Kevin McCoy Reflects on NFT Boom, Bust, and Digital Art's Future

In an interview with Anika Meier for SLEEK, Kevin McCoy, widely regarded as the inventor of NFTs, discusses the rise and fall of the NFT market, the evolution of digital art, and his original concept of 'monetized graphics.' McCoy, who created the first NFT 'Quantum' in 2014, explains that his initial idea was to enable digital artists to own and transfer their work via blockchain, not to create a speculative market. He notes that the NFT boom of 2020-2022 was driven by Ethereum's technical infrastructure and DeFi-generated wealth, but that wave has passed. McCoy distinguishes his work from earlier digital notary services like Ascribe by emphasizing transferable ownership. He critiques the reduction of art to wallets, referencing Vuk Ćosić's comment that 'NFTs got the wallet.' McCoy also discusses the tension between digital art and the traditional art world, noting that digital art has long existed in fairs but remains a minority. He expresses optimism about the creative side of NFTs but acknowledges the financial challenges artists face, advising them to control costs and persist. The interview covers McCoy's collaborations with Jennifer McCoy, his views on platforms like Art Blocks, and the role of community and marketing in the NFT space.