NFTs top art world list: What's next for crypto art?

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NFTs top art world list: What's next for crypto art?

 NFTs top art world list: What's next for crypto art?
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Highlights 

  • NFT art has claimed topmost position in influential art world power list, according to a recent report published by London-based magazine ArtReview.
  • The art market alone has grown from US $17.8 million to US$ 1.8 billion in total sales between 1 January and 5 November.
  • As per CoinMarketCap, the NFTs market cap has reached US$18,389,120.83 with a total sales volume of US$16,689,392.96 since it first made its mark in 2015.

The non-fungible tokens (NFT) in 2021 have seen an exponential rise. From art to sports to music, the NFT have managed to break into the major markets across blockchains with leading celebrities, artists, musicians all endorsing it in a big way. Also, it is venturing into avenues such as gaming, fashion merchandises, sports equipment etc.

Today, the NFT market has grown rapidly with the sales hitting the roof. As per CoinMarketCap, the NFTs market cap has reached US$18,389,120.83 with a total sales volume of US$16,689,392.96 since it was launched in 2015.

Also read: How is StarShip NFT wooing its investors?

If one breaks down that number, the combined sales for NFT collectible and art as of Q4 2021 stood at US $7.4 billion. In fact, the art market alone has grown from US$17.8 million to US$1.8 billion in total sales between 1 January and 5 November.

What's next for crypto art? - NFTs top art world list

Therefore, it was not surprising to see that NFT art claim the numero uno position in the influential art world power list, as per a recent report by ArtReview, which is published by an international contemporary art magazine based in London.

Opportunity for new generation of collectors

The ERC-721 NFT, which operates on the Ethereum blockchain, had topped the 20th Power 100 list showcasing the might that NFTs have brought. The art market has, in fact, given the opportunity to wholesome group of collectors, artists a platform to buy or sell their art. The ArtReview in the report has stated that NFTs have in fact allowed the artists to make their mark and given them the platform to connect with fans and sell their art at the same time.

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In fact, according to JJ Charlesworth, editor of ArtReview, seeing the exponential rise of NFTs, the artists today are increasingly making art to sell them online, and buyers too find this as a great medium to own a digital asset.

Artists feel that through NFTs they can get immediate reactions from fans, which help them to interact with them and connect with them in a more real-time basis. Digital arts have been raking in big figures with a collage from Beeple being the most expensive digital art till date, which was sold for US$69.3 million in March 2021.

Other notable NFT transactions include musician Grimes’ digital artwork collection, which was sold for US$6 million, and former Twitter CEO Jack Dorsey’s tweet, which was converted into NFT and was sold for US$2.9million.

Looking forward

As we head into 2022, the NFT market is only expected to grow manifold. Following the breakout 2021, the NFT market could see newer players bagging big numbers and could set the trend going forward for the artists to sell their art. With the artists preferring to make more digital art, it won’t be surprising if one sees the sales figures surpass 2021 numbers in the first quarter of 2022.

 

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