Physical NFT art galleries are mushrooming, but why? Does the public appreciate them regardless of their cryptocurrency knowledge?
With the continuous development of non-fungible token (NFT) art as an industry, a new trend is rapidly emerging: physical NFT galleries contain digital, irreplaceable unique works of art. Recently, the largest Bitcoin (BTC) event in history, the Bitcoin 2021 conference, features a peer-to-peer pop-up NFT art gallery featuring the work of over 30 different cryptocurrency artists.
Teodora Atanasova, the VIP relationship manager and founding team member of Nexo, which supports the Bitcoin Art Museum, told Cointelegraph that more than 100 works of art were sold during the two-day conference: “This shows that physical NFT galleries can have an impact on the traditional art world and cryptocurrency. Industry. She added: “We need to put cryptocurrency technology in people’s eyes and touch.”
A popular cryptocurrency-friendly city like Miami isn’t the only place NFT art galleries are popping up. Earlier this month, the NFT Art Gallery first took place in Dallas, Texas. Hosted by Artist Uprising, a creative talent agency based in Dallas, the event showcased some groundbreaking personal artwork by NFT artists. Online sales of digital art from these artists exceeded $1 million in the past month alone.
Merrick Porchéddu, CEO of Artist Uprising, told Cointelegraph that the event attracted more than 200 people and that NFT sales are still taking place in public auctions:
“Many prints have been sold, as well as two fine art canvases. There is also a documentary film on ‘Making NFT Gallery IRL’ (expected to explain the full meaning of NFT art and why it will remain). we now have three regions that want us to bring the NFT gallery to their space.”
Understand the demand for physical NFT art galleries
While physical NFT art galleries are an important step in the cryptocurrency industry, some art enthusiasts or traditionalists may question the importance and even necessity of NFT art galleries in the real world.
For example, an article in the “Kunstkrant” quoted Saskia Draxler, co-owner of German art gallery Galerie Nagel Draxler, pointing out that digital artist Beeple, who had auctioned an NFT at Christie’s for more than $69 million Artwork-will likely not influence on art history. She added: “NFT will not replace physical art, just as NFT of Nike sneakers will replace real sneakers.”
While this is just a point of view, some people believe that the confusion surrounding NFTs and the need for physical galleries may stem from a lack of understanding. Carrie Eldridge, founder and CEO of ATO Platform, a wealth management service that provides royalties to artists, galleries and nonprofits, told Cointelegraph that there are many pragmatists and conservatives who do not want to accept NFT as a legal medium. “They also don’t believe that NFT can solve the challenges that have plagued generations of artists, such as asset tracking, royalty collection, collector analysis, collector and insurance company valuation, and many more complex problems,” she said.
While this may be the case, Eldridge pointed out that when talking about NFT art, it’s important to consider the views of traditional collectors and the cryptocurrency community: “At ATO, we are passionate about innovation and at the same time are we are passionate about the art industry and those who have worked hard for decades. That’s what made it the people it is today.”
While Eldridge made a valid argument, it’s important to point out why the physical NFT gallery appeared in the first place. While some people may think the opening of these locations is solely due to the lifting of the COVID-19 restrictions, industry experts believe otherwise.
Marc Billings, the founder of Blackdove, the company that launched Miami’s first NFT art gallery in early June, told Cointelegraph that NFT art galleries are no different from traditional galleries in form and function. However, he pointed out that traditional art galleries fell short of meeting the technology needs of NFT artists and the interests of collectors, opening the door to specialized NFT galleries. billings said:
“Compared to traditional video works, NFT artworks are more like a moving painting, but the conservative art world ignores this. Artists and curators long for wall space to display their works and the unique positioning of the NFT gallery Sound Processing.”
In addition to displaying digital NFT artworks in real spaces, NFT artists have also started creating physical works related to their digital creations. Physical NFT art galleries can not only showcase these works but also attract the interest of the general public.
For example, NFT artist Taylor Good, aka “Warhodl,” told Cointelegraph that his 2021 Bitcoin pop-up attracted new collectors in the NFT space by creating a physical stockpot linked to digital NFT.
Following on from Good, cryptocurrency artist Sergey Gordienko – aka “be the artist you like” – told Cointelegraph that he provides physical works of NFT art and their digital versions to traditional collectors. “I think this adds extra value to physical artwork,” he said.
The importance of NFT art and blockchain
While it’s important to recognize the need for physical NFT galleries, Billings also pointed out that blockchain technology plays an important role across the ecosystem: “Blockchain ensures that the hard work of community members is recognized and received accordingly. makeup.”
In fact, Blockchain is one of the key features behind NFT as it creates a brand new financial model for these assets. This allows creatives to earn a greater percentage of profit as value is exchanged through the blockchain network. In addition, since all transactions are performed and recorded on the blockchain, proof of ownership is implemented for collectors.
Good explained that NFT art allows him to make real-time profits instead of waiting for the gallery to accept it, set a price, and then sell the project:
“As an artist, it’s an old question to understand your worth, demand it, and actually get your worth. While NFT is only a practical tool for the blockchain, the creative world is fortunate to be one of the first tools or use cases. First, because NFT is essentially a direct value exchange.”
In addition, Aave, the decentralized finance (DeFi) protocol, is currently developing a platform that uses NFT as collateral. Jordan Lazaro Gustave, Aave’s chief operating officer, told Cointelegraph that the company sees NFTs as a store of value, usually in the form of works of art. He pointed out that Aave plans to use NFT artworks as collateral, just as banks provide lines of credit to people who want to buy an artwork.
While Lazaro Gustave could not reveal all the details of the platform in development, he pointed out that traditionally in the DeFi field, alternative assets such as stablecoins have been used as collateral. However, he points out that NFT is irreplaceable and Aave has developed a method for using NFT as collateral on a large scale.
Will NFT Art Galleries Become a Ongoing Trend?
While the benefits of physical NFT galleries are clear, it’s not clear whether these special spaces will continue to appear globally or disappear as the NFT art hype fades.
Porchéddu explained that while he initially believed NFT art was a bubble that would soon burst, he now believes it is a trend that will change and continue, adding: “People work in a unique way Innovate and dissolve this problem in a unique way. Again, provide a solution to the problem.”
Billings further stated that no traditional gallery can keep up with the technological innovation of NFT Art Space. Eldridge responded to Billings, noting that NFT art is not a revolution, but an ancient art form: the evolution of digital art. He says:
“The reason digital art hasn’t gained popularity sooner in recent decades is because it can’t be tracked. NFT is only a ‘pointer’ to the storage/storage location of the artwork, and its purpose is to confirm that the added value is limited or scarce. NFT is essential for the exploration and many enthusiasts are embracing this innovation.”
Source of information: 0x information compiled from BITCOININSIDER.