THE ARTISTIC STATUS GAME
Telling a joke and getting laughter from the audience in return.
Being famous.
Knowing someone famous.
We, human beings, have grown up to mostly connect status with wealth and recognition, while massively failing to understand that status, as an entity, is around us in the tiniest as well as the largest of occurrences. Humans, being social animals, get a certain kind of thrill when it comes to validation that is achieved and acquired on the get-go. We can associate validation with your way of living, like Jeff Bezos breaking up a bridge to let his yacht pass by.
Investopedia defines a status symbol as an object that brings its owner, social esteem and contributes to high economic standing. In the bygone era, the rulers used tangible assets like gold to show off their wealth, or they organised huge ceremonies just to display the wealth they had accumulated over the years. Some went as far as collecting rare artistic pieces to prove their prowess.
Collecting art has always been considered a luxury, and the masses have always been far from the concept as we know it. However, in today’s era, digital assets have absolutely changed the game.
In the realms of art, status as a symbol has different connotations altogether. Whereas wealthy and rich people have long used art to showcase their wealth, the poorer masses could never understand what buying art could bring for them.
Now, I am not a psychologist or an anthropologist, but a quick view of the society around me helps me understand that wealth is an important measure of success and status.
Because of the importance of money in our capitalist-driven society and the common masses tamed as consumers, rich people have been repeatedly praised. Now, combining this appreciation with an inherent desire to be seen and admired by our peers leads us towards status showcasing. Therefore, it is not only important to possess wealth but also to display it to the public.
Earlier, purchasing premium clothing from brands like Prada was seen as a public display of wealth. But what happens when you spend most of your time online without stepping outside your home?
That is where digital art, in the form of NFTs, enters.
For lack of better words, BoredApes Come Together.
The Online Identity
If you have been on NFT Twitter lately, you’ll know that many people are opting to use NFTs as their display pictures. Even though it is done to be a part of a community, the NFT aficionados understand the value of high-end NFTs. It is not wrong to say that having these NFTs as your display pictures can be the physical world equivalent of purchasing a Lamborghini and riding it. Now the point is, why are people interested in the purchase of a pixel image that is available for free to download and use over the internet? Psychologists call it the phenomenon of “top-down influence of perception.” We, human beings, not only ascertain the value of an object based on visual input but also on back-end knowledge. Knowing you own a piece worth a million dollars will boost your pride and provide you with almost the same thrill as your Lamborghini.
From the fear of being too technical, it is the thrill of owning something that makes you well aware of your online presence. Therefore, art in the digital world becomes your status symbol.
Investment Machinery
Something remarkable has been happening in the investment avenues of the NFT frenzy. With huge demand and speculation, investors are frolicking toward blockchain-powered assets to secure the bid. Investors understand that the web3 revolution will multiply their profits and therefore opt to invest in digital art. Not to mention that there is the possibility of earning money as well as bragging rights in this case. Top investors like Mark Cuban and Elon Musk have emerged as the early adopters of NFTs and see them as huge potential assets. Well, if that is not a sign of growth, we don’t know what possibly is.
Art for the Masses
It won’t be wrong to say that the ease enabled by NFT creation, collection, and investment, has allowed it to be a blessing for the masses. When it comes to art, the masses have always been intrigued by the nuances that go around art collections. With digital assets gradually gaining acceptance as a general platform, the general public can create, invest in, and display the status associated with an art collection.
As long as the crypto space remains unregulated, it gives power to the common man to delve into his path.
The Future Status
With art changing its form from the physical world to a digital realm, the possibilities are still untapped. However, it would be right to admit that people associating their status with NFTs has been a major push in its direction.
