NFT: from art exhibition to the metaverse
The art market benefits from all the possibilities offered by NFTs for digital artists
NFTs are already a reality, leaving behind fads. In recent months, we are witnessing the boom of these digital assets that already have a presence in works of art, films, or even video clips of top-level personalities. The video clip of LeBron James’ 2019 dunk to the Sacramento Kings was sold as an NFT for more than 180,055 euros.
To understand these figures and this growth, you barely have to go back a few months in time. In 2021, a year in which apartments, olive oil, lamb meat, and so many other day-to-day products bordered on outrageous prices, NFTs shot up the art market. Specifically, the value of works of art was 21% higher than 2019, to total €5,754 million in sales.
The art market and NFTs
The figures confirm the excellent momentum of art investment and the resurrection of that market after Covid-19 brought sales to a standstill for most of 2020. Comparing the 2020 figures with those for 2021 shows a spectacular 74% increase, thanks primarily to the boost NFTs have given the market.
Currently, many artists have already benefited from this technology. This is the case of Mike Winkelmann, also known as Beeple, and his NFT ‘Everydays: The first 5,000 days, sold for 69 million dollars. Other creators in this age group include Adrian Ghenie, Matthew Wong, who passed away in 2019 at 35, and Nicolas Party.
In this way, NFTs offer new revenue possibilities for artists, who are increasingly subject to more significant restrictions, illegal reproductions, counterfeit or pirated products. In addition, users in the digital age now spend more time online than sleeping, making NFT markets great showcases to showcase artistic talent to a broader audience.
NFTs, protagonists in the metaverse
NFTs also look set to play a vital role in the metaverse. After the global pandemic of covid-19, is it far-fetched to think that concerts or business meetings will be held purely virtually in the future? What if the metaverse becomes the virtual stage for specific areas of our lives parallel to our physical reality?
Owning NFTs will allow virtual membership in a myriad of exclusive experiences in the metaverse and the physical world, thus enhancing social and community affairs. With NFTs, users can also gain full ownership of their land and spaces in the metaverse. Even companies such as Adidas, H&M, Nike, or Zara have already introduced virtual fashion collections in the metaverse, all through NFTs.
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