Art

Three questions that will shape the future of NFT art, technology and the market, say Sotheby’s Institute experts and alumni

Three questions that will shape the future of NFT art, technology and the market, say Sotheby's Institute experts and alumni

A little over a year ago, Beeple’s Daily: first 5,000 days sold for $69.3 million, electrifying the art and auction world.

But while NFTs certainly had a resounding impact at that time, educators and alumni of Sotheby’s Institute say it’s more accurate to think of the sale as the Salon des Refusés of our time – the merging of a outward movement that has been building for some time. In other words, understanding the history of NFTs will prove essential to navigating the haze of volatility and technical jargon of the new art of our time, and giving enthusiasts a clear perspective on the new world to come.

Sotheby’s Institute of Art, the pioneers of arts business education, design programs to prepare professionals for this world.

The Institute’s successful online course, “Art and technology: from AI to NFT”, has sold every season since its inception in 2020. Gareth Fletcher, an alumnus of the Institute, the current pprogram director for the MA in Art Logistics, and expert in art and technology, brought together a required reading list for those who are just beginning to explore this field.

Recently, Fletcher and three Institute alumni – Margarita Kiryushkina, Web3 and NFT Advisor; Jessica Tatievski, post-war and contemporary art dealer specializing in the NFT market; and Corinne Moshy, Director of Marketing at Blockworks, discussed what people need to know about the intersection of art and technology.

Technology and banking

Courtesy of Sotheby’s Institute, Art & Technology.

Gareth Fletcher’s career – which has involved extensive research into the relationship between provenance information and establishing the cultural and economic value of objects – has helped him identify and analyze market opportunities surrounding authenticity. , ownership and transfer in the context of IoT, blockchains, metaverse and other Web3 implementations.

“The growing obsolescence of traditional art market criteria and rules of thumb makes pre-pandemic commerce seem relatively procedural, and it’s fascinating to see how the strategic pivots of big tech are now community driven. creative, while traditional banking is cautiously flipping their battleships,” said Gareth.

“​Cryptocurrencies will continue to attract regulatory discussion in 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 currencies. alternatives and transaction methods, which will eventually be absorbed by the payment services offered by the traditional banking sector.

Counterculture and mainstream

Courtesy of Sotheby's Institute, Art & Technology.

Courtesy of Sotheby’s Institute, Art & Technology.

Art NFTs, said Institute alumnus Corinne Moshy, are “goodrn from a counterculture group that is interested in it precisely because it’s not mainstream. You don’t have to be part of the crowd to access it.

“The field will continue to grow until the line between counterculture and mainstream blurs, capital flows in, and eventually NFTs are just another sect in the market. This exact trend in the art world goes back hundreds of years. This is just the latest example. Except this time it’s happening on such a massive scale because the barriers to entry are incredibly low – anyone with access to WiFi can participate.

Community and Responsibility

Courtesy of Sotheby's Institute, Art & Technology.

Courtesy of Sotheby’s Institute, Art & Technology.

Marguerite Kiriushkina and Jessica Tatievsky, two Institute alumni who founded Neue Project, a board for those interested in NFTs and Web3, suggest that the ways in which NFTs and artwork work in the mainstream market are quite different.

“To put it simply,” Kiryushkina explained, “any kind of project needs a community to sustain itself.” In addition to the community, the intention to create or build there plays an important role, as does transparency and accountability to the collective invested in the project.

“At present, the NFT market is considered the ‘Wild West’, allowing artists, builders and collectors to experiment and let their creativity become the most powerful asset in solving problems and setting new standards. in space,” Tatievsky said.

“The growth and progress within the industry is incredibly exciting,” Moshy added. “There is definitely an energy to working in a booming industry. And it’s not just a motley group of believers either. The largest financial institutions in the world, the most powerful governments, the oldest auction houses are involved. Watching all of these industries and all of these players pour into the same space is fascinating. »

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