Art Basel Hong Kong’s 2022 leads the way in supporting digital art as it focused on non-fungible tokens (NFT) and generative art forms.
- NFT = Non-fungible token
- Cryptographic tokens that are one-of-a-kind and cannot be duplicated on a blockchain
- It is impossible for NFTs to be exchanged for or equal to one another
- Can serve as a medium for commercial transactions
- NFTs can be anything digital (such as drawings, artwork, and real estate), but a lot of the current excitement is around using the tech to sell digital art.
- An NFT is a digital asset that lives entirely in the digital realm — it cannot be touched, yet it may be owned. Any sort of digital file can be used as an NFT.
- The universe of NFT art is modelled by art galleries, shops, and museums without the use of costly and dangerous mediators.
- On Ethereum, Flow, and Ronin, sales of NFT art and collectibles are increasing.
- Each NFT piece has its own value and market.
- Every NFT is unique in terms of its creative design, making them restricted and unusual.
- NFTs are valuable since the transaction establishes ownership of the artwork.
- The image on the NFT is an original work of art by an artist.
- NFTs are intriguing possibilities for art collectors since investors can acquire and invest in both a new revolution and the art itself.
- NFT market is likewise transparent therefore get to look up trade statistics or transaction history for certain pieces or artists.
- According to the “Art Market 2022” research, high-net-worth individuals are more optimistic about the art market than they are about the stock market, indicating a continuous commitment to the industry and its future.
- With the implementation of satellite booths staffed by local representatives appointed by Art Basel, the 2022 edition of Art Basel Hong Kong will feature fourth more galleries increasing from 104 to 130 exhibitors
- International participation made possible by the implementation of satellite booths staffed by local representatives appointed by Art Basel.
