The Value of Curating NFTs
Advisor's Voice
2021 will be the year of NFTs!
2021 will be the year of NFTs!
That was my bold prediction from December of 2020, shortly after I finally wrapped my head around this whole crypto thing — and all it took was an impromptu Zoom call with a few artists and musicians from LA. A couple of YouTubes and Podcasts later, I was all-in on this life-changing ride. I do not claim to be a prophet, in fact, I am fully aware of the fact that I am quite a late bloomer in this game. I was, however, one of the first within my industry to even learn about NFTs, and that industry is the traditional fine art industry.
My mother started working as a gallery assistant in Taipei Lung Men Art Gallery in 1978 — the same year I was born. She would eventually take full ownership of the gallery, and much of my childhood memory consists of doing my homework in my mother’s office, and the frequent gallery reception events, where I would be surrounded by cheerful guests and lots and lots of art. I instinctively became obsessed with drawing and recreated my favorite cartoon and comic book characters and became known as THE ARTIST during my high school years in New York. I had dreams of becoming a professional artist someday but decided to keep my options open by attending the University of Southern California, where I studied Business and Communication but maintained my passion for art by frequenting museums and galleries wherever I traveled.
Fast forward to 2020, after working in the art industry as auction specialist (Sotheby’s) and gallery director (Longmen Art Projects) for the past 18 years, it was time for a change — or at the very least, an adjustment. The pandemic hit the art industry like a bulldozer. It became obvious to many that the key to survival was to force this centuries-old industry to evolve and adapt… or die. Art had to be seen outside of the box (literally and figuratively) and virtual interactions became commonplace. This had already been a growing trend within the art world over the past several years, as the transfer of information moved at near light speed through the world wide web, but the pandemic accelerated it even further, and suddenly, having a strong online presence became a necessity rather than a luxury.
This is where NFTs come in.
Much of the world went on lockdown for months on end, and our collective screen times inevitably skyrocketed. Our intrinsic, insatiable need for stimuli was being satisfied through pixels on our phones and monitors. Digital art, as a medium, had been around for decades, but because of the pandemic, humanity was forced to adapt to a new normal, and thus opened a pandora’s box of digital content that’s validated, presented, and monetized through the marvelous, endorphin-generating new thing-a-ma-bob called the non-fungible token (NFT).
For the first time in history, the crypto and art worlds have come together (and oftentimes clashed) due to the recent boom of NFTs. Social and mainstream media further propelled the spectacle, with the art world gawking at astronomical prices achieved by previously unknown (to them) artists, and the crypto “holders” rejoicing in their clairvoyance, sending shockwave after shockwave through both communities. Since then, both communities have collectively stepped back from the hype and started focusing on more long-term and sustainable strategies. The daily barrage of “hot drops” on certain marketplaces has receded to more thoughtful and managed presentations that are more appealing to both artists and collectors, and most importantly, healthier for the market. Ask any reputable artist and they’ll tell you; their creations were never meant to be flipped within milliseconds after their initial sale.
Andrei Riabovitchev — The Hunter (2021)
Early narratives in NFT discussions have also touted the ability to eliminate all the intermediaries such as galleries and auction houses. Many hailed a more democratized market that removes these so-called ‘gatekeepers’, enabling transparent, decentralized, and direct interactions between buyers and sellers. In the art industry, however, those intermediaries play a vital role in the art world that cannot be automated and replaced by smart contracts: exploring the space, revealing the artists, and further building their profile and value.
As a platform for multi-chain interoperable NFT marketplace and DeFi protocols for Creative Industries, Spores Network will not only feature digital art, but will also include Animation, Collectibles, Fashion, Gaming, and Sport Cards. Spores Network not only aims to inherit and expand the role and mission of an intermediary, our founders deeply believe that a digital “metaverse” is being built today that will revolutionize our thoughts and behavior with respect to living, owning, sharing our physical and digital lives. Crypto enables two exciting and eventual two paths: Decentralization of Ownership, Frictionless Redistribution of Capital.
With over 18 years of experience in the traditional fine art industry, I’ve always believed in the value of curation and emphasis on individual artists and their unique stories. Utilizing the Spores marketplace as well as our physical exhibition venues, we will be able to host regular, offline opening receptions full of cheerful guests and lots and lots of art; as well as online presentations of a thematic single artist and group shows. Spores Network offers our deep understanding and multi-disciplinary expertise and aims to refine the taste and value of NFT art for both the art and crypto worlds.
Jeffrey Lee, Spores Network Art Advisor
About Spores Network
Spores Network founders believe that crypto will lead to decentralization of ownership and frictionless redistribution of capital. Their mission is to create an NFT ecosystem that is creator-centric, community-driven, frictionless, and borderless. Spores Network chooses to be a cross-chain DeFi-powered NFT marketplace defining decentralized pop culture. Spores co-founders include Duc Luu (Nasdaq IPOed serial entrepreneur ), Eric Hung Nguyen (former senior investment analyst at a top-10-worldwide hedge fund and blockchain angel investor), Paven Do (former blockchain & cryptonomics researcher at HK Applied Science & Tech. Research Institute), and a diverse team of advisors across blockchain and entertainment.
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