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How Web3 Is Disrupting the Fine Art Market
Change is afoot in the art world, and it’s been a long time coming. Unsurprisingly, the shift pertains to digital natives, the fine art market’s key driving force for innovation. The question is, how can Web3 disrupt the fine art market?
New Ways of Thinking, New Era Dawning
In many ways the traditional art market has been somewhat disconnected from the ordinary man in the street, be it art sellers, art buyers or even artists themselves. Despite being ripe for change, the barriers of exclusivity and hostility are making it difficult to penetrate, and the key actors in that market are doing very little to shake up the status quo. It was only with the advent of digital technology that innovations started seeping in.
The generational gap is arguably nowhere more apparent, than in the realm of fine arts, and this is largely due to the financial, social and cultural influence of the digital natives. A new generation of investors is reclaiming art as an asset class and helping the space transcend its previous barriers.
The newer generations of creators and collectors are the art market’s movers and shakers. Technology is second nature to them, and they have readily embraced its rapid development in recent years. The art market has not been immune to these powerful changes.
Now that the art market is no longer severed from our tech-infused reality, we’re beginning to see the effects of this change. Technology is making it easier for emerging artists to come into the limelight. Through technology, a new generation of art lovers get to inject exciting new experiences such as virtual events and live streams of artists at work.
What’s the Matter with the Fine Art Market?
At present, the total fine art market is worth $68 billion, according to the 2023 Art Basel and UBS Art Market Report. Additionally, art has a low correlation to traditional markets. As per a 2022 CitiBank report, most correlations between blue-chip contemporary art and other asset classes are weakly positive or close to zero.
The Contemporary Art Market Report by Art Price, which provides an overview of 20 years of Contemporary Art auction history, found that the average price of a contemporary artwork has tripled between 2000 and 2019, which is why Contemporary Art is driving the growth of the global Art Market.
But the art market is also marred by issues for the average art collector with common barriers to entry being high costs, low liquidity, difficulty of access, lack of transparency, and an oligopoly held by a few key players. The space is also rife with money laundering and dubious actors, which add to a collector’s risk.
The average art collector has limited access to art, with geography and proximity limiting their choice to locally available or online.
These challenges make the art market unappealing and appear opaque and hostile for investors, enthusiasts, and collectors alike. The unfortunate knock on effect of such market conditions make life exceedingly difficult for lesser known artists trying to break through and grab the attention of an already limited art audience.
For an emerging artist, it can be next to impossible to get noticed and build a following for their work. Favoritism and nepotism are running rampant in the fine art market, and getting your work noticed or listed in a gallery is more about whom you know. Even for those lucky few that do manage to get their work into a gallery, the scales are not very favorable, as in most cases these artists forgo a 50% commission on the sale of an artwork.
Taking the Fine Art Market Online
The art market started undergoing a radical change with the introduction of online art sales, which in turn paved the way for global accessibility. The emergence of the online art market has been a major growth engine:
- According to the Hiscox Online Art Trade Report 2023, the online art market was worth $10.8 billion in 2022, as opposed to just $1.6 billion in 2012. This is a remarkable feat in just over a decade, considering the fact that e-commerce was still in its infancy at the beginning of the 21st century.
- A 2022 survey of high net-worth collectors even showed that the vast majority of them (95%) had, at some stage, bought works of art without viewing them in person beforehand.
- As per Citibank report, 91% of “Next-Gen collectors”, currently the driving force of the art market, buy art online.
A Paradigm Shift
An emerging generation of artists is actively using technological innovations to fight for their cause and play an active part in redefining the art market. Artists with shared goals and vision are seeking ways to collaborate, despite being scattered across the globe, and thrive in the new art market landscape.
The evolution of the fine art market has been slow, but now that technology is evolving faster than ever, and digital natives are running the show, its future looks promising. The much too abstract, buzzword concepts of NFTs and metaverse may have found the art community to be a tough crowd. But there are many other avenues to pursue to change the status quo radically.
The savvy new audience is in pursuit of quality content that can be easily accessed but also one that takes things a step further. They will not settle for the role of passive recipients. They want exquisite content that offers something else entirely: an immersive experience that is personalized, tangible and engaging.
