Non-Fungible Tokens (NFTs) offer a new opportunity to connect the visual and performing arts world in innovative ways. The Adrienne Arsht Center for the Performing Arts of Miami-Dade County has partnered with three recent graduates of New World School of the Arts’ BFA program to create NFTs of unique digital collectibles as part of Lasting Impressions, a world premiere 3D visual art experience ending its critically-acclaimed run at the Arsht Center this week. This is one of the first times a performing arts venue will deliver NFTs as a collectible, enabled in part by the True Tickets secure digital ticketing service and NFT consultant Kristin Darrow.
The three talented young Miami artists who work primarily on digital mediums (selected by Arsht Center partner and gallerist Fred Snitzer) – Ruth Burotte, Alian Martinez Rives, John Medina – each created three pieces of digital artwork that will be minted into NFTs. Each artist created one gold NFT, which will be auctioned off to the general public this summer, with the proceeds of the initial sale going to the artists. One hundred silver NFTs will be distributed to Lasting Impressions guests and the public via a lottery.
All Lasting Impressions ticket purchasers who attend the exhibition will have the opportunity to claim a complimentary bronze tier digital artwork. Silver and bronze NFTs will be distributed at the end of July. A share of all sales of the gold, silver, and bronze NFTs on secondary exchanges will be split among the artists, the Arsht Center, New World School of the Arts, and invested in carbon offsets.
NFTs are a record of a unique digital item stored on a blockchain protocol. “Non-Fungible ” means one of a kind – it can’t be replaced by something identical. Artists have begun using NFTs as a creative medium whereby they can distribute art online and buyers can securely own the digital art. Since the NFT is stored on a blockchain, that means anybody can trace its ownership. Artists can earn royalties through subsequent sales and collectors can feel comforted knowing their digital art comes with a verifiable record of provenance.
“Minting these NFTs for the Arsht Center demonstrates the flexibility our service enables around client-patron engagement and digital content strategy,” said Matt Zarracina, CEO of True Tickets. “Decoupling the ticket from a token provides more flexibility for live event hosts to creatively engage patrons, as they are better able to decide when in the patron journey, they want a patron to own an experience while maintaining control of the ticket as a revocable license. The Arsht Center and the broader artistic community in Miami are forging a smart path to a connected community in a digital world.”
The Arsht Center and True Tickets are making every effort to ensure these NFTs are created in an environmentally responsible way. Only the three gold NFTs will be minted on the Proof-of-Work protocol. The silver and bronze tier NFTs will be minted on a Proof-of-Stake protocol, which consumes a fraction of the energy of Proof-of-Work. True Tickets will purchase carbon credits to offset the carbon footprint of minting the NFTs once final totals are known prior to NFT distribution.