11 Jan 2023

The Digital Art Revolution by Web3: Is It Happening Right Before Your Eyes?

Art NFTs had an outstanding performance during the Bear market. In this article, we'll dive into how Web3 is revolutionizing Art. Many artists and creators have turned to NFTs to monetize their digital artwork, opening the door to attracting investments for collectors. Now thanks to blockchain, the art industry has a bright future.

It seems apparent that Digital Art has found its natural medium through the innovations that blockchains and NFTs have brought to light in the past two years.

While the Crypto / NFT space contains many different use cases, we have seen multiple uses of crypto and NFTs, such as Decentralized Finance, Identity PFPs, and DAOs. In addition, we have also seen different types of users, such as investors, traders & flippers.

However, it is becoming more and more evident that the use cases that enable artists and their communities are the ones that have a more sustainable model in the long run.

You, as an NFT space participant, may ask: BUT WHY? The answer is quite simple: Art is the utility. This statement may initially throw some people off, but it has a lot of truth. When art becomes the only utility a token has, speculative value is (often) taken out of the equation; art collectors expect nothing else from the pieces they collect other than their intrinsic value (this can be based on aesthetics, provenance, or even clout).

Let’s take an example that may shock some Bear market traders. The ArtBlocks platform has produced some of the most coveted art seasons since before the start of the 2021 bull run.

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An equally weighted investment on some of the most famous collections, the chart below (credits to @punk9059) includes Matt Kane’s Gazers + Fidenza by Tyler Hobbs+ Ringers by Dmitry Cherniak + Chromie Squiggles by ArtBlocks’ founder Snowfro. Some previously mentioned collections have a floor price higher than 80 ETH per piece. Even during the tight market conditions of 2022, these collections have had some of the best performances in the NFT sector.

So, are you still early to the Art movement on the blockchain?

The answer is yes. While some of these “grail” collections may be out of reach for most people, more and more artists are making their way into the blockchain and are starting to leverage the power of the technology in unique new ways.

Are you an artist and looking for an entry into NFTs? Read this guide on how to become an NFT artist.

Here at Flagship, we will start to share some of the best artists to follow and the best platforms to trade on (Ethereum main net is certainly not where all the fun is at); we may even drop some alpha on the best up-and-coming collections. But, for now, pay attention to some of the names mentioned in this article; while their main collections may appear unreachable, there are more ways to participate in their ecosystems.

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