Because new artists are more attuned to these expectations and demands, they can deliver this far more substantial experience and build a much more meaningful rapport with their following.
The role of the modern artist is to advocate for social causes they are passionate about. The new generation of art lovers is looking to cultivate a more personal relationship with artists. They are passionate about the artists who are not just talented, hard-working creators, but who also share their own values and social causes. While centered around their artistic work, the message artists send is multifaceted.
Creating Content to Keep the Community Glued to their Seats
If they are to grab attention in the competitive art world, the artists need to leverage all assets at their disposal. Some will stick to Instagram, others will take to TikTok, but for many artists, this type of exposure is too generic to generate any real publicity. They want to forge a more profound connection with each member of their audience.
New generations of discerning art enthusiasts and art creators all want to be part of an interactive community instead of fitting into current norms and status quo. The age of the internet and especially Web3, has breath of fresh air to a stodgy stale room. People don’t have to be there at the same place, but they get to be there at the same time.
The Transformative Potential of Web3
Web3 is turning into an indispensable vessel for the promotion of digital and physical art. Web3 promises to take things to the next level through blockchain technology, tokenization and fractionalization, which could have profound implications on the future of the global art community as we know it.
Many artists and art collectors have experienced first-hand what it means to be denied opportunities to even get a foot in the door. This is where the global nature of this Web3-driven art market, where the focus is on art, not the artist’s background, comes into play. The vision is to give artists a level playing field and equal growth opportunity.
Blockchain, with its real-world applications, has stood the test of time and it is gradually becoming mainstream. It is facilitating the transition of art into a widespread commodity, whether in the form of art fractions, art tokens, or other collectibles. In a way, this exclusive access to collectibles is a refined form of art collecting for the new generation.
Established brands are joining in and bringing real-world assets onto the blockchain. Now that a new era in the visual arts is upon us, Web3 is bridging the gap between the community and young artists seeking to build an audience, and in doing so, giving this emerging art community a shared goal and a place to gravitate toward.
A Different Type of Networking
The world of art is evolving to become more approachable, accessible and accepting. Emerging artists who want to grow are naturally compelled to look for alternatives.
Some of them can certainly still do so through live or heavily publicized events, but others are denied these opportunities. Taking their art online and turning how they communicate with their audience into an immersive experience allows them to craft their own community and following.
What artists need is a more personal virtual space in which to showcase their talent, attract a broader audience with which to connect, and build a sustainable network on their own terms.
The Power of the People
The community-driven nature of Web3 has made it a favorable environment for buzzing new platforms with more hands-on engagement. What has so far been missing from the space is an artist-led platform built for and created by artists, an art community continuously in the making.
It would be a place that art creators and art lovers would flock to, one that would give broader audiences access to works of art, and provide artists with more financial and creative freedom and independence. Angelo is one such platform. It is designed as a mixture between a self-publishing platform, much like Amazon’s Kindle Direct and a social streaming platform like Twitch.
For emerging artists in search of a platform that allows them to express their creative self to a community of art enthusiasts and collectors, look no further.
Disclaimer
All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
BeInCrypto Team comprises a diverse group of experienced journalists, analysts, and crypto enthusiasts dedicated to delivering the latest news, insights, and analyses in the cryptocurrency market. Our mission is to provide accurate, unbiased, and timely information to our global audience, empowering them to make informed decisions in the ever-evolving crypto landscape.
BeInCrypto Team comprises a diverse group of experienced journalists, analysts, and crypto enthusiasts dedicated to delivering the latest news, insights, and analyses in the cryptocurrency market. Our mission is to provide accurate, unbiased, and timely information to our global audience, empowering them to make informed decisions in the ever-evolving crypto landscape.
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Native Art Market
The Native Art Market will be hosting over 30 Native American artists this weekend in NYC and Washington DC.
Art by award-winning and innovative Indigenous artists from the Western Hemisphere is featured in the museum’s annual Native Art Market. Items for sale include both traditional and contemporary beadwork, jewelry, paintings, photography, pottery, and sculpture.
Before & After: In Australia, a Tumbledown Midcentury Is Leveled Up With a Sculptural Stair
Fabrikate strips away asbestos and termite-ridden timber to realize the hidden potential of a coastal home.
