- The NFT market has almost caught up with the traditional art market, as its value has soared in the past 2 years.
- ArtGee has partnered with SuperRare, a crypto art marketplace, to create their own virtual gallery.
- Their first exhibition helps to develop an industry that is mature, opening up new opportunities for buyers as well as artists.
The global art market has been in flux. The COVID-19 pandemic struck and world-renowned galleries were forced from their premises. The closure of galleries caused major disruption and auctions that were once renowned were cancelled. However, with disruption and challenge comes opportunity. Some parts of the art industry adapted quickly to the changing landscape. This is the latest example in a new, innovative practice that the art industry has adopted. It launched in September and will be open until December.
The popularity and value of non-fungible tokens (NFTs), has increased rapidly over the last year. NFTs are assets that only exist in a digital format — such as a music file, meme, or visual artwork — and while you can’t physically touch them, you can buy them, own them, and sell them. An NFT called CryptoPunk #5822 was sold for $23.7 million in February 2022. It is the most expensive CryptoPunk NFT to date and shows the potential for a new market for art.
The evolution of digital ecosystems in the art world
The entire Last year, the value of NFT artifacts sold was $41 billionThis is just behind the $50 billion sales of the traditional art market. NFT transactions are often secured with cryptos like Bitcoin. Many analysts believe that the NFT economy will continue to grow. SkyQuest Technology has released a recent reportFor example, the estimate that NFT artwork sales will exceed $112 billion by 2028 is based on estimates.
NFTs offer transparency and traceable ownership records that are undisputed for buyers. Artists have the option to monetize their art in a more equitable manner with digital collectibles. Galleries have the ability to bring their established reputations to lend credibility and to validate NFTs. These three groups of stakeholders are working together to create an environment where the art world can thrive.
ArtGee is one of the players in this rapidly growing NFT space. It was founded by individuals with expertise in both crypto art and blockchain currency. ArtGee, which is not like traditional galleries and auction houses, specializes exclusively in crypto services. It has also curated many useful resources such a commercial platform and communities of collectors or artists. ArtGee already has a track record in leveraging these assets — in 2021, its exhibition “The Story of Sensory” generated close to $1.2 million in NFT sales.
ArtGee also offers consulting services. They can help collectors learn how to start with NFT art. The company has extensive international experience and has chosen art for luxury five-star hotel rooms.
An industry-leading partnership
Most recently, however, ArtGee has partnered with the exclusive crypto art marketplace, SuperRare — which bills itself as the place where “Christies meets Instagram” — by winning a much-coveted “space” within the SuperRare Network. Spaces are virtual galleries that can be independently managed and operate. They curate, promote and sell art. The number of spaces is limited — only 10 can be added at a time, and the allocation is only granted after a stringent review process. In what is known as “space races”, new selections are made only once every few month. There have been three space races so far.
After submitting a proposal to create a new space for your business, it is reviewed by an editorial team and volunteers. SuperRare’s investors then approve a number of proposals to be submitted for a vote. This process is difficult but necessary in order to maintain SuperRare Spaces at the highest standard. It’s what sets SuperRare apart from its competitors. SuperRare is known for its quality control and support of art curation. This helps make SuperRare an authority in the sector.
Felicia Che, ArtGee founder and the first person to introduce encrypted art to China, said that SuperRare will be a gallery. SuperRare is a top digital art trading platform and has partnered up with brands such Gucci and Porsche. Artists like Madonna Snoop DoggSuperRare has also featured NFTs. The gallery hosts artists and galleries, which allows for high-quality interaction between investors and art creators.
Virtual exhibitions offer new opportunities for buyers and artists
ArtGee is launching a new exhibition on SuperRare to celebrate its acquisition of a space. Che explains that Che’s company wants to strengthen its growth by creating a stable and committed development model to help artists and buyers connect through its many channels. This is why the latest exhibition with SuperRare is an important step towards this goal.
The exhibition, entitled “Random” and will be open from September 1st to December 1st 2022. It will focus on randomness in crypto art and blockchain technology. This theme is closely related to the algorithms and processes that secure cryptocurrency and crypto finance. Randomness also mirrors NFT tech. This art encourages people to see the randomness in life and discuss it. Che hopes the public will be able to gain a better understanding about crypto art and the opportunities and challenges facing the industry.
Che said, “We are honored that we can contribute to the transformation of the industry through technology and art balance.”
Many buyers are choosing to wait and watch the market for crypto art, which leaves them with many problems. NFT art, however, offers many opportunities. After many years of growth, which was accelerated by the removal of COVID-19 restrictions and a rapid expansion of the market, the crypto industry is now at a mature stage to establish a trustable ecosystem for trade. Because existing auction houses or galleries can connect the many threads of this industry with their expertise, this is why they are so important.
Che stated that “partnerships such as the one between ArtGee, SuperRare can help the crypto art market more broadly, creating a mature and stable system that provides more growth”
ArtGee is able to continue serving artists and customers by providing a trusted and reliable art auction platform. By helping to create a mature ecosystem, ArtGee can be more successful. Che said, “It is all about creating an art world that is secure and creative.”
Che can be reached at che@artgee.io
This post was written by Insider StudiosWith ArtGee.
