art-market Articles

The incredible boom of 2021 put crypto art (non-fungible token) at the center of everyone's attention. Record-breaking sales, constant media coverage, and widespread adoption by all kinds of people and organizations – it felt like a whole new way of owning art was here to stay. But things are a little different in the NFT market future.

What is digital art? 

As with any other year, marked the start of the 2023 summer for the art community. The event showcased 284 art installations from 36 countries and regions, making it a must-attend destination for art connoisseurs worldwide. Thus, a never-ending stream of visitors was expected, even at the VIP opening on Tuesday, the 15th, resulting in long queues and limited free space at some art booths.

Art enthusiasts and market observers, take note! Art Basel and UBS have finally unveiled the highly anticipated Art Market Report 2024. Authored by the esteemed Clare McAndrew, founder of Arts Economics, this annual analysis provides an in-depth review of the international art market. 

The whirlwind of 2021 propelled crypto art, also known as NFTs, into the global spotlight. Astronomical prices, top headlines, and mass adoption among individuals and institutions — it seemed as if a new era of art ownership was upon us. However, 2024 presents a bit different landscape. 

While the meteoric rise of NFTs in 2021 captured headlines, 2024 paints a more nuanced picture of the NFT and art market. Gone are the days of frenzied bidding wars and overnight success stories. Instead, the market has undergone a period of consolidation, focusing on long-term value and utility.

Since 2014, when NFTs, also known as non-fungible tokens, first emerged on the digital landscape, these unique digital assets have gradually established themselves as a valuable investment opportunity. By providing a blockchain-based transaction ledger, a unique item linked to the token, and immutable proof of ownership on it, they have revolutionized the way organizations engage their audience in various areas, including art collecting.

The world of art trade can often seem to run counter to harsh realities like war, inflation, economic downturns, and political crises.