Sticklight Creates a World of Adventurous Possibilities
Light does more than illuminate: it helps you claim space. At least that’s what designer Thor ter Kulve had in mind when creating Sticklight, a contemporary interpretation of the classic torch, for Weltevree. The portable outdoor lighting also adds a sense of adventure and playfulness to picnics, patios, and more.
“This claiming of a place is a kind of primal instinct, something people have always done. We used to draw shapes of bears on a cliff, later we marked our presence with light,” ter Kulve said.
“When I look at my surroundings, I often think: What if I could make this place even more exciting, even more fantastic? Often the answer to this question is a product in which the user enters into a relationship with the environment,” he shared. “This is also the case with the Sticklight, which gives you a kind of identity because you decide how to use it. Where do you take it? Are you going to discover something? Experience an adventure? That way, as a user, you enter into a relationship with your environment. And that is my ultimate goal. I want to make people bewildered by the environment we live in by looking at what is right in front of them.”
Claim your space with Sticklight by firmly poking the pin at the bottom of the pole into the ground. Tada! You’ve just created a bit of personal space in the outdoors that’s yours for a little while. Sticklight’s portable, minimalist design helps to make these moments feel more like the indoors – cozy and warm. Made of powder-coated aluminum, Sticklight is available in Bottle Green and Oxide Red.
Sticklight can also be put to use indoors with an available wall and base holder. It could contribute to the ambiance in the study, bedside, or any number of spaces thanks to three light modes that range from functional to mood lighting.
To learn more about Sticklight, visit weltevree.us.
Expansive Alexander Calder Exhibition Opens in Seattle
“Calder: In Motion” celebrates the iconic artist’s innovative mobiles, sculptures and other works
Man accused of shooting photographer near railroad tracks
MEMPHIS, Tenn. (WMC) – A man is accused of shooting a photographer near railroad tracks.
Steven Painter is charged with attempted first-degree murder, attempted aggravated robbery, convicted felon in possession of a firearm, and employing a firearm during the commission of a dangerous felony.
On November 19, officers responded to a shooting at the railroad tracks located at Chelsea Avenue and Bayliss Avenue.
The victim told police that he was a photographer and had been following a train route all morning to take photographs of approaching intersections and train yards.
As he was taking photos an older model dark green GMC Yukon pulled up next to him.
A man in the passenger seat asked the victim if he needed any help and then asked him for some money.
The victim told the man that he did not have any money.
The man then told the victim, “Well, I’m gonna need you to give me that phone.” and he said something about a gun, according to police.
The victim was afraid and unarmed so he ran across the street to his 2019 Hyundai Velostor.
The driver in the GMC Yukion followed the victim and pulled up next to his vehicle.
Police say the passenger of the GMC Yukon then fired a shot into the windshield of the victim’s vehicle, striking him in his right shoulder. The suspects then drove away.
The victim was taken to the hospital where he suffered a fractured pubis and had to undergo surgery.
On November 22, the suspect who shot the victim was identified as Painter, according to police.
The victim identified Painter in a six-person photographic lineup.
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The Weekender: November 30 to December 3
Photo courtesy of Somerville Winter Farmers Market
November 30 to December 3
The Weekender
You made it through a week of classes, work, and city life after Thanksgiving break’s brief reprieve from the daily grind. It’s time to reward yourself this weekend with a couple of performances, a hockey game, or a trip to a farmers market.
Chicago
Chicago is back in town for one week only. Playhouses from Moscow to Mexico City have hosted the longest-running American musical in Broadway history, which also boasts six Tony Awards and a Grammy. In 2002, director Rob Marshall brought it to the big screen for the film adaptation with Catherine Zeta-Jones and Renee Zellweger. Now’s your chance to see the bawdy and brilliant ode to the Jazz Age live at Emerson College’s Colonial Theatre.
Tuesday, November 28, through Sunday, December 3, at the Emerson Colonial Theatre (106 Boylston St., Boston). Tickets start at $45 and can be purchased here.
The Nutcracker
In a city brimming with performing arts spectacles, the seasonal staple can sometimes get buried beneath blockbuster movies and touring Broadway shows. But it wouldn’t be the holiday season without the Boston Ballet’s yearly production of The Nutcracker, a wintertime tradition for nearly six decades. Enjoy choreography by longtime Boston Ballet artistic director Mikko Nissinen and get swept away by Pyotr Ilyich Tchaikovsky’s beloved score.
