How Does Physical Art Compare to NFT Art? (2024)

As an Artist, I’ve been approached on a few occasions to sell my art as NFTs (non-fungible tokens) and this is a topic I’ve thought about and heard others discussing often. Serious art investors have been debating the topic about the real value and perceived value of NFTs compared to physical art. There are also questions around the copyright, ownership of original digital files. So I’ve been researching and decided to share my findings with regard to the comparison between physical art and art as NFTs, in particular digital art.

What is NFT art and what is an NFT?

NFT art generally refers to digital art that is sold and authenticated through a blockchain-based digital ledger called a non-fungible token or NFT for short. NFTs are unique digital assets that provide proof of ownership and authenticity, and they are mostly used to buy and sell digital art.

The differences between physical art and digital art NFTs

I’m no expert in this field but what I discovered about the differences between physical art and non-physical art such as NFTs, is that they differ in various aspects, in particular, their nature and characteristics. Apparently, this can affect their perceived value in different ways.

Here are a few key ways in which physical art and digital art NFTs differ:

1. Tangibility

Physical art is a tangible object that can be seen, touched, and physically experienced through the senses. It exists in the physical world, and its value is often based on factors such as its the artist’s reputation, rarity, quality, and condition. Digital art NFTs, on the other hand, are purely digital and intangible. They exist only as computer files, which can only be accessed and viewed on computers or device screens such as mobiles and cannot be physically experienced by the viewer in the same way as physical art. A physical artwork can be touched. For example, the texture can be experienced using our physical senses perhaps as an undulating, rough or a smooth surface. This adds another dimension to the viewer’s experience.

2. Scarcity

Physical art is often valued for its scarcity, as there is a limited number of original works that exist. Digital art or NFTs can also be scarce, as they can be created as one-of-a-kind digital artworks or limited editions. However, because digital art NFTs can be replicated and distributed so easily and quickly, their scarcity is less inherent than that of physical art.

3. Ownership

Physical art is often owned by individuals or institutions who have the physical artwork in their possession. One art investor in New York recently commented that holding a physical artwork is everything. Others have said they expect physical art prices to be driven up due to their rarity over widely distributed digital NFT art.

Ownership of NFTs, however, is more complex, as the ownership of a digital file is not always straightforward. NFTs are typically owned through blockchain technology, which provides a unique digital record of ownership, but the ownership of the original digital file can be more difficult to prove. There is still much debate around copyright law and intellectual property rights associated with artwork as NFTs.

4. Permanence

Physical art is often seen as a long-lasting investment, as it can be preserved for centuries if properly cared for. NFTs, however, exist in a rapidly evolving technological landscape, and their long-term value and permanence are not yet clear. There is the possibility that the technology behind NFTs may become outdated or replaced, potentially affecting their value.

Many artists are selling their creations as NFTs using NFTs to authenticate and sell physical artworks, such as paintings or sculptures as well as digital art. For me, selling abstract paintings as digital assets or physical NFTs is something I will definitely explore for the future.

Overall, physical art and digital art NFTs are valued differently based on their unique characteristics and the perceptions of collectors and investors. While physical art is often valued for its tangible, rare, and long-lasting qualities, NFTs are valued for their uniqueness, digital scarcity, and potential for new forms of ownership and distribution.

What was your experience as a visual artist selling digital or physical art as NFTs? Was it a good experience or not? Was it a financial success? What is the one thing you would do differently in relation to selling art as NFTs? I would love to read your comments.