Crypto Art, NFT, and Conventional Art Market Disruption - Tirto Indonesia preview
Pio Diamandis highlighted the opportunities and challenges of NFT art for the Indonesian platform Tirto.

May 10th, 2021

Diamandis, Pia: Seni Kripto, NFT, dan Disrupsi Pasar Seni Konvensional, Tirto, Jakarta Selatan, Indonesia (May 9th, 2021):


Translation: Although it has many advantages that artists can take advantage of, crypto art with NFT in fact also cannot be separated from several shortcomings. According to artist Martin Lucas Ostachowski in the essay “Crypto Art: A Decentralized View” (2019, PDF), cryptocurrencies are susceptible to significant exchange rate fluctuations in a short period of time. This makes the price orientation of crypto artwork also chaotic. New collectors may be more used to it, but senior collectors who are not familiar with cryptocurrencies will find it difficult to adjust. “The question is whether the artist is willing to revise the price of his work during a period of high fluctuation. Also, is it possible for the platform to consider locking the selling price to a conventional currency rate,” wrote Ostachowski.