Understanding NFTs
A Gallery’s Fraser Scott speaks to Ramsha Vistro who digs deeper into the world of digital art and raising funds for Ukraine
Non-fungible tokens, largely known as NFTs, have gained a lot of momentum in recent years. But there still seems to be little understanding around this form of digital art within the traditional art world. Fraser Scott, the director of A Gallery, tells us everything you need to know about NFTs and how you can help raise funds for war-torn Ukraine.
HOW DO NFTS WORK?
FS: NFTs are digital items, often images, that cannot be exactly copied because they have very complicated codes attached to them. The simplest way to understand them is that they are a solution that can be used by artists. They allow artists to sell works digitally which people can display on screens in their homes.
WHY ARE THEY TRENDING?
FS: A small group of people interested in cryptocurrency and art have been involved in this space for a long time, making images and initially distributing them for free. But as cryptocurrencies exploded, this community expanded with it. Those initial images that were given away for free ended up selling for multiple millions at auction.
As with any art form, once something gains momentum, then all sorts of collectors and investors get involved – so you had people who had become very rich by trading in cryptocurrencies, spending millions which caused a tremendous amount of attention from other sectors of the art world. I predict in 10 years’ time, most homes will have digital displays with NFTs on their walls.
HOW IS A GALLERY USING NFTS TO RAISE FUNDS FOR UKRAINE?
FS: When the war broke out in Ukraine, one of the country’s most famous artists, Vladimir Manzhos, released a statement: “Today, I should be in my studio, painting but instead, I’m in a bomb shelter, hiding. My life has been dedicated to picking up a paintbrush and making art but today, I’m asked to pick up a rie and make war.”
When he had to ee his studio, I wanted to help. Together, we sold 53 limited edition NFTs which garnered around £10,000 within a month. 50% of the proceeds were sent to the army and people in need. We believe we can raise an additional £20,000.
You can nd Vladimir’s work for sale at agallery.uk to help with their target. ▫