Vincent Willem Van Gogh is perhaps the greatest artist of the post-impressionist era. Most prominent artists of the 20th century often waxed lyrical about the influence Van Gogh had on them. There are nearly 2000 masterful creations with his name on them. 2000! Yet, Van Gogh died penniless at the age of 37. He took his own life. One of his most haunting quotes is, “I can’t change the fact that my paintings don’t sell. But the time will come when people will recognize that they are worth more than the value of the paints used in the picture.”
Vincent Van Gogh is now unequivocally accepted as a master painter whose impact on art and culture is as immeasurable as it is profound. Yet, his tale of financial struggle doesn’t churn our guts the way it perhaps should. Perversely, the ‘struggling artist’ is often a romanticized narrative. One that is familiar to all of us. That this narrative is so ubiquitous is a result of the fact that Van Gogh was not the only artist whose career and life was marred by financial ruin. In fact, the list is extensive, diverse, and rather hard to countenance. It is also not restricted to just painters.
Celebrated poet, writer, and playwright Oscar Wilde went bankrupt. Father of Photojournalism, Mathew Brady died in poverty and obscurity, despite the fact that he was the man who shed light on the grotesque horror of war. A gifted and prolific composer, Franz Schubert led a nomadic life punctuated by poverty. This ignominious fate befell far too many artistic gems across eras, countries, and artistic pursuits.
What is perhaps equally depressing is the fact that the artists in the 21st century do not have the tools and support structures they need to stay immune from this quandary. A 2017 survey commissioned by Artfinder revealed that 75% of the artists in the US made $10,000 or less per year from their art. The same report found that 48.7% of the respondents made less than $5,000. The numbers are worse for female artists — 83.6% made under $10,000. Other studies, such as a 2016 census report that showed that only 19% of artists come close to the median income in the United States, buttress the findings of the Artfinder survey.
Why exactly are artists still struggling to make it financially? After examining a report (Livelihoods of Visual Artists) published by Arts Council England, the director of the council alluded to the fact that there is a historic lack of transparency when it comes to negotiations and contracts for artists. This is often cited as a central cause of the problem today. An extensive study conducted by the Amsterdam University Press laid out several reasons why art and artists often find themselves in financial strife. They cite a variety of far-reaching causes such as; the disparity in economic value vs aesthetic value of art, a faulty structure where artists are overly dependent on subsidies and donations, the ever-rising costs associated with producing art, the troubled relationship between art and the state, and the informal barriers that exist in the art world that limit competition. Take all this into consideration and we know why the ‘struggling artist’ is actually struggling. Contingencies like a global pandemic only exacerbate the issue. It should hardly come as a surprise that COVID-19 crippled the sector.
Amidst all the doom and gloom, is there any reason for hope? Is there light at the end of the tunnel (one that is not coming from an oncoming train, hopefully!)? The hope is in fact coming from an unexpected avenue — NFTs
With the NFT explosion, there is renewed optimism in the air as this medium bypasses some of the traditional roadblocks. The mechanism of NFT sales is such that there is no scope for the existence of middlemen. Galleries and other traditional institutions that would traditionally control the sale of art are obsolete in the NFT world. The artist is now directly in touch with the patron, and this means that artists get to enjoy considerably more financial freedom. Crucially, the original creator of an NFT stands to earn on every future sale of the asset. This inherent benefit of a blockchain-powered ecosystem has the potential to transform the landscape for artists.
While we can intuitively understand the potential NFTs represent for artists such as painters, NFTs have the ability to influence other forms of art as well. Case in point: Music. Not only can concert tickets to musical events be turned into NFTs, musicians can also sell a fraction of their royalty shares as security NFTs. Each investor will then receive a unique token and will earn royalties whenever it is collected. Interestingly, musicians can also choose to release elements of their music (such as beats or a bunch of stems) as NFTs. Anyone who buys two or more of these NFTs can interpret the artists’ music in their own way.
This transformation of the music industry began when Kings of Leon became the first band to release their album as an NFT. Popular music collective, Lostboy NFT is already getting much acclaim for combining music with other forms of art. Smart NFTs that are able to support multiple formats can make this possible. Wouldn’t it be neat if Schubert could do this?
Apart from creating art, there are also significant ways in which artists can generate passive income from NFTs. NFTs, particularly those that are in demand, can be rented out. Dedicated platforms such as ReNFT facilitate the renting and leasing of NFTs. There is also an opportunity for artists to stake NFTs. Made possible due to the marriage between NFTs and decentralized finance (DeFi), staking allows artists (or even non-artists) to deposit or lock away NFT-based art into a DeFi protocol smart contract that over time will generate a yield.
Further, NFTs have the potential to bridge barriers in the art world that have existed for centuries. Female artists and artists from minority communities (racial, ethnic, religious, and gender) are likely to get a level playing field. An avenue where their identity is likely to be neither thrust on them nor weaponized against them. As we see more and more NFT projects take centerstage, the landscape for artists is only going to get lusher.
One such woman-led NFT project that is helping the next generation of 3D creators and storytellers realize their ambition is Orbis86. Built on the foundations of diversity and inclusivity, Orbis86 intends to serve the community by contributing in three significant ways; educate, enable, and empower. In order to achieve this goal, Orbis86 regularly hosts educational programs (such as discussions on Twitter Spaces) and actively onboard new communities onto Web3. Not only are all token holders given advanced animation kits to help kick-start their journey as artists, but a plethora of educational material is made available for everybody.
Think back to the trials and tribulations artists have faced for centuries. While it is never inappropriate to retain a certain amount of skepticism till skepticism is unwarranted, given how the landscape is changing, hope is rational!
