NFT, Art of Art!

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According to a Chainalysis report, $40.9 billion was spent in 2021 to purchase NFTs (not replaceable tokens) Or non-interchangeable (non-interchangeable) tokens, these unique and inviolable digital identifiers that make it possible to authenticate any digital file (photo, video, audio, tweet).

expensive

Since the sale of graphic designer Beeple at Christie’s in March 2021 for $69.3 million, records at Anglo-Saxon auction houses have doubled. On niche platforms, too: On December 6, Nifty Gateway distributed a collection of 250,000 NFTs by artist Buck for a total of $91.8 million, which would make him the world’s most expensive living artist if “we consider that this collection constitutes a single work…the enthusiasm is that the auction houses The French launched themselves in the race in March 2021 (Ader, Rossini, Aguttes with the world’s first SMS received €132,680 in the form of NFT, on December 21.) But the French legislation, which prohibits them from selling “intangible goods”, did not sell Only NFTs associated with ‘physical twins’: photographs, videos…

The Art of Cryptography Worth $3 Billion

The market for cryptocurrency, or technical, NFTs, as of December 31, 2021, was $2,542,028,317, for 77,307 sales to 122,311 buyers, according to Gauthier Zuppinger, co-founder of market analysis platform NonFungible.com. “These numbers are a first estimate of blockchain Ethereum. It will be necessary to add the sales volume of crypto art to others Blockchain and auction house Sotheby’s ($100 million), Christie’s ($150 million), and Phillips ($6.19 million)”, The specialist says.

volatile market

In specific terms, how is it done? A collector/investor who wants to acquire NFT art must install a file crypto wallet (Cryptocurrency wallet) On their PC or on their smartphone, convert Euros to Ethereum cryptocurrency. Then connect this crypto wallet to a specialized platform, such as OpenSea, before purchasing cryptographic art that they can resell to other people registered on the platform.

The cryptocurrency market remains extremely volatile: it resells on average after 63 days, with an average resale profit of $7,097, in 2021 (figures as of December 9 from NonFungible.com). Fanny Lacobay, Crypto Art and NFT Consultant at LAL Art Advisory explains: generative chain (pic profile projects, Digital character sets automatically generated by algorithms such as CryptoPunks or Bored Ape Yacht Club) are selling very quickly, being the subject of short-term speculation by a small number of players, who have mostly made a fortune in cryptocurrency and the focus of the majority of the largest purchases. This makes the market very unstable and there are more offers than demanded. The market is expected to decline and the value of the majority of these projects will be close to zero. On the other hand, the market for crypto art, whose work has been created by digital artists (such as XCopy, Kevin Abosch, or Pascal Boyart) should stabilize in the long run. The lucky collector who invested a year ago saw the value of their cryptocurrency pool increase by 300% at a steady rate in the ether. For collectors who want to invest today, they are interested in buying young digital artists, for example these artists residing at VerticalCrypto Art, but it is still a very small market. »

According to a study conducted by Nansen Analytics Platform for financial times, This unregulated space is said to be riddled with fraud, fraud, and market manipulation, not least because it is difficult, if not impossible, to discover the true identities of buyers and sellers.

On the side of the galleries

Some French art galleries embarked on the adventure in 2021 with average scores: Almine Rech on Nifty Gateway, Kamel Mennour on SuperRare. Art Basel Miami Beach attempted, in December, to stage a “curated” exhibition of digital NFT works, but crypto arts are clearly evading representatives in the traditional art market, with the exception of auction house Sotheby’s, which launched its own NFT sales platform, Metaverse.sothebys. .com, in October. During the first quarter, two new markets will attempt to attract collectors of traditional antiques: Artprice, with Artprice-nft.com (after rival Artnet, with Nft.artnet.com), and CADAF.

exhibition “Cyberpunk”, Goldshteyn-Saatort Gallery, 7 rue de Verneuil, 75007 Paris, until February 25.

Sale “NFT: Prohibited Auction No. 1”, at FauveParis, 49, rue Saint-Sabin, 75011 Paris, 01 55 28 80 90, www.fauveparis.com, live on DrouotOnline, February 24, 7pm.

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