- NFTs have soared in value in the past two years, almost catching up with the conventional art market.
- ArtGee have partnered with the crypto art marketplace SuperRare to launch their own virtual gallery.
- Their debut exhibition aids the development of a maturing industry, forging new opportunities for artists and buyers.
The global art market is in a state of flux. When the COVID-19 pandemic first took hold, world-renowned galleries were forced to shut their doors. Exhibitions were suspended and landmark auctions were postponed. But with challenge and disruption comes opportunity too, and some parts of the art world moved quickly to adapt to the changing landscape. A new digital exhibition, which launched in September this year and will run until December, is the latest example of such an innovative new practice being adopted by the art industry.
Within the last year, non-fungible tokens (NFTs) have rapidly risen in popularity and value. 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. In February 2022, an NFT known as “CryptoPunk #5822” sold for an impressive $23.7 million, making it the most expensive CryptoPunk NFT ever sold, and showcasing the potential of a new and fast-emerging market for art.
The evolution of the art world’s digital ecosystem
The entire value of NFT artworks sold last year clocked in at $41 billion, just behind the conventional art market which totaled $50 billion in sales. Many of these NFT purchases are made securely with cryptocurrencies such as Bitcoin. Several analysts expect the NFT economy to continue to grow. A recent report from SkyQuest Technology, for example, estimates that the value of NFT artwork sales could exceed $112 billion by 2028.
For buyers, NFTs bring transparency with traceable and undisputed ownership records. For artists, the digital collectibles provide the opportunity to monetize their work in a more equitable way. Galleries can, meanwhile, bring their longstanding reputations to offer credibility and the means to validate NFTs. These three stakeholder groups are working together to create a new arena in which the art world can flourish.
One such player operating in this growing NFT art space is ArtGee, which was founded jointly by people with expertise in blockchain currency, crypto art, and conventional fine art. In contrast to traditional auction houses and galleries, ArtGee specializes in crypto services and has curated many useful resources such as commercial platforms and communities of collectors and 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 consultancy services, advising collectors on how to get started with NFT art. The company has selected art for luxury five-star hotels and has extensive international experience with clients around the world.
An industry-leading partnership
Most recently, however, ArtGee has partnered with the exclusive crypto art marketplace, SuperRare — which bills itself as the place where “Instagram meets Christies” — by winning a much-coveted “space” within the SuperRare Network. Spaces are independently operated virtual galleries that curate, promote, and sell artwork. 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. New selections are only made once every few months in what are known as “space races”. So far, there have been three space races.
Once a proposal for a new space is submitted, it is reviewed by a community of editors and volunteers. A certain number of proposals are then approved to be put forward for a vote by SuperRare’s investors. The process is tough, but it’s designed to ensure that SuperRare’s Spaces maintain the highest standards; it’s also what makes SuperRare stand out from its competition. One of SuperRare’s main contributions to the crypto art market’s development is through this quality control and its encouragement of art curation. This also helps to make it something of an authority within the industry.
“As a gallery launching on SuperRare, we hope to present NFT artwork to a broader range of audiences,” said ArtGee founder Felicia Che, who was also the first person to introduce the concept and technology of encrypted art to China. SuperRare is one of the top digital art trading platforms and has partnered with brands such as Gucci, Porsche, and Time Magazine. Artists such as Madonna and Snoop Dogg have also debuted NFTs on SuperRare. Its hosting of artists and galleries allows for high-quality interactions between art creators and investors to take place.
Virtual exhibition opens up new opportunities for artists and buyers
To mark ArtGee’s success in acquiring a space, the company is debuting a new exhibition to be hosted on SuperRare. Che’s company is seeking to solidify its growth, she explains, by building a committed and stable development model to connect artists and buyers through its multiple channels. This latest exhibition in collaboration with SuperRare is therefore an important step towards achieving this goal.
The exhibition is entitled “Random: A Drunk Wall into the Truth” and will run from September 1st until December 1st, 2022. It will examine the randomness found in blockchain technology, crypto art, and everyday life. The theme closely resembles the underlying processes and algorithms that secure blockchain and crypto finance; randomness also mirrors NFT technology itself. By discussing and visualizing randomness, the art aims to inspire people to look afresh at the unknowns of life with an open mind. Che hopes that through this exhibition, the public will gain a better understanding of crypto art and the issues and opportunities faced by the industry in general.
“We are honored to participate in this opportunity to contribute to the transformation and development of the industry through the balance of art and technology,” said Che.
The crypto art market is faced with many challenges, leaving many buyers to opt for a “wait and see” mentality, said Che; but NFT art also boasts an abundance of opportunities. After several years of development, sped on by the disruption of COVID-19 restrictions, the crypto art industry is reaching a new stage of maturity to produce a trusted ecosystem of trade. This is where the importance of existing auction houses and galleries takes on fresh meaning, because they can use their gravitas and expertise to connect the various threads of the industry.
“Partnerships like the one between ArtGee and SuperRare can contribute to the crypto art industry more widely, creating a mature system that provides more growth and stability,” said Che.
By helping to establish a more mature ecosystem, ArtGee will be able to continue to serve artists and its customers through a reputable and trustworthy art auction platform. “It’s all about creating a secure and creative future for the art world,” Che concluded.
To learn more, contact Che at email@example.com
This post was created by Insider Studios with ArtGee.