The digital fine art is carving out its own unique place within the art industry, combining the world of art and technology to create new opportunities for artists, collectors, and investors alike. With the growing popularity of Non-Fungible Tokens (NFTs) as a new form of digital art, the art world is experiencing a significant shift towards a more inclusive and accessible market.
It's exciting to see Art Basel, the world's premier international art fair, recognizing this trend and its potential impact on the art world.
- Art NFTs have experienced a huge rise in sales, from $605,000 in 2019 to $2.9 billion in 2021.
- Despite the market cooling off in 2022, overall sales of art NFTs still reached close to $1.5 billion, representing values that were over 70 times the size of the market in 2020.
- The average time between purchase and resale of art NFTs in 2021 was just 33 days. (versus the average resale period on the art market of 25 to 30 years)
- The average price of an art NFT increased more than 20 times in value from the end of 2020 to the peak in August 2021.
- High-net-worth collectors spent an average of $46,000 on art-based NFTs during the first half of 2022, which is more than the combined sum of the previous two years.
- Secondary market sales rose to 73% of the total values of art NFTs in 2021, while those on the primary market fell to 27%.
- Although the media attention for the last three years has been focused primarily on the financial aspects of NFT sales and returns, the art trade is steadily adopting some of the more important and long-term implications of Web3 and blockchain for their businesses.
- As digital art and applications of blockchain in the art world continue to grow and evolve, it is important to understand the surrounding landscape from a legal and regulatory perspective in order to engage best practices and responsible ownership.
- Finally, the report notes that NFTs have the potential to create new revenue streams for artists and help to democratize the art world. Exchange Art's focus on NFTs and its commitment to supporting emerging artists can help to further this trend and contribute to a more inclusive and accessible art market.
As the digital art market continues to grow, we can expect to see more and more artists, collectors, and investors entering this space, creating new and innovative ways to buy, sell, and own art.
As a result, we can look forward to an even more dynamic, diverse, and accessible art market for all.
Exchange.art has positioned itself as a stalwart advocate for emerging and established artists alike, offering a diverse range of resources and support services that empower creatives to reach their fullest potential.
Through our unwavering commitment to promoting and championing inclusion and collaboration,we have established ourselves as a dynamic force in the global art community, driving innovation and creativity in ways that are both visionary and inspiring.
Check the full Art Basel report here.