Quick Take:
- The art Basel Miami Beach event attracted several crypto experts and artists who were impressed by the future NFTs could bring.
- They said NFTs could be the key to authenticity, ownership, and price transparency.
- Vogelsang and Cherise Gary think NFTs are here to stay for the long term.
Several experts and artists gathered at the Art Basel Miami Beach this week for art exhibitions. The event brought some memorable moments like the duct-taped banana that was priced at $120,000 two years ago. But artwork never runs out of surprises, and with the advent of NFTs, the attendants had never been more excited.
Although the most expensive artwork ever sold is still the Portrait of Dr Gachet, which went for $24.75 million in 1987, approximately $82.5 million in 2021, NFTs could soon eclipse that.
In March this year, Mike Winkelmann, also dubbed as Beeple, sold a digital collage for $69 million, sparking an influx of artwork and collection items in the NFT space. The aftermath has created a rise in social media chatter about NFTs with celebrities on the frontline.
Therefore, it is no surprise that Miami art week was graced by celebrities intrigued by the disruptive power of the metaverse.
Some of the experts present at the event promoted the concept of NFTs through art while others compared it to a lightbulb in one’s career. They cited that these assets hold the power to improve authenticity, ownership, and price transparency.
Vogelsang’s fair took over 50 billboards across Miami as a public art project that extended to the centre of Miami beach. On the other hand, Cherise Gary, a musical artist well known as UNIIQU3, said NFTs have created an opportunity for musical artists like her to share their digital art pieces and songs.
In a statement, she said, “This is more direct… I feel like it’s a really great way to eliminate third parties and focus on the community we are creating.”
“Crypto has its dips, so I am really definitely riding with the US dollar right now, but crypto is definitely a part of the future and I am really excited to see in the future what the blockchain looks like for artists like me.”
One of the most eye-catching innovations came from the Open Earth Foundation’s OceanDrop, a project supported by the likes of SuperRare, DoinGud and RNDR.
The climate action technology firm wants to push the level of innovation higher by introducing holographic NFTs of sculptures in museums. Last year, the organization’s CarbonDrop NFT raised $6.6 million.
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