explore all the possible ways on how the artwork can be displayed digitally. Then, I proceed with actually producing the artwork, ensuring that I am staying true to my style which is one of my greatest artistic priorities.
What is your opinion about the current NFT space in general?
There is so much that NFTs and blockchain technology has to offer. This is not only a shining new opportunity for art collectors, but it is also a great one for digital artists like me. NFT allows for artists to receive royalties every time their artwork is traded or sold which is incredible as this allows them to keep reaping the financial benefits of their work perpetually. Plus, with NFT rapidly becoming the gold standard of authenticating and validating digital art, the market for digital art investment is quickly expanding leading to higher demand for our work. This will certainly evolve the market exponentially over the years and it will make it even more mainstream than it already is.
The main challenge that the NFT space currently faces is that it is still relatively new and there is a slight learning curve when it comes to dealing with NFTs which can be a deterrent for artists to adopt and utilize the technology. However, with the growing mainstream publicity and the technology evolving and becoming more simplified and accessible, we will see a growing number of local and international artists using NFTs to sell their art in the near future.
You are a successful NFT artist. How can new artists follow in your footsteps.
Before any new artists try to capitalize from the burgeoning NFT market, it is important that they work on creating and finessing their own unique style which can be immediately associated to them. As this will set the foundation for not only the NFT art that they will produce, it will also help in building their brand and legacy as an artist.
What is the most important thing that new collectors and new NFT artists need to acknowledge before they enter the NFT world?
Firstly, anybody new to the NFT world needs to do their research and due diligence. There are constant developments happening with the technology and we need to stay updated in order to maximise what NFTs have to offer to us. Additionally, it is crucial to understand and acknowledge the varying degrees of risk that is involved when it comes to trading with NFTs.
What is your Ultimate NFT dream?
My ultimate dream and goal would be able to put together an innovative exhibition, where I am able to display all my NFT artwork in a manner that is both immersive and thought provoking. This is something that I am working towards and I have already started brainstorming and researching on how I can possibly achieve this.
Visit https://www.atelierkristel.com/ to know more.