Friday, December 1, through Sunday, December 31, at Citizens Bank Opera House (539 Washington St., Boston). Tickets start at $25 and can be purchased here.
The Slutcracker
Perhaps you’ve seen The Nutcracker and you want something new. Or you haven’t seen it, but you think it’s a bit old hat. Enter The Slutcracker, a burlesque adaptation of The Nutcracker now in its “sweet sixteenth” season, according to the show’s forever home, the Somerville Theatre. The show includes belly dancers, titillating imagery, and all sorts of irreverence. See the spectacle Boston.com once called a “venture to the naughty list.”
Friday, December 1, through Sunday, December 31, at the Somerville Theatre (55 Davis Square, Somerville). Tickets start at $35 and can be purchased here.
Somerville Winter Farmers Market
Take a break from the regular grocery hauls with a trip to the Somerville Winter Farmers Market. This year, over the course of 21 weeks, the market hosts 71 vendors selling everything from meat and fish to fresh juices. Don’t forget to check out locally grown fruits and vegetables and be sure to pick up a loyalty card for the fresh food mega fan in your life. Loyalty card holders will be entered into a raffle for prizes from vendors if they shop at the market on six different Saturdays this season.
Saturdays from November 4 through April 6 at 191 Highland Ave., Somerville.
Day One DNA: 50 Years in Hiphop Culture
Take a walk through hiphop history at the Ethelbert Cooper Gallery of African & African American Art at Harvard University’s Hutchins Center. The exhibition explores the “cultural, political, and economic influences” that shaped the two legendary artists Ice-T and Afrika Islam. Check out over 200 artifacts, including archival photographs, jewelry, and musical instruments. The exhibition was curated by photographer, New York Times contributor, and Emmy nominee Laylah Amatullah Barrayn. Day One is Barrayn’s latest project; her work has also been featured in the Museum of the African Diaspora in San Francisco and the Taubman Museum of Art in Roanoke, Va.
Day One DNA: 50 Years in Hiphop Culture is on view through May 31, 2024, at Harvard’s Ethelbert Cooper Gallery of African & African American Art (102 Mount Auburn St., Cambridge). The gallery is free and open to the public.
BU Men’s Hockey vs Merrimack College
The Terriers take on Merrimack College at Agganis Arena on Saturday. BU has the edge with a 9-4-1 record this season against Merrimack’s 6-6-1. BU cooled off from their five-game win streak with a loss to Cornell last Saturday, so they’ll be looking to recoup this weekend. Saturday’s matchup will be the second of a two-game set against Merrimack, the first match being played on Friday in North Andover.
Saturday, December 2, at Agganis Arena (925 Commonwealth Ave.).
Tickets start at $23 and can be purchased here.
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PennWest Clarion students awarded over $6K in BizPitch competition
Imagine a one-stop animal care facility that provides veterinary, grooming, boarding, training and rescuing services for all animal species.
PennWest Clarion senior pre-veterinarian major Gage Gray won $3,000 with his idea for such a facility – called Animal Buddy Care – during the 6th annual Student BizPitch Competition Nov. 15. The experience and prize money will be applied toward fulfilling a lifelong dream.
“Ever since I was able to talk, I have said I want to be a veterinarian,” Gray said. “This passion for animals and the drive to be a vet had encouraged me to one day open my own clinic. As I moved through middle school and high school, the motivation to become a veterinarian and one day open my own clinic had become much stronger.”
Due to the pandemic, Gray’s freshman year at Clarion was completed online. He remembers an assignment to present a slideshow of his future career goals.
“While going through the logistics of what I really wanted to do with my own clinic and what I wanted to offer, I came up with a very large project to treat any animal for any problem they may have,” Gray said. “Over the years, this plan developed into ‘Animal Buddy Care.’ ABC is more than just a veterinary clinic. It is a service to treat any animal for any problem, A through Z.”
Although Gray had the idea for ABC and the passion to make it a reality, he didn’t have the business knowledge to get it off the ground.
