Saturday 18 May, 2024

Crypto Art and New York

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Food for thought; pinning down some significant events and/or report related to CryptoArt and its steady move in its industry. These may include some financial, social and economic benefits to artists, investors and communities.
CryptoArt merges bitcoin cold storage and art. This is considered a safe method to securing bitcoin. This medium of art not only appreciates in value from being limited but also from what it contains. The number of cryptoart sold within the United States in the year 2020 generated a total sum of $12.9million USD and it can be created in three sizes that are designed to fit ready-made frames. The smallest size has the option of being kept in a presentation book.
CryptoArt is a mix of art, technology and money. It was used as a teaching aid in the Canadian senate hearings on cryptocurrency. A piece is said to be in the home of Canadian Prime Minister Justin Trudeau.  CryptoArt can be digitally displayed using simpler options like basic digital photo frames such as infinite objects, Menural, AppleTv and The frame by Samsung. It is stated in a report(released in february of 2022) by the United States treasury that the risk of money laundering is evident in this high value market.
Documented from a global point of view, over 9,000 NFTs were declared fake in 2021. A social media group was formed in other to further annonce to the public at large. It is no longer news NFTs been taking New York by storm. Due to the fact that some businesses and selected chain(s) of industries are scrutinizing the block chain industry, particularly NFTs, the opportunity for constantly spreading awareness is endless.
A private dinning club is set to operationally run in New York using NFTs. In other to gain access, members must have the restaurant’s NFT (A digital art which is stored on the blockchain and purchased using cryptocurrency). The business promises to give members access to various culinary, cultural and social experience(s). This venture further promotes cryptoart. The NFT will enable an individual sell, use, lease or transfer his/her membership which is an asset. The project is thought to be extremely ambitious but innovative.
Still, in New York, the first exhibition centre to use NFTs began operations last year. Over hundreds of millions of dollars have been scooped out to support artists in the New York area. The program is called – Creatives Rebuild New York”. This was generously dished out and orchestrated by a charity foundation.
Reviewing some pieces sold at Philip’s New york sales from last year;

  1. Artist: Flora Yukhrovich, Piece: Pretty Little Thing, Year: 2019

Pretty little thing auctioned at $1.2million which is more than ten times its estimate of
$60,000

  1. Artist: Emily Mae, Piece: Waiting Room, Year: 2015

Waiting Room auctioned at $756,000, Also more than ten times its estimate of
$40,000

  1. Artist: Cinga Samson, Piece: Two Piece 1, Year: 2018

Two Piece 1 auctioned at $378,000 which is more than ten times its estimate of
$10,000 ‒ $15,000
Art sold during this auction gives a seemingly clear understanding of what art means to New York. Returning and/or first-time buyers may want a piece or collection of artworks from artists using NFTs. Things have been evolving rapidly in recent times, so using this medium to buy, exchange, store and sell artwork may be a thing of pleasure to New Yorkers.
 Financial (yield) Overview

  • Market capitalization of transactions globally involving a non-fungible token


338m USD

  • Total sales involving a non-fungible token in the art segment


2.1b USD

  • Number of transactions involving a non-fungible token in the art segment

↓ 64,485
The market size of digital art in the United States spiked 6.6% in 2021 against the previous year with a total sum of $5.65 billion. The figure is foreseen to attract a return on investment of about $5.8 billion in the year 2022.
Total CryptoArt Market Cap: $2,244,060,018.60 (813,640,079 ETH) Total Artwork Sold: 3,012,848
Viewing statistics, trends and processes regarding NFTs, one will see that something so abstract yet can be physical, suddenly becomes a lifestyle. It is like living in two worlds based on a purchase using Ethereum. Technology is steamy, it can sometimes hit the right spot.
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