NFT Art: Why the NFT Market Failed Most Artists

NFTs aren’t a new opportunity — they’re a new form of humiliation for most artists.When average art spending by HNWIs fell 32% last year, it made sense to look for alternative ways to sell art… but NFTs probably aren’t the answer.

I’m not a hater, and I don’t think the technology itself is hopeless or uninteresting for artists.

Unlike the traditional art market, NFTs aren’t tied to a specific city, place or time, which makes them a great opportunity for artists to connect with a global audience.

At least in the blockchain space, you won’t be asked to squeeze between two naked people to enter a Marina Abramović exhibition, nor will you be banned from entering because you have a penis.

And then there are generative and dynamic NFTs (my personal favourites — and basically dead by now), where you co-create something together with the artist.

That’s a unique and beautiful experience worth paying for.
But there are problems.

Soon, “I sold my NFT collection and it didn’t lose value” might sound just as prestigious as “I exhibited my work in a national gallery.”

But for now…
“Congratulations, you can’t sell your physical art, and now you can’t even sell your art as NFTs on the blockchain.”

Let me guess…
Both you and I probably know someone who successfully sold their art as NFTs.
And that’s great.

It’s even better that we don’t think about the tens of thousands of artists who tried and failed.

Both you and I have probably also bought an NFT that lost value and is now almost worthless in the eyes of the market.

Such a lovely experience.

If we look at the NFT market today, we mostly see things falling from their peak values: prices of famous NFT collections are down, the number of active wallets has fallen, and major collections have lost value.

NFTs were supposed to be an opportunity for artists to sell more work online.
Instead, for many artists, they became another opportunity to fall into depression and realise that no one wants your NFTs either — even if you’re already a well-known artist.

So, what’s the problem?

*Here I’m referring mostly to dynamic and generative NFT collections and the current market.

Too many fees for such a simple system scare off traditional art collectors.

You pay fees when buying cryptocurrency.
Fees when buying NFTs.
Fees for interacting with a collection.
Fees when selling NFTs.

You even “pay a price” just for owning an NFT if the cryptocurrency itself drops in value — which, let’s be honest, happens often enough.

Large collections are necessary, but they don’t create trust.

The experience of co-creation in generative NFTs and dynamic NFTs, where much of the value comes from interacting with the artist, gets diluted by the sheer size of the collection.

The bigger the collection, the less special each individual piece can feel.
At the same time, large collections are often necessary because the more technologically advanced and interactive the NFT project becomes, the higher its production and maintenance costs.

Flippers NFT Collectors.
The market is still viewed mostly through financial value and is heavily driven by flippers — people buying and selling NFTs for quick profit.
In the end, it starts to feel like NFTs weren’t created for artists.
They were created for people who want to:
mint — sell — profit.

And flippers can destroy the artist’s experience.

If they tank a collection, collectors may lose faith in the artist because the art is “losing value.” If they push the collection to the moon, it becomes harder for new collectors to join — even in future drops.

Is there a future for blockchain art?
The simplest solution — which neither the market, artists nor marketplaces would probably agree to — is to remove the secondary market.
That would shift the focus away from profit and back toward the joy of owning an NFT.

And…

FOMO.

It could change the mindset around blockchain art, making ownership less about flipping and more about reputation — where every acquisition becomes part of your identity, something you want to support and protect.

That could push flippers and concept-less projects out of the market.

Or at least out of specific marketplaces.

To grow and survive, the market needs new collectors and serious artists.

And for that, we probably need a blockchain art platform whose negative reputation and lack of trust are balanced by the image of a prestigious, respected brand.

You might say:
“We already have Christie’s 3.0.”
Sure.

But compare it with Christie’s traditional platform and honestly ask yourself:
Which one feels like it was made for people who actually love art?
For now…

It’s not that artists weren’t ready for NFTs. It’s that NFTs weren’t ready for artists.

...your worst artist and best friend,

hEhe and my contemporary art criticism

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