News from the digital and NFT world – 28 OCTOBER 2021
Every day, Art Rights Magazine selects the best news from the world of digital art, to stay up to date!
Le venditeSales of NFT artworks in 2021 reach $ 3.5 billion
According to the Hiscox Online Art Trade Report 2021, in partnership with ArtTactic, NFT sales have so far reached around $ 3.5 billion in the first three quarters of this year.
The report shows that online art sales reached $ 6.8 billion in the first half of 2021 and could reach $ 13.5 billion by the end of this year.
It also shows ann extremely volatile market, in fact in September NFT sales fell by 69%. The report identifies a change of focus in the purchase: at the beginning of this year, NFT sales focused on works by individual artists, but now the inclination is for collectibles such as Bored Apes Yacht Club.
Furthermore, the sale of NFTs by large auction houses, such as Christie’s, Sotheby’s and Phillips, has also been advantageous for the market, as four of the top ten NFT prices to date have been achieved precisely at auctions organized by these large institutions, effectively validating the Non Fungible Tokens.
IArt galleries that have diversified their sales by dedicating themselves to NFTs are also growing this year: among these the Konig Gallery, which has promoted successful sales linked to the works of great artists such as Refik Anadol.
“Although NFT art may be perceived by critics as mundane, the combination of uniqueness, ownership, gamification and storytelling is fueling sales and speculation among a new generation of collectors and investors,” the report states “Art and NFT are here to stay. “.
Photo Credits: Fred Eversley, Untitled (parabolic lens), (1969)