NFTs relaunch contemporary art sales

Art was once confined to the hushed expanse of a museum or the walls of an apartment. But he has found an expansive new home today: in the world of crypto.

Contemporary art sales are apparently facing a significant revival using non-fungible tokens – NFTs are a form of cryptocurrency, essentially digital collectibles that live on the blockchain. According to Artprice, the art market information leader, contemporary art auctions peaked at $ 2.7 billion in the last fiscal year 2020-2021. That’s an increase of 117%.

This gigantic figure is largely due to the digitization of art, according to the report. With the pandemic putting everything online for galleries and art dealers in the middle tough financial times for the arts, the world’s growing fascination with NFTs has seen art sales make a comeback.

Thierry Ehrmann, CEO of Artprice, called NFTs a “sensational arrival” in the art landscape.

Just look at the artists who have joined the NFT game. There is the famous Banksy, who sold his work titled morons. It features the words, “I can’t believe you morons buy this shit” and sold for $ 380,000. No need to explain the irony here.

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Then there was digital artist Mike Winkelmann, better known as Beeple, who sold an NFT for $ 69.3 million. The online auction, organized by Christie’s, attracted 22 million people.

The digital art phenomenon has catapulted artists like Beeple, while attracting a younger generation of art lovers. Christie’s, for example, reported that the aforementioned auction mainly attracted buyers under the age of 40. A survey by UBS and Art Economic found that a new sector of millennial collectors is the source of digital works, with 12% of art sales in the first half of the year. of 2021 being purely digital. These millennials spend the most on art overall – an average of $ 378,000. That’s three times more than Generation X and Baby Boomers.

Contemporary art sales are therefore resuming thanks to the love between young people and the blockchain. But if buying these (very expensive) parts isn’t your thing, you can always try making your own NFT.


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About Margaret L. Portillo

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