The NFT Art Revolution: Sales exceed 3,000 million in 2021

Just a year ago that the NFT is talked about and the traditional art market has already revolutionized. Although an NFT is nothing more than a link, an armore

The NFT Art Revolution: Sales exceed 3,000 million in 2021

Just a year ago that the NFT is talked about and the traditional art market has already revolutionized. Although an NFT is nothing more than a link, an armored digital contract with Blockchain technology that guarantees the property and authenticity of a work, is the format that lacked digital art, to the new forms of creation that expand through the network, From videos or memes until the last fashion of generative art (the user can modify a piece or, simply, change with the passage of time). Only in 2021 is estimated that NFT sales have generated more than 3,000 million euros.

The NFTs have triggered the digital art market, which has increased by 280% since 2019, according to a report by the HISCOX International Insurer, specialized in the world of art. Not only does it change the format, also the way to buy: 46% of online art sales of this 2021 have been done through mobile phones and tablets. Even the historic Auction houses Christie's and Sotheby's have already adapted to the purchase via smartphone. During his classic week, Christie's retransmitted his auctions, which were followed live by a million people. Social networks have become the new epicenter of the purchase-sale of art and its promotion, with Instagram with the most important, followed by Facebook and, at a more distance, YouTube and Twitter.

In the market of the cryptoarte there is a before and after the Beeple record in the first traditional Nft auction that Chriestie's organized last March. Your Macroporando The First 5,000 Days, a 5,000-works mosaic - Many of them videos or gifs in motion-, was sold for 69 million dollars, turning Beeple into the third most quoted living artist in the world, behind David Hockney and of Damien Hirst. Since then the records have been accumulated, but Beeple has already become a safe value and dominates the top ten of sales.

Another trend in Voga of the cryptoarte are the collections of characters. In September, Sotheby's sold for 24 million dollars a boring batch (literal: the series is titled Bored Ape Yacht Club and are infinite variations of monkeys with sunglasses, ridiculous hats and various grimaces). The Yuga Labs design studio created 10,000 computer generated monkeys and is causing furor. Not only is the monkey buys, but the entrance to an exclusive club: the owner of the NFT can access content and virtual events, from a bar or a festival in different metavers. Until the famous star manager such as Madonna or Red Hot Chilli Peppers, Guy Oseary, has signed a representation agreement with Yuga Labs to expand the Bored Ape Yacht Club project in the film, television, music and videogame industry.

Another series that drives the cryptocolectionists is that of cryptopunks, 8-bit NFT avatars generated by computer. Three years ago, the Larva Labs studio created a software to generate 10,000 retropunk style avatars. At first they were free. And now they are worth millions.

Last August was the golden month in the recent and brief history of the NFTs: the peak of transactions with estimated sales of 1,462 million euros was reached. However, in September transactions decreased by 69%, which gives an idea of the volatility of this new market. "Activity in NFT Mecked has risen and dropped as an Yoyo but it is undeniable that it is attracting a new type of collector / speculator and that is here to stay. Undoubtedly, it will generate a short-term bubble and we can expect a few to do A fortune, while many others will end up spilling a tear before the NFT market stabilizes and becomes part of the Mainstream, "analyzes Robert Read, responsible for Histox's art department.

Although sales in Sotheby's and Christie's have greater visibility and transcendence for high prices being reached, the NFT market moves through other digital channels: online platforms such as Nifty Gateaway, Makersplace, OpenSea and virtual galleries of different metavers such as Decentraland or Criptovoxels, each with its own museum of cryptoarte.

1/ Beeple. 'The First 5.000 Days': 69,3 millones (Christie's)

2/ Yuga Labs. '101 Bored Ape Yacht Club': 24,4 millones (Sotheby's)

3/ CryptoPunk. #7523: 11,8 millones (Sotheby's)

4/ CryptoPunk. #7804: 7,56 millones (OpenSea)

5/ CryptoPunk. #3100: 7,51 millones (Sotheby's)

Updated Date: 26 October 2021, 08:37

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