“The Art Market 2022” report stated the combined sales of all NFT art and collectibles on blockchains has grown from $4.6 million in 2019 to $11.1 billion in 2021. Contrast the NFT art market with the global art market of $65.1 billion and it’s clear NFT growth has been hypersonic. The value of art-related NFTs alone, defined as work made by artists or by generative art algorithms under 10,000 pieces, expanded a hundredfold year-on-year, reaching $2.6 billion.
While NFTs undoubtedly leveraged the bricks-and-mortar strategy of legacy auction houses a year ago, the NFT art landscape has been magnified by digital marketplaces springing up alongside traditional art players as the new genre catches imaginations.
Galleries are very interested in expanding their reach with NFTs. The internationally renowned Pace Gallery has launched a dedicated NFT platform and even local galleries like Bamboo Scenes – which specialises in images by Hong Kong-based photographers – put on its first NFT sale in a virtual showroom this March.
Efforts also continue to narrow the gap between traditional spheres of art and crypto-scapes. The British Museum presented NFTs of renowned works such as William Turner’s watercolours and Katsushika Hokusai’s The Great Wave off Kanagawa, in the hope of converting more art aficionados, rather than just the crypto riche, to the world of NFTs.
Artists Unite
NFTs offers ownership control and copyrights for their art projects to artists. NFTs also provide equal opportunities for success to people or communities who have been marginalized or ignored by mainstream media. Artists can share their ideas or tell their stories irrespective of the color of their skin or gender. NFTs are enabling diverse voices, allowing artists to express themselves in ways they could not by using traditional art forms. NFTs can also play a very important role in building a diverse metaverse. There are NFT platforms dedicated to diverse voices. As an example, the BlkChain NFT platform promotes the work of LGBTQ and women artists.
Due to NFTs being on blockchain networks, their record and details are immutable. No one, other than the artist can access and change the details of NFTs. Artists can also find new markets and audiences for freelance or commission work using NFTs without ever needing conventional art houses or studios. Therefore, NFTs have the ability to democratize and decentralize the art industry by providing new streams of revenue.
GrandStation empowers artists and galleries with an easy to use royalty processing system.