The Artist Management Association (AMA) is a trade organization acting on behalf of companies representing creative talent working in the commercial photography and fine art industries. The AMA provides educational programming, supportive resources, community action, and legislative advocacy for our industry and the artists we represent. The programming aspect includes a webinar series, where leaders in our industry are invited to speak on topics of interest to the membership. . On February 8th, 2023, the AMA broke its webinar attendance record with a discussion on NFT and Web3. An esoteric topic was demystified by experts on the subject Marc Duron, Head of Innovation at Great Bowery, and Sam Summerskill, Director and Web3 Lead Agent at B&A Reps.
It’s no surprise that this was a widely attended event. Web3 and NFTs are on everyone’s minds as they become a life force in our industry and understanding them becomes imperative as reps and artists. The webinar began with Marc Duron outlining the basics of Web3 and how it is a natural evolution of the internet as we know it now.
- Web3 is actually more democratic in its nature, more community-based.
- One of the tenets of Web3 is WAGAMI – We’re All Going to Make It.
- As the backing to the philosophy of the cryptoverse, it creates a sense of togetherness and support, which leads to the decentralization of Web3.
- As consumers, it is up to us to support and create what we want to see within Web3. Which was the genesis of the NFT.
NFT, or Non-Fungible Token is simply a unique digital asset. To compare it to photography, it is the original negative of a photograph. It can be reproduced, but there is always the one original file.
- An example Duron gave was that as an NFT creator, you could sell that asset to a museum gift shop. That gift shop can then create and sell one thousand prints of your creation, but you will retain the copyright on the original. And then if in 50 years, those prints are worth money, you as the creator will still be compensated.
- The biggest thing to keep in mind is that NFTs are stored on the blockchain which acts as a digital ledger. Similar to getting your paycheck deposited into your bank account, any transaction involving an NFT can be easily accessed and reviewed as needed.
With a general understanding of NFTs and Web3, Sam Summerskill then took us through a case study involving his artist MCBESS.
- Summerskill felt that as an agent, it is his responsibility to be aware of visual culture and in turn, new revenue streams.
- He could see the rise of NFT chatter and decided to be a part of the conversation rather than observing from afar.
- Together with MCBESS and a group of developers, they created Cellmates, a collection of NFTs.
- Accumulating in 12 months of work for a number of people, the 4,000 minted components completely sold out in 30 seconds.
- Aside from the excitement that comes from having your work received well, this was a great barometer for the reach of NFTs and the emphasis people are placing on art.
- Duron stated earlier that the popularity of NFTs is a “wonderful way of saying that art is the reason we’re here.” And in a time when there is much to distract us from art, this has us optimistic about where we can go in the future.
It was a lively webinar full of important and relevant information. Each month the AMA puts on webinars, town halls, roundtables and in-person events. While everyone runs their companies differently, there are common issues faced by artist managers across the industry. . The AMA is a platform to collaborate, and share insights and advice to better our community as a whole.
If you’d like to learn more about the AMA, please visit the website (link). To stay up-to-date on essential industry resources, discussions, and legislation, please subscribe to the AMA newsletter.
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