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Monday, 30 January 2023
NFTs are Evolving the Art World – from Sotheby’s Metaverse Stage to Worldwide Design Brands, Big names and Impacts

NFTs are Evolving the Art World – from Sotheby’s Metaverse Stage to Worldwide Design Brands, Big names and Impacts

2022-10-29

New Financing Techniques, New Industries and New Participants Are All Making Their Way Into the Art World. While Major Players Have Not Yet Aligned Themselves on How to Operate in a Digital World, Certain Trends Are Clearly Appearing: Crypto is Taking Over, From Cryptocurrency Collecting to Cryptocurrency Museum Exhibitions and From Crypto Art Shows to Crypto Art Sales. Artists are now using new digital technologies and platforms to get their work out into the world at an unprecedented pace and scale. As technology has become more accessible and easier to use, creators are able to create artworks that look professional, sell it directly through the internet without having to go through a traditional dealer or broker. The democratization of access to the arts has been immense over the last couple of decades with services like Google Images, YouTube and Vimeo allowing anyone with an idea for a piece of art to share it instantly with others around the world – for free! There was no reason not to share your work as it would reach millions more than if you were trying to sell it through a traditional gallery. The implications for how collectors buy art will be huge as we continue to see major players enter this space from established brands such as Sotheby’s Metaverse platform which allows users from all over the world access museums from within one app -Meta-Museums-. We have already seen cryptocurrencies enter this space from CryptoKitties.

How the NFTs are Evolving the Art World – from Sotheby’s Metaverse Stage to Worldwide Design Brands, Big names and Impacts

The Metaverse, a blockchain-based digital art platform developed by Sotheby’s, allows users to view more than 8,000 works of art from over 400 museums, including the Louvre and Metropolitan Museum of Art, all in one app. Users can search for, view, and purchase nearly any type of artwork from an extensive database of works from an artist’s or an art collector’s collection. This platform allows for the seamless exchange of value between artists, art collectors and the general public, who are able to view fine art that was previously only accessible by those who could afford a plane ticket to the U.S. To view the Metaverse platform and try the application for yourself, visit metmuse.com.

Digital Currency Collecting

With the slow and often arduous process involved in owning and collecting art and the associated costs involved, cryptocurrencies have been a real boon for collectors and aesthetes. Cryptocurrencies offer collectors a way to collect rare artwork and art assets at a fraction of the cost. The assets and artwork can be stored electronically and the investor has access to the piece at any time through a smartphone app. To get a better understanding of how this works and how you can get started collecting, we spoke with Daniel Westhoff,founder & CEO at Emority, who created the first cryptocurrency-based art investment platform. Collectors can now buy art with cryptocurrency and other asset classes. How does that work? Cryptocurrency is an asset class just like stocks, bonds, real estate, commodities or gold. You can buy them and then hold them for long or short term. On the Emority platform you can buy rare artwork and store it in a digital wallet. You can then sell it or trade it as you like once you have received the artwork.

Collectors can now buy art with cryptocurrency and store it in a digital wallet.

 
 
 

Cryptocurrency Museum Exhibitions

With the advent of smart contracts, the ability for museums to play host to cryptocurrency-related exhibitions has grown in popularity. The ability for museums to curate exhibitions around blockchain and cryptocurrency has been a welcomed development that has allowed for the promotion of these new artistic platforms. New York’s Museum of Modern Art (MoMA) has been one of the leading venues for cryptocurrency-related exhibitions. MoMA’s “Blockchain: Art, Music, and Live Events” exhibition, which opened to the public in early November 2017, is the first of its kind and highlights the implementation of blockchain in the arts. The exhibition examines the potential applications of blockchain in a range of creative industries including music, fashion, art, gaming, and more.

Crypto Art Shows

Artists and audiences alike have been enjoying the ability to host crypto-specific art and music events. Crypto art shows have become a popular way for cryptocurrency enthusiasts to connect with other crypto enthusiasts in a casual, informal setting. Crypto art shows are an exciting new way for artists and collectors to meet and exchange ideas. The idea behind these events is that artists display their work for reasonable prices. When people come by, they are invited to buy some art and become a part of the community. The benefits for artists and collectors are that they can connect with their community and make a profit from their work. For example, a cryptocurrency-themed art show could have a theme around the many new uses of blockchain technology. An artist could create a piece celebrating the blockchain with symbols from the cryptocurrency ecosystem such as bitcoin, litecoin and ether.

Crypto Art Sales

For those interested in monetizing their art and are looking for a new way to make money, a NFT may be an enticing alternative. The concept of selling NFTs (or, more accurately, selling an asset representing ownership of an NFT) is still relatively new, but is quickly gaining momentum. Sotheby’s, the auction house, released a Metaverse platform that allows customers to buy and sell digital art, taking advantage of the blockchain’s security and trustless nature to reduce risk and create a more efficient market.

Final Words

As the world continues to transform into a digital environment, the art world is following suit. In particular, the democratization of access to the arts has been immense over the last couple of decades with services like Google Images, YouTube and Vimeo allowing anyone with an idea for a piece of art to share it instantly with others around the world – for free! There was no reason not to share your work as it would reach millions more than if you were trying to sell it through a traditional gallery. Now, with the advent of the NFT, artists are able to create legally binding and transferable digital assets that are opened up to the world for instant and global trade. Those who are interested in this new art and asset-based platform will be well served by the growing list of NFTs that are being developed by the top art and blockchain companies.

 

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