The world of Web3 digital art is gaining popularity, and co-founder of NFT Fest Australia, Greg Oakford, is here to guide you through it from a collector’s perspective. In recent news, Snoop Dogg announced the Snoop Passport, a collectible item that evolves throughout his concert tour. This trend is expected to gain traction among musicians and entertainers as they tap into the nostalgia and memories associated with concert merchandise and experiences.
We all have those nostalgic moments where we dust off an old concert T-shirt or go through a box of ticket stubs from events we’ve attended. These items act as timestamps of our lives, taking us back to cherished memories. However, physical memorabilia is fragile and can fade over time. That’s why storing nostalgia on the blockchain in durable digital goods is becoming increasingly popular.
For musicians, there are several benefits to embracing this trend. They can token gate exclusive and dynamic content to their fans, opening up a new line of digital merch alongside physical items. This allows for deeper engagement with fans through new experiences and access. Additionally, artists can collaborate with Web3 and digital artists, further expanding their reach and creative opportunities. By minting NFTs, musicians can also create a new revenue stream and reward fan loyalty.
Fans also have plenty to gain from participating in the Web3 digital art world. Collectibles stored on the blockchain create a sense of nostalgia and allow for the display of fandom in the digital realm. Fans can access dynamic content, exclusive behind-the-scenes experiences, and collaborations. They can also participate in drops, events, and experiences that were previously inaccessible. Integration with social media allows fans to continue their social signaling in the digital space. Additionally, fans have the ability to trade NFTs on secondary markets, providing new opportunities for investment and value creation.
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In the NFT art market, there have been notable sales and trends. One iconic piece, “The Goose” from Dmitri Cherniak’s Ringers generative art collection, recently sold for a staggering $6,215,100 at a Sotheby’s auction. This piece was originally minted for a fraction of that price, showing the potential for significant price appreciation in the NFT market.
Sotheby’s, a renowned auction house, has also entered the NFT and crypto space. With its successful Grails II auction, Sotheby’s has attracted a new generation of collectors. The auction exceeded expectations, with every lot selling above the estimated price. Sotheby’s has recognized the excitement and potential in the NFT market and continues to lean into art on the blockchain. They have also hosted other high-profile sales, such as the auction of a first edition of the U.S. Constitution, which garnered international attention.
Sotheby’s applies its traditional buyer’s premium revenue model to their digital art auctions, and the brand’s reputation helps artists attract premium prices. The auction house plays a crucial role in bringing carefully curated selections of digital art to the market, ensuring the highest possible value for both artists and collectors.
Looking ahead, Sotheby’s has announced its new generative art program, fueled by the ArtBlocks engine. This program will feature the work of generative and computer art pioneer Vera Molnár. The 99-year-old artist’s groundbreaking on-chain generative art project, titled “Themes and Variations,” will be sold in a Dutch auction, marking a new milestone for Sotheby’s.
In conclusion, the Web3 digital art world offers exciting opportunities for both artists and collectors. Musicians can engage with fans in new ways, create additional revenue streams, and reward fan loyalty. Fans can experience nostalgia, access exclusive content, and participate in the growing market of NFTs. Auction houses like Sotheby’s are recognizing the potential of the NFT market and are actively embracing art on the blockchain. This evolving landscape is changing the way we view and collect art, opening up new possibilities for artists and collectors alike.
