![]() Related Yieldstreet's Rebecca Fine on Investing in Artīut that wasn’t the only bad news NFTs were getting. According to Bloomberg, “The fading NFT market is part of a wider, $2 trillion wipeout in the crypto sector.” News outlets also connected the drop in NFT prices to the larger crypto crash. Bloomberg reported that trading volumes of NFTs are down 97 percent from January of this year, a record high. According to Reuters, NFT sales were down sharply in the third quarter of 2022, to $3.4 billion from $12.5 billion at the market’s peak in the first quarter of this year. The effects of that downturn reverberated in the NFT markets, according to many news outlets. Then, in May and June of 2022, cryptocurrency prices crashed. There was even a new museum dedicated solely to NFTs that opened this past April in Seattle.ĭigital art seemed to have come of age with the minting of NFTs. This past March, the New York Times reported that $44 billion had been spent on NFTs. It was a gold rush, of sorts, to buy NFTs: In December of 2021, Artnews reported that digital artist, Pak, sold a group of NFTs for $91.8 million, which may arguably be the highest price ever paid for a work by a living artist. Related How This Simple Art Showcase Aims to Spark a Sales Revolutionīy chance or design or misunderstanding, sale of Beeple’s digital work ushered in a brief golden age of robust buying and selling of NFTs. Digital artwork dates back to the 1990s, even before. It’s also not that Beeple’s work was the first digital work of art ever made. New York magazine’s art critic, Jerry Saltz tweeted about the work, as well, “I looked up Beeple just really really derivative Sci-Fi and Conan and Star Wars crapola as far as imagery and imagination go.” That’s not really a vote of confidence. Aesthetically and visually speaking, Beeple’s work isn’t very original or interesting. Why so much money? It’s a good question that’s difficult to answer. The title of the work was called, “Everydays: The First 5000 Days,” which was a collage of computer illustrations. ![]() On March 11, 2021, Mike Winkelmann, a digital artist who goes by the online name, Beeple, auctioned off a digital work of art at Christie’s, one of the largest fine-art auction houses in the fine-art world. “The auction room, as anyone knows, is an excellent medium for sustaining fictional price levels, because the public imagines that auction prices are necessarily real prices.”-Robert Hughes, 1984, The New York Review of Books
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |