This week, renowned NFT digital artist Fvckrender surprised his followers with a controversial tweet. Accordingly, the CryptoPunks collector now thinks that giving utilities to art will ‘kill NFT’ art’ altogether.
This interesting point of view sparked a long conversation among prolific collectors and fans who debated the answer. Can utility NFTs destroy the art itself?
Utility NFTs are killing the art, Fvckrender says
Fvckrender is among the top digital 3D on the NFT market, and for good reason. His outstanding art skills have been praised by Christie’s, and he collaborated with brands like DIOR and Supreme too. With more than 134,000 Twitter followers, Fvckrender’s opinions on NFTs undoubtedly matter.
On December 26th, though, the artist surprisingly wrote that we should all ‘stop giving utilities to art’ in a tweet:
Of course, fans and followers quickly responded to the message. While some agreed with Fvckrender’s statement, others pointed out that NFTs with utility adds the much-needed liquidity perk to the digital art market. At last, collectors such as Twitter user @loicRambo believe that both forms can happily co-exist:
It’s not either-or. It’s both. There can be utility on top of NFT art, art without utility, and both can co-exist. The expectations for one don’t influence the other, the world is abundant enough for that,” @loicRambo said.
Is Fvckrender right about his statement?
This year, many NFT projects of all categories enjoyed a roaring success. Fantasy football game Sorare, for instance, scored deals with the biggest (real-life) football groups worldwide, including FC Barcelona and Real Madrid. Its NFT collectible trading cards can be used within the game, adding to their value.
Nevertheless, collections such as Art Blocks‘ Fidenza and Chromie Squiggle sold for more than $3 million. Obviously, collectors are hunting such pieces on secondary markets. Although they pose no utility beyond the art itself, such NFTs proved that they can be just as successful as those with utility, if not more.
As 2022 will unfold, we’ll definitely understand more about the value of utility NFTs, as well as when (and if) we should ever give up on this concept.