The art market is a very special market - and remains so even in times of digital transformation.
But as in other markets, a simple “keep it up” poses a number of dangers for the analog artist.
Because the megatrend of digital transformation does not go unnoticed by the art market either – even if this trend later manifests itself here.
But this also results in a great opportunity:
Developments, influences and tools are already known from other sectors.
And since the art market is now “following”, you can take a look at what has happened in other sectors and how you should act as an artist, gallery owner or exhibitor
eCommerce
E-commerce is also playing an increasingly important role in the art market.
The purchasing behavior of customers and collectors is increasingly shifting online.
And with that, purchasing power is also migrating: from the analog world to the digital.
Trade fairs, exhibitions and galleries will continue to play a strong role.
But sales will increasingly happen online.
This means that the artist has to be present online. The more extensive one's own digital footprint is, the more attractive an artist is for an increasingly digital audience.
NFT
However, purchasing power is not only migrating in the direction of online trade, which makes it necessary for the artist to be present online.
Purchasing power is also migrating to a fully digital art market.
NFTs are already generating tens of billions of dollars worldwide.
The integration of NFTs in smart TVs finally turns the television into a digital picture frame.
And the personal digital art collection resides in a wallet in the form of NFTs.
Buying NFTs will soon be as easy as ordering from Amazon
And for "digital natives" the idea of being able to exchange art on the wall at will because it is displayed digitally on a screen is very obvious.
The claim is that art is dynamic enough to be able to design one's own space according to the situation - similar to what is already happening with music today.
The Metaverse(s)
If the paragraph about NFTs was too abstract for you, you will have difficulties with the word metaverse.
Nevertheless: The topic "Metaverse" is probably already "too big to fail". All the big players on the market are investing many billions in this topic, the brightest minds are working on it and past experience makes success likely.
The Metaverse will be a digital mirror world where people have a digital "alter ego".
This metaverse will also have its own markets. (to be honest, they already exist)
People will reside in these digital worlds and have their own digital residences.
And as always when people spend a lot of time in one place, they develop a desire to personalize these spaces for themselves.
Just as one or the other art object stands in the living room at home, the digital residences will also be personalized by their residents using digital art.
And this digital art resides in users' wallets in the form of NFTs.
Conclusion
The digital art market will increasingly withdraw purchasing power from the analogue market.
The macro trend of online trade makes it necessary for the artist to present himself digitally in a contemporary way.
Themes like the Metaverse and NFTs will further divert purchasing power from analog art and towards digital art.
However, there is also a great opportunity here: "digital natives" can be won over as a new group of buyers for an increasingly digital art market using NFTs.
If the artist restricts himself to the analogue part of the art market, he will feel the purchasing power migrating towards the digital art market.
If the artist positions himself more broadly and also digitally, there are exciting possibilities in the trends described above - both commercially and creatively.
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