SFAM: Who are the most popular NFT artists right now?
MB: The Generative Art movement refers to artwork that incorporates computer-automated systems. It is attracting a lot of excitement at the moment, with Snofrow, Deafbeef and PAK among the movement’s most popular artists.
SFAM: How are NFTs displayed?
MB: Collectors can display their NFTs in various ways. Some are opting for the physical route of digital displays and projectors, while others are displaying their works in the ‘metaverse’ - a virtual-reality space in which users can interact with a computer-generated environment and other users. At Sotheby’s we’ve incorporated both methods, holding physical exhibitions with displays and projectors, as well as virtual exhibitions.
SFAM: What’s the appeal?
MB: NFTs have an intrinsic artist value of their own which attracts buyers from a distinct community of collectors. Another appeal for buyers is the new technology. Not only can you attach rules around licensing, royalties and profit sharing to an NFT but all transactions have a permanent record of purchase and proof of ownership on the blockchain, all of which affords ownership of the medium a greater degree of certainty.
SFAM: Who buys NFTs?
MB: Many buyers are established NFT collectors – they tend to be younger in age and are often crypto-wealthy. However, we see a lot of potential for cross-pollination. Our collectors of physical art are showing an increasing interest in NFTs, and vice versa. Over time, our traditional art collectors have come to recognize the importance of digital art and NFTs as a growing movement with real staying power.
SFAM: How could NFTs change the Art world?
MB: The possibilities are endless. I see it expanding to more and more categories within our business. One of the most exciting areas is their ability to engage with entirely new audiences who would never have interacted with Sotheby’s in the past. On the other hand, it has been equally exciting to help guide and educate our existing client base in this new space to ensure that they fully understand the value of collecting NFTs. There is so much potential to grow in this space.
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