Wed. Apr 17th, 2024
NFTs

NFT artists have actually been around for quite some time, but NFT art became really popular in early 2021. Art Basel Miami Beach 2021 made a comeback after a two-year-long pause by leveraging the popularity of NFTs and turning the fair into a public stage for NFT artists. NFT artworks were the hottest inventory, and they brought in curious people from outside the art world.

Art Basel Miami Beach is an international art fair also staged in Basel, Hong Kong, and Paris. Every year, the fairs bring together collectors, curators, and museums from around the world. In 2019, the last fair before the pandemic, Art Basel Miami Beach hosted 269 galleries from 29 countries and 81,000 visitors.

Various examples of NFT art have dominated the stage at Art Basel Miami Beach 2021. An NFT collection by Ross Ulbricht, the founder of Silk Road, chronicling the artist’s life from childhood to becoming a prisoner, named Genesis Collection, was put to auction. The minting process took place at nft now x Christie’s.

Others like Mario Klingemann, aka Quasimondo, allowed visitors to create their own self-portraits through an AI algorithm. Tezos, a prominent energy-efficient blockchain space, placed an interactive stage that allowed visitors to mint their digital self-portraits onsite. The visitors’ portraits were featured alongside the works of Helena Sarin, Matt DesLauriers, Sutu, and Iskra Velitchkova.

Pace Gallery’s digital platform Pace Verso sold an NFT called Block Universe created by DRIFT and Don Diablo for $550,000 at the big event. Meanwhile, artist Brendan Murphy’s physical work, The Future Has Not Yet Been Written, that comprises over 200 NFTs from the artists’ Boonji Project, was sold for $1.1 million. The 6-foot-by-8-foot high-res digital collage with rotating images came with a Samsung frame.

NFT and blockchain technologies help artists create and monetize their work a lot faster. Sales have become easier to process and manage, while ensuring that there are no risks involved like an artwork being stolen, meaning that you do not need insurance for NFT art. NFTs offer transparency and authenticity. They also increase security when it comes to buying or selling art. On top of that, they make transacting artworks a lot simpler compared to traditional methods.

Art Basel Miami Beach 2021 has clearly demonstrated the impact of NFTs on the primary art market by not only allowing NFT artists to showcase their work and visitors to delve into the ever-evolving NFT art world, but also hosting talks where museums joined the conversation. Panelists tried to address how institutions can enter the NFT space as discussions on the shift from a digital museum to the metaverse took place. NFT art is definitely making a difference in the art world, but its hot off the fire climb to fame is not the only reason the art world is in flux. A handy guide to contemporary art like Zarastro Art will help you stay on top of the ever-changing art market and emerging trends like NFTs and more.

By Manali