“After working closely with the (PennWest Clarion) Small Business Development Center – specifically Hailee Liptak and Cindy Nellis – I was able to make the idea look more like reality. Honestly, I wouldn’t have been able to accomplish what I did without the help of Hailee and Cindy,” Gray said. “I am beyond grateful for all the knowledge I gained from this competition and for the opportunities this provides me with for the future.”
In its sixth year, BizPitch is open to part-time and full-time students at PennWest Clarion. Students develop and deliver an effective, professional business pitch presenting an innovative and marketable business concept that is both technically and economically feasible and profitable.
After Gray graduates from PennWest Clarion in 2024, he plans to take a gap year before moving on to four years of vet school.
“Most veterinarians who open their own practice start by working at another clinic, so I will start there with my career. Once I have built up enough experience, I plan to begin the making of ABC,” Gray said.
As for the prize money, he plans to use it for the business.
“Since my business will not begin for quite some time, I would like to put a portion of my winnings into my savings, and I would like to invest the other portion,” Gray said. “By splitting up the prize money, I am able to save it and ultimately have a larger amount to use when starting my business.”
Second place winner Samurah Curry is a senior communications major. For BizPitch, she developed B.E.Y.O.N.D the Art Foundation, a nonprofit that provides community art classes for ages 5 and older.
“The B.E.Y.O.N.D the Art Foundation will allow kids to have a creative outlet that is missing in society,” Curry said. “The arts are constantly being defunded in schools, and art colleges have steadily been shutting down over the years. Some kids love art, but one day they put down their paintbrush and never pick it up again because they don’t have a program to help them grow their art skills.”
Curry’s goal is to foster a love for the arts. The target demographic will be elementary and high school children, but she wants to include art classes for older students, including college, young adults and middle-aged people. The program will offer creative kids something they’re missing: A place they can call their own.
She was inspired to meet this need for the community while babysitting during her high school years.
“I started teaching kids how to draw and paint to pass the time. I noticed the kids had a real interest in it, but they didn’t have any resources to help them develop the necessary skills,” Curry said.
At this year’s Autumn Leaf Festival, one of the kids that Curry teaches set up a booth to sell artwork.
“I bought some of the pins and prints they had, and they thanked me for starting them on their art journey,” she said. “The (B.E.Y.O.N.D the Art) organization stems from that core moment. When the BizPitch competition came around, I knew it was time for me to take my idea to the next level.”
Her $2,000 prize will be added to a start-up fund for B.E.Y.O.N.D the Art Foundation.
After graduating from PennWest, Curry plans to attend Seton Hall University in New Jersey for her master’s degree in communication, with a focus in public relations. As she completes her graduate degree, she will do research and networking to enable her to launch B.E.Y.O.N.D the Art.
Third place winner is Giovanni Catalone, a senior environmental biology major, for his business idea, “The Pot of Gold,” a flower pot and an app that will monitor the health of a plant so it will be easier to take care of. He received a $1,000 prize.
“The idea for the Pot of Gold came over a span of three years,” Catalone said.
He has been interested in entering the competition for a couple of years, but it took time to develop ideas and determine which ones had potential.
“I came up with several ideas, with the Pot of Gold being the best,” he said. “I went on to further flesh out and develop this idea.”
After graduation, Catalone will work as an aquatic biologist, and he plans to further develop the Pot of Gold, including making prototypes.
The $250 Fan Favorite prize, which is decided by the audience, was awarded to juniors Mackenzie Schwerzler, a marketing major, and PJ Wheaton, an accounting major, for Alt. Creations.
Schwerzler and Wheaton said they came up with the idea for Alt. Creations through their love of cooking. Alt. Creations is a service that makes home-cooked meals for college students.
“Students all across Clarion complain about the lack of (dining) options in the area, with most being fast food,” Schwerzler said.
They created the business specifically for the competition, but they knew the model would fill a hole in the area, Wheaton noted. They will split the prize and use it for various expenses.
After graduating, Schwerzler, who is an intern with the SBDC, plans to open her own event-planning business to work with nonprofit organizations and hospitals.
Wheaton, who is in the Air Force Reserves, plans to acquire his certified public accountant and certified financial planner credentials and work for an accounting firm.
New sculpture park for Carriacou and Petite Martinique
Major New Tourism Attraction Coming to Carriacou Grenada Tourism Authority (GTA) is excited to announce its newest colla
