What’s next for NFT art? Despite Beeple’s record-breaking sale, crypto scams and volatility slowed down the market – but it may bounce back, as Amazon and Cafa Art Museum launch new projects
“I guess when I started it wasn’t as front-page news and it was a bit slow, then Beeple went boom and it started exploding.” Szabotage – a contemporary and street artist and designer who has seen his own success in NFT art – is referring to the record-breaking sale of Beeple’s NFT artwork Everydays: The First 5000 Days for US$69 million in 2021.
But that’s not to say the movement has ground to a halt. “I would say it has slowed down a bit, but that’s normal,” says Szabotage, who is currently working on an NFT project that will be used to raise funds for a charity. There continues to be an active involvement among corporates, too, he says.
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And in China, Cafa Art Museum in Beijing is currently playing host to “Crypto Art: A New Possibility”, the largest cryptographic digital art exhibition of its kind in the country to date, according to the Global Times. The exhibition – which features a wide range of mediums including digital art – is a collaboration between Cafa Art Museum and the Dynamic Art Museum in Milan, and features works from 46 creators hailing from 21 countries.
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NFTs are a new medium for creative expression, says Szabotage: “I believe that digital is another way to share creative expression without limits. It’s a great way to connect and collaborate in an innovative environment. We will see more and it offers another dimension to art that continues beyond the physical realms.”
- When NFT artist Beeple made history selling his artwork Everydays: The First 5000 Days for US$69 million back in 2021, the landmark sale spurred a movement and wider interest in digital art
- While the number of transactions of NFT sales in the art world increased in 2022, sales plummeted by 94 per cent later as a result of the tumultuous cryptocurrency market – so where does it stand now?