I began collecting NFT art in April of 2021, focusing mostly on Art Blocks.
Looking back, my experience of being an NFT art collector has passed through 3 distinct phases.
Each phase has been unexpected, fascinating, and rewarding in its own way.
Here goes…
Phase 1 – Child-like wonder, delight and community
When I first began to buy Art Blocks pieces in late April of 2021, it was definitely with a sense of child-like wonder. And it wasn’t just about buying digital art. It was about being able to mint art… clicking on the Mint button and knowing that you were part of the process of creating a new and unique output.
That sense of being a participant in the process of creating generative art was intoxicating and addictive.
Side by side with buying the art was the experience of being able to connect with the artists on Twitter and in Discord. Buying art in the physical world is a fairly solitary affair. Maybe you get to meet the artist, or perhaps just a gallery owner. But once you’ve made your purchase, you’re pretty much on your own.
With NFT art, you not only get to interact with the artist, but you also become part of a larger art-loving community. And you can participate in the community for as long as you want.
That period – which for me was from late April to late July of 2021 – was an experience I’ll never forget. It was beautiful. It had a child-like innocence to it. We all got to play and to create.
Phase 2 – The loss of innocence, messy buying and careless selling
What changed after July of 2021?
Money.
The price of NFT art collections went crazy. So did gas prices. And suddenly it felt like everyone was flipping and trading, shouting and screaming. Not everyone, but some days it felt like that. Where had the love of art gone?
I wasn’t immune. I got caught up in the idea of being able to buy something on day one and sell it for 5 times as much a few days later.
It turned out that I was terrible at flipping and trading. And thankfully I never did that with the core pieces in my collection. From the outset, there are some pieces I have never listed for sale.
But things were crazy for a few months there, and I made some purchases that weren’t just for the love of the art. And I sold some pieces I should have never let go.
In my defence, I don’t think many of us were completely immune to the money-fever of that period.
Phase 3 – Finding a sense of cohesion and “self” with my collection
The last 12 months have been calmer. At least they have for me.
Sure, the prices of most NFT art collections have been going down, particularly over the last 6 months. And by a lot. But I’m not panicked by prices going down. I never spent money on NFTs that I needed to pay my bills. None of my savings. None of my retirement stash.
Would I like prices to rise again? Of course I would. And I think they will.
Mostly, I now focus on my Oncyber gallery. I don’t show all the art I’ve collected… maybe just a third of it. But I’m slowly beginning to bring some meaning to the collection, a sense of cohesion.
Almost exclusively, the collection comprises pieces from 2020 and 2021.
Also, I’ve been buying back pieces I should never had sold during the crazy times. Not the exact same pieces, but from the collections I want represented in the collection. And I’ve purchased pieces that I somehow missed. These are pieces that have always belonged in the collection, but it took me a while to understand that.
Is there art I would like to own, but which will likely always be beyond my reach? Of course.
It would be great to have a Fidenza. A Ringers too. But honestly, I wouldn’t put them in my current gallery. For me, their reputation and value might somehow overwhelm most of the other pieces in the room.
If I hunger for a collection that’s out of my reach financially, but would definitely fit my collection, it’s Archetype by Kjetil Golid.
Maybe one day.
And from here, what’s next?
I have no idea. And maybe that’s the beauty of it. I could never have foretold any of the first three phases, and I don’t know what’s coming next.
But I do know I’ll always have this amazing memory of having “been there” during the crazy days of 2021.
That’s the memory I’m trying to give expression to in my collection. Like a photo album of a 12-month road trip through the early days of Art Blocks.
Whatever the future brings, I’ll be here.