NFT Art

The fifteenth Art Dubai now has a digital exhibition for the first time, focusing mainly on crypto and NFTs. The digital galleries created specifically for this purpose at Art Dubai Digital are now also bringing Art Dubai into the digital age. The new section of the show explores the context out of which NFTs, cryptocurrency, video art and virtual reality (VR) have grown since the rise of digital art, Art Dubai says on its site.
In addition to the exhibitions, Art Dubai is also inviting several guest speakers to attend the event, which “will give visitors greater understanding about the rapid growth in digital platforms”, the website adds. NFTs and crypto are thus becoming more and more prevalent in the art world.

It was supposed to be a milestone in the price history of NFTs: 104 CryptoPunks were to be sold as a block on the evening of February 23, 2022. But shortly before the auction was to begin, the lot was withdrawn. The auction was associated with great expectations: the starting price for the 104 punks was 14 million US dollars, and the auction house had expected between 20 and 30 million US dollars as the result.

Reasons for the cancellation were not given. In any case, it seems that the flight of fancy of the simply knitted NFT Art projects has ended for the time being. Here, too, the market is coming of age, and the value criteria of the art market are becoming more and more prevalent.  In the future, high-quality NFT art will outshine the prices of the CryptoPunks.

Car manufacturer Alfa Romeo will soon using the NFT technology too. “The NFT initially contains the manufacturer’s data such as equipment, colour and vehicle version. During use or at the time of sale, customers can also create another NFT that provides information on usage data such as mileage, driving cycles or even battery status.” according to BTC-Echo.

The NFTs would be stored in a wallet of a special cloud, so that NFTs of several vehicles of one owner can also be stored. A mobile app enables the creation of an NFT. A company spokeswoman of the parent company Alfa Romeo told BTC-Echo.

The NFT market thus seems to be taking its first steps beyond the art world.

More.

The management consultancy Boston Consulting Group (BCG) expects a strong growth spurt for products and services for the so-called metaverse. „The augmented reality market will pass the 100 billion US-Dollar-mark this year,” says BCG partner Tibor Mérey in an interview with CAPITAL. The trillion mark will be reached before 2030, he added. Metaverse revenues include revenue from hardware, software and services, such as augmented and virtual reality (AR) and virtual reality (VR) applications. 

The metaverse is considered the next stage of the Internet. It is primarily about simulating physical presence in virtual worlds. According to BCG partner Tibor Mérey, however, tapping into the metaverse doesn’t just affect large tech corporations. “An ever-increasing part of life will take place in the digital world – and that’s why the economy will migrate there as well,” he says. In principle, therefore, the metaverse is economically relevant for all industries, he says.

At Art Cologne, which has just ended, there was a lot of talk about NFTs, but they were rather rare to see. They were only presented at a few booths. The Nagel / Draxler gallery showed some of the digital pieces, at König they were on display and at Goelitz. But how does the hype about the NFTs worldwide fit to such a small number of exhibitors? After all, there were 145 exhibitors at the fair, which was still decimated by Corona.

The problem is also described by Monopol magazine: “In fact, (…) digital artists have produced and sold many NFTs – only they are apparently not so suitable for presentation at art fairs.” And even less often for presentation in private or official settings. The solution: 3D spaces, like those found
here: LINK.

On November 25, 2021, Van Ham Art Auctions in Cologne will host the first hybrid conference “Art and NFT – New Artistic Medium and Investment Object for Collectors. Opportunities and Risks” will be held in cooperation with the law firm Wilde Beuger Solmecke. In five lectures, the topic of non-fungible tokens will be intensively examined and considered from different perspectives. Participants can register to attend the event in person or digitally.

Non-fungible tokens, or NFTs, have developed rapidly as virtual securitizations of art and collectibles, and digital works have been fetching record prices at least since the spectacular auction of Beeples’ “Everydays: The First 5000 Days.” At Van Ham, hybrid NFTs will go under the hammer for the first time at a German auction house this fall, once again confirming Van Ham’s role as a driver of innovation in the industry. The hybrid NFT conference on November 25, 2021, thus forms an exciting and meaningful addition for all who wish to enter the world of digital securitized collectibles. The interdisciplinary panel will look at NFTs from the technical side (Stephan Noller and Prof. Wolfgang Prinz, Fraunhofer Institute), from the perspective of the art world (Rita Kersting, Museum Ludwig and Markus Eisenbeis), as well as with regard to legal and insurance issues (Prof. Dr. Jürgen Wilhelm and Madeleine Schulz).

The cooperation between Van Ham and Wilde Beuger Solmecke Rechtsanwälte is based on the integration of new technologies into the own business and the interest to share the common experiences with a broader audience. Such cooperation has already proven itself in past successful interdisciplinary symposia at Van Ham, which were followed with great attention as they always set new impulses in the industry.