Yeah, I feel like art produced as a form of trade is just that -- a form of trade, and not really fanart, per se. I've actually made art for trade, and it's been a lot of fun to do. I would totally do it again, but it's definitely a contract that must be arrived between two content creators, and it should be discussed beforehand, because you're doing business with one another. Part of what makes fanart, to my mind, is the gift aspect. One feels inspired to provide a gift of appreciation to someone.
I don't really make fanart all that much, but I've dabbled a few times. I've always felt self-conscious about it, a bit like a kid presenting his macaroni picture, in the hopes it'll make it onto the fridge, lol.