NFTs and the Art Market

Categories: 2021 September-October Issue.

NFTs have been around since 2014 but came into prominence when a digital image sold for $69.3 million earlier this year at Christie’s Auction House. That is certainly an attention grabber but not a complete outlier, as the entire NFT market has been on a roll during the past few years. In 2020, the market totaled $250 million, up a whopping 299 percent from the previous year. During the first six months of this year, the market soared to $2.5 billion.

What does this mean for the rest of the art market, and why should a traditional artist or collector care about NFTs? I am going to try to answer that for you.

Read the full article in the September/October 2021 issue.

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