A whopping 88% of high-net-worth (HNW) conventional artwork collectors say they’re concerned with shopping for digital artwork within the type of NFTs, a brand new report on the artwork marketplace for 2022 has discovered.
In accordance with The Artwork Market 2022 report, which is printed collectively by the annual artwork exhibition Artwork Basel and Swiss banking big UBS, exercise available in the market for digital artwork will possible stay robust in 2022, as extra conventional artwork collectors enter the house.
And whereas 88% of the HNW people who responded to the survey stated that they had been concerned with shopping for NFTs, solely 4% stated they had been “by no means .”
The report famous the rising curiosity in NFTs, stating:
“Some of the important developments within the wider artwork business in 2021 was the explosion of curiosity in NFTs, even when for now most NFT gross sales have been exterior the standard artwork market.”
Additional, the report additionally famous that greater than half – 56% to be exact – of the surveyed HNW traders stated that they weren’t simply , however had been really planning to purchase digital artwork.
The determine was even greater amongst collectors who recognized as millennials, with 61% of them planning to make an NFT buy.
Additionally, higher-than-average curiosity was additionally seen amongst collectors from Taiwan, Singapore, and the UK, the place greater than 60% of respondents stated they’re planning to purchase a number of NFTs.
The figures had been primarily based on survey responses from 2,339 high-net-worth collectors who’re “energetic within the artwork market” throughout numerous giant international locations, together with the US, UK, Mainland China, Hong Kong, and others.
“There aren’t any indicators that the curiosity in NFTs will abate in 2022,” the report commented primarily based on the findings. It added that 2022 is prone to be “a extra telling 12 months” for assessing whether or not the expansion that has been seen within the NFT market may be sustained.
In the meantime, the report additionally outlined some dangers for the NFT sector, saying that “anybody can mint an NFT for a really low value.”
This may occur “even when they don’t have any proper to the content material, and with mental property infringements usually tough to contest as a result of anonymity conferred by them,” the artwork market report stated.
It added that low-quality artwork and outright frauds available in the market for digital artwork have made it liable to “speculative shopping for and promoting,” and stated this has grow to be simpler to have interaction in because of the a lot greater transaction speeds within the digital world.
By way of different key findings, the report stated that:
- Most sellers and public sale homes are “usually optimistic” in regards to the impression of NFTs on the artwork market.
- The highest-tier public sale homes of Sotheby’s and Christie’s offered USD 230m value of NFTs in 2021, whereas total gross revenues for the companies stood at over USD 14bn.
- Platforms (resembling OpenSea) promoting NFTs exterior the standard artwork market have been “notable and generated substantial gross sales in 2021”.
- Gross sales of each artwork and collectibles NFTs on on-line platforms exterior the standard artwork market have grown from USD 4.6m in 2019 to USD 11.1bn in 2021.
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