Media: Developing Ideas & Initial Research

 After considering my ideas I have decided that the one where I could do something that really adds to my skills is creating the digital art and using this on a gallery to sell as Non Fungible Tokens (NFT) as this is something I would like to investigate and it has a real world context.  Investopedia states; 'Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions' (Sharma, 2022).  An NFT can be a digital version of the original artwork and the British Museum allow you to own an NFT copy of original artworks, these are limited edition and can reach high prices but you then own the digital asset.

The ghost at Sara-yaskiki, from the series One Hundred Ghost Tales

Katsushika Hokusai (1760-1849)

This is from the British Museum collection and there are 2 editions available so is 'Ultra Rare' and these are being sold for £99,000 as an NFT.

Clear Day with a Southern Breeze ('Red Fuji'), from the series Thirty-six Views of Mt. Fuji

Katsushika Hokusai (1760-1849)

Again this from the British Museum - this one is worth £100,000 and there are 10 editions 

The rarer the price the higher the price and the museum make it clear you do not own the original painting just the NFT version.  

In my own digital art project I would like to create a collection of perhaps 4-6 works that could be sold as NFTs.  Further investigation and research would be needed on how to make these digital assets once created so I will explore this and will join a NFT gallery and set this up.  

The collection itself I would like to do something perhaps with the Dolls as I think these might work well on the NFT market - below was my original doll head but I could create a new doll version for a new series. I will use stock imagery for the background and I will explore this further as I look at other examples of Digital Art.

References

Sharma, R., 2022. Non-Fungible Token (NFT). [online] Investopedia. Available at: https://www.investopedia.com/non-fungible-tokens-nft-5115211 [Accessed 5 April 2022].

The British Museum: La Collection. 2022. [online] Available at: https://lacollection.io/marketplace [Accessed 5 April 2022].