“You’re saying, ‘I love your stuff, I believe in you...I believe that maybe 10 years from now this investment will be worth double or triple.’ ” - Artist victormosquerar on the NFT bubble and what to expect next in the fast-changing world of digital art.
Like most people, artist Victor Mosquera had no idea what an NFT was two years ago. Mosquera, who is 32, was born in Bogota, and growing up in Colombia provided him with an unusual motivation to pursue his passion for art and music. “The economy there is really bad. There are lawyers and doctors driving Uber because they can’t get a job,” he says, sipping an iced coffee on a windy June day near his studio in Vancouver’s Yaletown.
An NFT, or non-fungible token, is a very long number added to a decentralized ledger. Think of it as an entry in an enormous spreadsheet, which is collectively driven by thousands of powerful computers solving immensely difficult mathematical problems. When an artist like Mosquera “mints” an artwork, they are prompting those computers to generate a new token that represents possession of that work; it’s a kind of digital certificate of ownership that can be bought and sold using cryptocurrency.
Mosquera’s first NFT was for an animated work called “Patterns Unfolding.” It was typical of his style, which features human figures and otherworldly landscapes in a sunset-hued palette of oranges, pinks and cool blues, often set to his own ambient musical compositions. He posted the piece on an NFT marketplace called SuperRare and announced the sale on Instagram, where he has more than 112,000 followers.
There are many NFT skeptics who point out the environmental costs of the medium and its market: a single auction can have the same carbon footprint as a long-haul flight, due to the energy-intensive mining process that requires specialized computers to solve complex math problems in order to generate an NFT’s unique digital signature.
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