The Future of Art in the Metaverse
Intro
It’s impossible to define the metaverse. Some call it a virtual world accessed through a browser, others a massively multiplayer game on a PS5 or Xbox. While our definitions may vary, we can all agree that we are in the midst of significant cultural shift towards a digital future. This future will be defined by communities and DAOs, blockchain ecosystems, AR/VR worlds, and NFTs but art ties it all together. Art is the front page of global infrastructure shift towards web3 — from creators building their versions of the metaverse, to NFTs as profile pictures, and monetization of artwork for new revenue opportunities.
Art as a status symbol
Art has always been a form of status. Purchasing a Banksy or a Monet immediately raises your cultural status. But you would never make a Banksy your profile picture on Twitter. Why?
Physical artwork is best displayed on the walls of our home or in a museum. In these places we can be certain of origin, originality, and ownership. Reproducing an artwork online doesn’t make sense as this would immediately lower its perceived value. NFTs have flipped this relationship on its head. With blockchain technology we can track origin of digital items and be certain of ownership regardless of the medium. Without the physical limitations of our walls at home, the world has taken to displaying their prized possessions on twitter, linkedin, and instagram — the places that matter.
I’ve never seen so many animal pictures as profile images on Linkedin.
There’s also the community aspect. Owning an NFT isn’t just about the art but also the values it represents. Owning a BAYC means that you were on the ground floor of one of the biggest cultural movements of our generation. Owning an RTFKT means you have a stake in Nike’s bet on digital wearables and fashion. There are countless NFT projects that come out everyday, each with a front-end piece of artwork that grants you access into the exclusive community and values that surrounds that project.
Art & Escapism
Art has always allowed for a certain level of escapism. From cave paintings to early science fiction, art has the ability to push our imaginations into new worlds. More recently, the accelerated shift towards everything metaverse and digital has, in large part, been influenced by our desire to escape. Rather than staring at our bedroom or apartment walls amidst lockdowns and covid, we found that virtual worlds were much more enticing.
Virtual and augmented reality technologies have progressed to a point where we can create truly incredible art.
Performance with VR/AR used to be so limiting that we were relegated to pixelated cube-like structures which (to be honest) did not do much for the imagination. Now anyone with 3D software, a cellphone, and a bit of creativity can build worlds that offer true escapism.
New Revenue Opportunities
In the past, a digital artist working to make a living would list their services as a freelancer and create one-off projects for clients. Skilled artists would be hired by those companies for full time roles. But today, minting artwork onto the blockchain combined with an active community of buyers and sellers has opened new revenue opportunities for these artists. This trend will continue as creators and corporations jockey for position in the metaverse.
This happens across all creative industries. However it’s the creators who have been marginalized who stand the most to gain. Take music for example. A musician earns the majority of their streaming revenue income from DSP’s (digital streaming platforms). Due to the nature of record label agreements with these artists and platforms the original creator earns a fraction of every dollar generated through streaming.
In the blockchain economy these artists can create new revenue streams which actually produce a living wage. Take the electronic music Jacques Greene. “Another Girl,” his track from 2011 has 7 million plays on Spotify, netted him about $27,904 in royalties from the platform. Recently, he sold an audio loop and GIF of a stippled figure called “Promise” for 13ETH (roughly $37,000 USD). A six second AV loop bid upon for 24 hours brought in more royalties of a song that people around the world may have played as they walk to work, cook dinner, party with friends, on a first date — over the course of a decade.
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