PARIS, Jan. 19, 2022 /PRNewswire/ -- An urgent need for
greater clarity is emerging in the world of NFT platforms, which
are already offering a very large number of diverse and varied
products. To enhance the navigation experience, OpenSea has already
organized their offer into ten categories: New, Art,
Collectibles, Domain names, Music, Photography, Sports, Trading
cards, Utility and Virtual Worlds, but even this
organization has lots of overlaps and gray areas, and we believe
these marketplaces need greater clarity, stability and transparency
in order to attract new collectors.
Thierry Ehrmann, CEO and
Founder of Artmarket.com and its Artprice department: "The
disruptive NFT technology escapes the 'standard' segmentation of
the art market, traditionally organized into periods,
mediums, movements, etc. Coving a multitude of extremely innovative
initiatives, the NFT phenomenon is spreading into numerous
intermingling areas. But, looking ahead, Artprice is working on a
framework that will inform players in this market about what is
exchanged and about what creates value; in short, a clear and
objective way of presenting the information relating to NFTs
(origin, edition, supply, demand, use, etc.), information that is
necessary to reassure the market".
The best… and the not so good
For its Natively Digital: A Curated NFT Sale, which
closed on 10 June 2021, Sotheby's
brought together items as diverse as creations by the collective
Art Blocks, a reinterpretation of Claude
Monet's Meules painting by the artist digital
Matt Kane, and a conceptual work by
Rhea Myers aptly titled Secret
Artwork (Content), about which the artist said "there is
nothing rarer than something that doesn't actually exist".
Today, it is clear that NFTs represent a market that is open to
all forms of hybridization, that of art and gaming, design and
sport, etc.. Even if certain distinctions seem to have become
obsolete, Sotheby's still chose to sell CryptoPunk #7523
separately (it fetched $11,754,000)
which suggests that some NFTs still deserve specific treatment.
Such a separation, based solely on demand, would obviously benefit
from an accentuation of the homogeneity of the sessions.
This does not necessarily imply excluding CryptoPunks from
digital art sales just because they are profile pictures (PFPs)
rather than actual works. But it should be recognized that
CryptoPunks, generated by random combinations, fall better into the
category of Collectibles, however unattractive this rubric
may sound.
Confusion, paradoxes and limits
The confusion between the Collectibles and Art categories is
partly based on price… because a profile photo purchased for
several million dollars is perhaps an artwork as well. Similarly,
when Sina Estavi acquired Jake
Dorsay's first tweet for $2.9
million in March 2021, he
compared this piece of code to the world's most famous work of art,
da Vinci's Mona Lisa.
The NFT market is therefore still peppered with ambiguity and
paradox. Clearly on the side of decentralisation and transparency,
the NFT market still harbours numerous anomalies, which Financial
Times journalists Hannah Murphy and
Joshua Oliver have listed in a
somewhat alarmist article entitled "How NFTs became a
$40 bn market in 2021":
The unregulated space is also plagued by fraud, scams and
market manipulation, especially because the real-world identities
of buyers and sellers is difficult, if not impossible, to discover.
Analysis by Nansen found $2 million
of suspicious activity across the CryptoPunk and Bored Ape
collections in the 30 days to mid-December. Some NFTs, for example,
were sold at a 95 per cent discount to the average sale price,
either because of mistakes by buyers and sellers, tax write-offs or
some other scam exploiting unskilled users. Researchers have also
warned that the market is likely being inflated by wash trading —
when a trader takes both sides of a trade in order to give the
false impression of demand.
Towards greater transparency
So far, there are not enough clear and transparent results to
placate such suspicions. In 2021, Artprice databases listed just
under 300 NFT lots sold at public auction for a total of
$228 million, representing just 1.5%
of the global secondary art market. Among the 100 best auction
results of the year 2021 for NFTS, Artprice counted 65 digital
artworks, 32 'collectibles', 2 'digital zones' and 1 film
sequence.
But this is only the emerging part of a market that is growing
at an exponential rate. The sooner the NFT marketplaces allow users
to navigate with confidence by providing objective and useful
information, the sooner they will reassure collectors and art
professionals, and open the world of NFTs to new players.
According to thierry Ehrmann, CEO and Founder of
Artmarket.com and its Artprice department: "All in all, NFTs
have successfully triggered a genuine art market revolution in just
a few months by flooding it with new works and providing a new
sales channel. Initially by attracting young collectors and
tech and cryptocurrency enthusiasts, but subsequently by attracting
traditional collectors. Because, today, everyone wants to try the
NFT experience. Like any revolution, this one is jerky with a lot
of volatility that will attenuate over time. It is indeed
perfectly natural for a new virgin space to experience a form of
'Gold Rush', with ingenuity and excesses at the same time.
But as a Leader in Art Market Information, Artmarket.com
will provide pragmatic solutions for NFT Marketplaces in order to
establish the trust that is the driving force behind any exchange
on the Internet, especially during this new phase of 'art market
dematerialization'. Indeed, this has always been Artmarket.com's
principal added-value: making the art market an efficient market
over the years thanks to its compilation and exploitation of the
most comprehensive art-focused databases in the world, providing
sellers and buyers with the essential data they need for engaging
in transactions with complete confidence".
Sotheby's has clearly understood that the Art Market is entering
a new phase of very strong growth with NFTs and the metaverse.
That's why Goldman Sachs and Morgan Stanley are preparing Sotheby's
return to the Stock Exchange via an IPO. Sotheby's has already
taken the plunge by opening the Sotheby's Metaverse
https://metaverse.sothebys.com/.
Furthermore – and this is indeed irrefutable confirmation of the
paradigm shift that is occuring – Sotheby's has just announced it
will accept bids in Bitcoin (BTC), Ethereum (ETH), and USD Coin
(USADC) cryptocurrencies with Coinbase Commerce for the 555-carat
black diamond!
Image:
[https://imgpublic.artprice.com/img/wp/sites/11/2022/01/image1-alchemical-fractal-NFT.jpg]
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Artmarket is a global player in the Art Market with, among other
structures, its Artprice department, world leader in the
accumulation, management and exploitation of historical and current
art market information in databanks containing over 30 million
indices and auction results, covering more than 770,000
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Artprice by Artmarket, the world leader in information on the
art market, has set itself the ambition through its Global
Standardized Marketplace to be the world's leading Fine Art NFT
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Artmarket with its Artprice department accumulates data on a
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Market information for the main press and media agencies (7,200
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users have access to ads posted by other members, a network that
today represents the leading Global Standardized Marketplace® to
buy and sell artworks at a fixed or bid price (auctions regulated
by paragraphs 2 and 3 of Article L 321.3 of France's Commercial Code).
Artmarket with its Artprice department, has been awarded the
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(BPI) (for the second time in November
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company in its project to consolidate its position as a global
player in the market art.
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Artprice by Artmarket's 2020 Global Art Market Report published
in March 2021:
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