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Artprice by Artmarket.com: Five Ways to Dive into Crypto Art and NFTs

PRNewswire March 1, 2023

PARIS, Feb. 28, 2023 /PRNewswire/ –┬áWhen it comes to surfing the internet, we often speak of “falling into a rabbit hole”, an allusion to the first chapter in Lewis Carroll’s novel┬áAlice in Wonderland, and the same notion is equally appropriate as regards the sometimes bewildering and unbounded experience in the Web3 and crypto-art sphere. To help you navigate in this virtual world, and at a time when the MoMA in New York, the LACMA in Los Angeles, and the Center Pompidou in Paris are opening their collections to digital art, Artprice suggests five ways to discover art that can be transferred from owner to owner in the form of NFTs.

Weekly NFT Auction Proceeds Vs Ethereum Price

Weekly NFT Auction Proceeds Vs Ethereum Price

Infographic - https://mma.prnewswire.com/media/2010704/Weekly_NFT_Auction_Infographic.jpg

Top 10 artists by NFT auction turnover (2021ÔÇô2022)

Top 10 artists by NFT auction turnover (2021ÔÇô2022)

Infographic - https://mma.prnewswire.com/media/2010705/Top_10_artists_Infographic.jpg

Crypto-art is gradually entering museums and art history, but, for the time being, it is a form of artistic creation that is still very freely experienced on the Internet,”┬ásays Thierry Ehrmann, CEO of Artmarket.com and founder of Artprice.

The crypto-art sphere is often described as operating like a ‘community’; the more you invest in a project, the more qualitative information you receive. This is how the Discord platform works, for example, which offers to create different more or less private chat rooms for each project. Some allow everyone to participate in the discussions, but the most interesting chat rooms are those reserved for collectors or founding members.”

To give you the desire and the means to take part in this new artistic experience, which aims to bring together artists, collectors, graphic designers, developers, and many others, Artprice recommends five ways to dive into this universe and start your adventure.

1. The continuous way: following artists on Twitter

Despite the many criticisms made of Twitter, Elon Musk’s platform remains the royal road of Web3. Not only do digital artists use this channel to present their works as and when they are created, but they also relay the posts in which they ÔÇô and all those they like ÔÇô are quoted. Each page, therefore, contains countless dynamic links to other artists and other works, but also to collectors, curators, marketplaces, etc.

To start with, one can follow any of the top performing NFT artists at auction that Artprice lists in its annual reports. The major auction houses are indeed doing valuable work by selecting NFT works that meet the same requirements as the traditional art market. But, as one thing leads to another in the digital world, and one artist leads to another, Twitter then makes it possible to continuously discover new works and new creators, but also to be the first to know about upcoming projects.

Robbie Barrett:https://twitter.com/videodrome

IX SHELLS: https://twitter.com/ix_shells

2. The studious way: reading articles and interviews

The decisions by Christie’s, Sotheby’s, Phillips, Bonhams but also Fauve, Van Ham, Millon, and many other auction operators to amply include NFT lots in their sales proves ÔÇô even if it no longer needs to be proved ÔÇô the seriousness of NFT technology and the artistic creation it allows. The most prestigious galleries, like Pace and Gagosian, have also understood this, yet few media dare to offer any real artistic critique of NFT projects. This work (art criticism), so crucial to art history, would undoubtedly make a better appreciation of the approaches taken by digital artists and of their relationships to Blockchain technology, and to the ‘communities’ that support them.

Faced with the multiplication of marketplaces, crypto-art needs space and time for reflection, to understand and digest innovative practices at the frontier of technology, as the projects of these artists gain in depth and intensity. Artprice offers two articles that capture the work of key digital artists in the NFT universe.

Artforum : Hack the Planet, Hans Ulrich Obrist talks with Pak : www.artforum.com/print/202207/hans-ulrich-obrist-talks-with-pak-88907

Right Click And Save: An Interview with XCOPY :

www.rightclicksave.com/article/an-interview-with-xcopy

3. The prospective way: surveying major collections

Transparency is one of the main credos of the Blockchain and as such, it is possible to consult the collection to which each work belongs, to discover other works that the same entity collects… and so on. True, the real identity of collectors often remains anonymous or hides behind a pseudonym, and yes, NFTs can be transferred from one wallet to another to increase security and cover their tracks, but there is always a way to reconstitute their history.

The most dynamic collectors have also become the true tutelary figures of crypto-art. Until museums and galleries become active in this universe, the major collectors of NFTs still have a very substantial influence, whether by sharing their favorites on social media, collaborating with artists, or exhibiting their collections in virtual universes or physical places as the prestigious Art Basel Miami or by offering them for sale via traditional auction houses.

Cozomo di Medici: “For over 700 years, we have loved the jpegs“:

 https://opensea.io/Cozomo_de_Medici

Max Stealth: “A Timeless Collection”:

 www.sothebys.com/en/buy/auction/2022/inside-the-world-of-maxstealth-a-timeless-collection

4. The traditional way: visiting physical events

Crypto-art is now coming to public places, galleries, and museums. From the great hall of the MoMA to Times Square, digital art is gradually investing some of the biggest screens on the planet and some of the most prestigious museums. Advertising spaces and exhibition halls are coming together for the first time in history, no doubt, to show a new type of work, at the crossroads of art and technology, which sometimes looks a whole lot better on a big screen than on a smartphone or a laptop screen.

At the same time, almost everywhere in the world, art fairs offer to investigate this universe more deeply and to experiment with digital creation in the best possible conditions. These events provide opportunities to meet the different players who form a real ‘ecosystem’ and to meet the ‘community’ which allows digital artists to largely bypass art galleries, and which brings together entrepreneurs, developers, collectors, and enthusiasts.

NFT New York, April 12-14, 2023 at Times Square and Hudson Yards:

www.nft.nyc

Pompidou Center: Presentation of the first NFT acquisitions on April 8, 2023: www.centrepompidou.fr/fileadmin/user_upload/CP_NFT_Acquisition_fevrier_2023__1_.pdf

5. The safe way: collect a first NFT work

However nothing replaces the experience of a first NFT acquisition. Not only does it force you to find a work that deserves to be purchased among the millions offered on platforms like opensea.io or objkt.com, but this process also requires you to complete an unusual transaction, to say the least. Although some platforms now offer payment in euros or dollars, the vast majority of them require the creation of a (free) electronic wallet, powered by cryptocurrency. This operation may seem complicated, but it is an integral part of the universe on which crypto-art is based and therefore of the experience it offers.

In the absence of galleries, artists organize their own markets, choosing what, when, and how to put their works on sale, at what price, and in what quantity. Unique digital works (1/1) are the most sought-after, but larger editions offer a more affordable opportunity to collect pieces. Among the novelties of the NFT market, the Open Editions are particularly exciting, since these projects put an unlimited number of tokens on sale at a fixed price, but for only a few days or even a few hours…

The information and econometric studies produced by Artmarket.com are presented uniquely for the purpose of analyzing and understanding the statistical realities of the art market and should in no way be considered as advice or a suggestion or a solicitation to invest in the art market.

Images:

[https://imgpublic.artprice.com/img/wp/sites/11/2023/02/image1-weekly-nft-auction-proceeds-vs-ethereum-price.png]

[https://imgpublic.artprice.com/img/wp/sites/11/2023/02/image2-artmarket-top-10-artists-by-nft-auction-turnover-2021-2022.png]

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