How this Bollywood actress is bringing NFTs to center stage

by James · May 9, 2023

This article was originally published on the Benzinga India portal.

Lisa Ray, the multifaceted personality known for her contribution to the entertainment industry, modeling and philanthropy has added another feather to her cap. Her last attempt, TheUpsideSpaceis a pioneering and curator-led platform focused on promoting digital art and the innovative technology of NFTs.

Ray, aged 51, co-founded TheUpsideSpace with a Singapore-based art collector and philanthropist Ayesha Khan. The two met during the early days of the pandemic in Singapore and shared a desire to make contemporary art more accessible to a wider audience and to modernize the art world while harnessing the potential of Web3 technology.

The platform was launched with the mission to bring forth a new generation of artists from South, East and West Asia.

Opening the gate for artists

She believes that the main goal of TheUpsideSpace is to offer all artists, including digital artists, access to technology. “We work with diverse artists, including digital artists who in some cases are digital natives. Our exhibitions vary in content and approach, and delight in the diversity of expression.”

This digital artwork is an artificial intelligence artwork. Here begins the journey of rebirth, inviting you to throw away the old and embrace the new, to transform and evolve into a new form of being. This artwork is from the series REBORN. (Photo: TheUpsideSpace)

TheUpsideSpace consists of an online art lab, a maker studio, and an inclusive community for discovery and discourse. It serves as a platform for both traditional visual artists new to NFTs and new media artists looking to expand the reach of their experimental art.

“We launched in December and managed to hold five digital exhibitions that were very effective in promoting young artists in different regions. This has become our de facto launch pad, even though we are primarily a digital art platform,” says Ray Gasoline India.

NFTs — The Game Changer

For Ray, the introduction of NFTs has transformed the art world, bringing benefits to both artists and collectors, such as authenticity, provenance and collecting solutions. “With NFTs, you get transparency and direct communication with artists, which is not encouraged in the traditional art world. Traditional art buying involves a lot of hoops to jump through, which makes it a difficult process,” said Ray.

She explains that every period, movement and disruption is initially met with resistance, which shows that innovation and progress are taking place.

“For example, the invention of paint tubes made it possible for artists to paint on location, leading to the Impressionist movement. Today, these paintings are worth millions of dollars and are seen in museums and institutions, but when they were first introduced they were met with with resistance. However, every period, movement, and disruption is initially met with resistance, which is a healthy indicator that you’re on to something.”

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UpsideSpace is geographically agnostic and does not necessarily target specific geographical regions. “We are planning a phygital exhibition in New York in September to engage diasporic communities interested in the art movements happening in their homelands. We have many different thoughts that drive our platform.”

Not everyone’s cup of tea

Ray faces a significant challenge in navigating the divide between two distinct NFT buyer demographics: those who view NFTs as stock market investments, and those who appreciate NFTs as art. “This issue has made it difficult to effectively articulate the nature and intricacies of TheUpsideSpace’s platform to both traditional and web 3.0 collectors, often leading to confusion.”

Responding to concerns about the environmental impact of NFTs, she noted that the team at TheUpsideSpace from the beginning engaged in debates about which blockchain technology was best suited. In the end, they chose Ethereum (CRYPTO: ETH) blockchain, which implemented Proof of Stake and thus became more environmentally friendly.

Undaunted by the repulsive and controversial, the motifs in Soika’s artwork are derived and denoted with a sense of humour, juxtaposed with the serious reality of death, environmental destruction and self-deprecation, with a pornographic outlook. Hailing from the Philippines, he uses the iconic Jollibee logo as a symbol for the masses. (Photo: TheUpsideSpac)

“We are aware of the environmental impact of blockchain technology and that has driven our initial decisions. We will continue to track this and explore various solutions, such as carbon emission schemes. When we launch our Genesis NFT, we may be able to integrate some solutions to address this issue . It’s definitely a conversation we’re having and are aware of.”

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Ray’s Two Cents On Artists

Ray provided insight for individual artists entering the NFT space, acknowledging current developments as the market continues to mature.

According to Ray, authenticity and self-expression are key in the web 3.0 space, where audiences value art quality over the artist’s off-market reputation. “The market is still maturing and can be hectic at times. As an individual artist you have to promote yourself and become your own brand, which was previously done by gallerists. If you have a strong narrative and a strong expression, it will find an audience, but being on Twitter is important, she said.

She emphasized that staying true to oneself while adapting to the evolving environment is critical to success in the NFT space. “It’s important to be authentic and be yourself, but this market will mature and people will want to invest in quality for the long term rather than flip.”

Read more: How India’s first full-time NFT gallery hopes to address challenges faced by the country’s artists

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This article Art Of The Future: How This Bollywood Actress Is Bringing NFTs To Center Stage originally appeared on Benzinga.com