3 Issues That Will Determine the Future of the NFT Market, According to Sothebys Institute Experts and Alumni – artnet News

A little over a year ago, Beeples Everydays: The First 5000 Dayssold for $69.3 million, electrifying the art and auction worlds.

But while NFTs certainly made a resounding impact in that moment, Sothebys Institute educators and alumni say its more accurate to think of the sale as our eras Salon des Refussthe coalescing of an outsider movement that has been building for quite some time. In other words, understanding the history of NFTs will prove vital in navigating the fog of volatility and technical jargon of the new art of our age, and equipping enthusiasts with a clear perspective on the brave new world ahead.

Sothebys Institute of Art, the pioneers of art business education, are designing programs to prepare professionals for just that world.

The Institutessuccessful online course, Art and Technology: From AI to NFT, has sold out every season since it was first put together in 2020. Gareth Fletcher, an Institute alum, the current program director for the MA in Art Logistics, and an expert in art and technology, has assembled a required reading listfor those just beginning to explore this field.

Recently, Fletcher and three Institute alumniMargarita Kiryushkina, a Web3 and NFT advisor; Jessica Tatievski, a dealer of post-war and contemporary art with a focus on the NFT market; and Corinne Moshy, marketing director at Blockworksdiscussed what people need to know about the intersection of art and technology.

Courtesy of Sothebys Institute, Art & Technology.

Gareth Fletchers careerwhich has involved extensive research into the relationship between provenance information and the establishment of cultural and economic value for objectshas helped him identify and analyze market opportunities surrounding authenticity, ownership, and transfer inthe context of IoT, blockchains, the metaverse, and other Web3 implementations.

The increasing obsolescence of traditional art-market yardsticks and rules of thumb makes the pre-pandemic trade appear comparably procedural, and its fascinating to witness how big techs strategic pivots are now being front-run by creative communities, while the traditional banking sector is cautiously reversing their battleships, Gareth said.

Cryptocurrencies will continue to attract discussions relating to regulation across various jurisdictions, and I imagine some will be accepted by Amazon or eBay by the end of 2022. This will further increase public awareness of alternative currencies and methods of transaction, which will eventually be absorbed into payment services offered by the traditional banking sector.

Courtesy of Sothebys Institute, Art & Technology.

Art NFTs, Institute alum Corinne Moshy said, are born from a counterculture group who are into it precisely because it isnt mainstream. One doesnt have to be part of the in-crowd to gain access.

The field will continue to grow until the line between counterculture and mainstream blur, capital flows in, and eventually NFTs are just a new sect within the market. That exact trend in the art world goes back hundreds of years. This is just the latest example. Except this time, its happening on such a massive scale because the barriers to entry are incredibly lowanyone with access to WiFi can participate.

Courtesy of Sothebys Institute, Art & Technology.

Margarita Kiryushkina andJessica Tatievski,two Institute alumnae who founded Neue Project, an advisory for those interested in NFTs andWeb3, suggest that the ways NFTs and artworks in the traditional market operate are quite different.

To make it simple,Kiryushkina explained, any type of project needs a community to sustain itself. Besides community, the intention of creating or building in it plays a significant roleas does transparency and accountability to the collective invested into the project.

As of right now, the NFT market is considered the wild west, allowing artists, builders, and collectors to experiment and let their creativity become the strongest asset towards problem-solving and establishing new standards within the space,Tatievski said.

The growth and progress within the industry are incredibly exciting, Moshy added. Theres definitely an energy in working in an industry that is booming. And its not just a group of rag-tag believers, either. The worlds largest financial institutions, the most powerful governments, the oldest auction houses are involved. Watching all of these industries and players pour into the same space is fascinating.

Read more from the original source:

3 Issues That Will Determine the Future of the NFT Market, According to Sothebys Institute Experts and Alumni - artnet News