The Art World Underestimates the Power of NFTs
With this change in the commission set up, there will also be a change in the power structures: Similar to the entertainment industry in the 1930s, the power in the art world will shift from the distribution channel (galleries) to the creators (artists). And with more independence for artists also comes more responsibilities. In a world where collectors communicate directly with the artists, who is selling the works, then, when the artist is busy creating? In order to sustain this shift, artists will need to become more entrepreneurial and learn to manage new tasks. Some will hire more staff, others will gladly work with galleries that take on the jobs of selling, promoting, placing and supporting – roles galleries today are already performing. But the power dynamics will have switched.