October 17, 2021

Dubai Week

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NFT Technology .. Digital businesses that sell for thousands of dollars

NFT Technology .. Digital businesses that sell for thousands of dollars

NFT’s technology for digital documentation of photos, videos and other electronic publications is revolutionizing the global art market, inspired by contemporary art, Art Prize said in its annual report on Monday.
Thanks to NFT technology confirming the reliability of digital jobs and the massive migration of contemporary art auctions on the Internet since the beginning of the global health crisis, these public sales have generated $ 2.7 billion in revenue in the 2020-2021 financial year (an increase of 117% over the previous year).

102,000 contemporary works of art (created by artists born after 1945, including drawings, paintings, sculptures, art installations, photographs, prints, videos and finally NFT) sold from June 30, 2020 to June 30, 2021. Contemporary art currently stands at 23% of the total art market compared to 3% in fiscal 2000-2001, according to Art Price, the world’s leading market intelligence agency.

China is ahead of the United States in selling contemporary art
With 40% of global sales, China (mainland, Taiwan and Hong Kong) has become the number one hub for contemporary art, ahead of the United States (32%) and the United Kingdom (16%). Hong Kong, after New York, came next to New York in the first place after the fall of London in the contemporary art market, while Paris came in fifth on the list.

According to Thierry Ehrmann, head of the arts section, the proportion of women has risen to 37% after they represented only 5% of the total number of artists in all categories and disciplines, now more than the number of men in photography.

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With two-thirds of the value of online sales and 2% of the total global art market digital jobs by 2021, according to the report, “new artists like Pebble are emerging after newcomers (without exhibitions or auctions).

Fast street art
Without an innovative online concept, NFT technology, some accuse of being a “speculation bubble,” allows young artists to create a career.

According to Erman, the number of street performers known worldwide at auction in 2000 has risen to 18,000 this year.

Banksy, the most famous of these artists (reached $ 123 million in the first half of 2021), entered the top five list of most lucrative art names at auction, after Picasso, Pasquia, Warhol and Monet. .

In the contemporary art market, Pangxi is second only to Ponskia (7% of global sales).

Mike Winkelman, a 40-year-old American who is little known in the auction world last year, joined the list of highest-earning artists after David Hockney and Jeff Goons, known as Pebble, and was sold after his first NFT job (“Daily: The”). First 5000 days) Bid for $ 100 at $ 69.3 million.

“NFT” technology attracts “new collectors 32 years old on average,” and “they buy art at a low price, but they accept this function as a way of life for them,” Hermann pointed out.

3 times more than photo sales
In 2020-2021, nine NFT businesses sold more than $ 1 million, more than three times the sales of photography, although it regained momentum.

Another significant event was recorded with the entry of a large number of black, British and African artists into the market, some of whom won a large number at auction, with Ghanaian-American Amwako Bafu selling his painting “Papa Diop” in Hong Kong in December (December) 2020 for an estimated $ 1.14 million. Ten times more than the price.

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