April 14, 2021

Still from Urs Fischer's CHAOS #1 Human (2021). Photo: Urs Fischer
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An NFT frenzy is raging and artists want in. From museum darlings to digital upstarts, artists across the marketplace say nonfungible tokens could be a game-changer, roiling gallery loyalties and reshaping what creators can demand financially and how they work.

The NFT craze continues apace, even as signs grow that the bubble might be about to burst. Urs Fischer, the Swiss artist, became the headline name being used to promote a new auction app by former Christie’s head Loïc Gouzer. A non-fungible-token (NFT) by blue-chip artist Urs Fischer brought in $97,700 on the auction app Fair Warning on Sunday, marking the artist’s first foray into a medium that has thoroughly disrupted the art market in a matter of weeks.

Subsequent works in the series, which each consist of two everyday objects that have been digitally scanned then animated so that they appear to collide into each other, will then be sold through various other locations, including the website of the artist’s bricks-and-mortar gallery Pace.

The sale of Fischer’s first-ever NFT—a unique digital token encrypted with the artist’s signature and individually identified on a blockchain—marks the first offering from CHAOS, a new body of work that comprises 501 individual NFTs. CHAOS #1 Human, an animation based on a 3D-scan of a lighter encircling an egg, had a starting bid of $1,000, but soared up to almost $100,000.

The rest of the art world is still catching up to what NFTs do and how they might transform transactions. Museum trustees said they are adding cryptocurrency to their portfolios—while dealers and art advisers are trying to pinpoint which NFT artists are trendy. Auction houses, early out of the gate, are tacking on classes to teach collectors the ropes. On April 26, Christie’s education arm will hold a three-day online course titled the “Comprehensive Guide to NFTs.”

Gouzer is best known as being the auctioneer who brought the hammer down on Leonardo da Vinci’s Salvator Mundi when it sold for $450.3 million in 2017. “I haven’t felt so much energy since the YBAs,” Gouzer says, a reference to the wildly popular Young British Artists, like Damien Hirst and Tracey Emin, who rose to worldwide prominence in the 1990s. “There is this whole world that we didn’t know. And there is an appetite for art that is huge, by people who don’t necessarily feel welcome in galleries.”