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The art market is always going on in secret: more than 60% of NFT collectors will "buy and hold"



This is a case of on-chain data visualization that has excited me for a long time. The author conducted a visual analysis of 16,198 NFT works created by 887 artists on SuperRare, involving 3,210 collectors and more than 23,000 transactions. The following conclusions have been drawn: more than 60% of NFT collectors will "buy and hold"; any two artworks (excluding 122 exceptions) of the total 16,000 artworks in this network do not pass through the legendary six degrees of separation , but are linked together by a chain of no fewer than three collectors; these communities (large clusters of nodes in the network) represent collectors.    ...But, the exciting thing is far more than the conclusion. "As a network scientist, when I encounter a phenomenon as complex as the art market, I tend to study its hidden structure, uncovering the invisible web of relationships. At the same time, it forms a natural art form." "blockchain data art" Mark Pernice Art-world watchers have been choking on the genre ever since an NFT made by the digital artist known as Beeple sold for $69 million at auction in March — so-called based on The art of NFT - Fascinated and confused by the soaring price. These are digital creations, and because they can be easily copied and reproduced, they are sold as unforgeable tokens, or NFTs, which use blockchain technology to prove authenticity and ownership. (Beeple's work is a collage of pictures he's posted online every day since 2007). ShapeShift DAO launches NFT auction to support female artists: On April 1st, non-custodial cryptocurrency platform ShapeShift DAO launched a new NFT auction to support female artists in the NFT and blockchain industries. The auction will be held on OpenSea from April 4th to 11th, and the sale is an NFT series "Block 495559-Crypto Kitties and the Great Hairball" created by female artist LunaHawk and ShapeShift DAO director GrayMachine. ShapeShift DAO plans to donate 10% of proceeds to the Women in Crypto Art Fund, a community group supporting women in the digital arts. (Cointelegraph) [2022/4/1 14:30:33] The market for this kind of art has grown dramatically. According to statistics from Crypto Art, from April 5, 2018 to April 15 this year, 6,158 artists sold 191,208 pieces of NFT-based artwork for a total amount of $541,378,383. Roughly half of those deals took place in the past three months, creating one of the greatest and most sudden asset booms in history. As an art collector, whenever I come across a piece of art that interests me, I ask myself how much I might pay to own it. But as a network scientist, when I come across a phenomenon as complex as the art market, I tend to study its hidden structures, drawing from multiple disciplines (physics, sociology, computer science) to unravel the invisible. network of relationships to help explain how and why it works. Digital art brand MetaPoly announced the signing of an encryption art cooperation agreement with TRON founder Justin Sun: On December 18, Poly Auction (Xiamen)’s digital art brand MetaPoly announced the signing of an encryption art cooperation agreement with TRON founder Justin Sun to promote traditional culture and encryption Art Fusion. (media-outreach) [2021/12/19 7:48:39] From the moment I learned about the world of NFT-based artwork, I have been busy doing what I do best: drawing — which is Analyzing and presenting this pattern of ownership transactions is the basis for the rapid rise of the genre. The ultimate conclusion is that the NFT-based art market is both isolated and closely connected among those owners who have participated in buying and selling multiple times. These characteristics of the network may help explain how the peak price of NFT-based artworks came about. NFT is a permanent, reliable on-chain record of public ownership that can be linked to any asset. This year, Twitter CEO Jack Dorsey sold his first-ever tweet as an NFT for $2.9 million). In the case of NFT-based artwork, the NFT includes information about the "primary" market - creator, first collector, and sale price - as well as records of the "secondary" market, ownership and valuation. Changes in value over time. In the traditional art world, this information is often shrouded in secrecy. Drawing the entire set of ownership transactions involved in NFT-based artwork takes some time, even for my lab's cutting-edge computers. But working with data scientist Milan Yanosov, I've discovered some interesting patterns. NFT digital art collection platform Hashmasks launches the second art collection series "The Greats": On October 12, the NFT digital art collection platform Hashmasks launched the second art collection series "The Greats", which was created by artist Wolfgang Beltracchi , contains 4608 pieces of art works of "Salvator Mundi", all of which are re-imitated and created according to the styles of masters in 7 different art eras. [2021/10/12 20:24:04] Our analysis starts with a website called SuperRare, which is one of the earliest and most famous NFT digital art trading platforms. Using a specialized algorithm, we tracked every transaction involving NFT on SuperRare. The story begins on April 5, 2018, when Robbie Barratt posted an AI-generated nude portrait shortly thereafter, which was purchased by a collector named Jason Bailey for $176 took this portrait. According to our analysis, as of April 15 this year, 16,198 works created by 887 artists have transferred ownership on the SuperRare website, involving 3,210 collectors and more than 23,000 transactions. Like the traditional art market, most of these collectors are "buy and hold", a figure of over 60%, meaning that the digital art they buy will never re-enter the market. But like the traditional art market, NFT also has an active-zce secondary market. In March 2020, secondary market activity accounted for 9% of SuperRare site sales. By March of this year, the secondary market was booming. Resales accounted for 36% of art sold on the platform. Kansong Museum of Art will launch 100 limited edition NFT works of "Hunmin Jeong-yin": According to news on July 22, an official from Kansong Museum of Art said, "We are working on a project to digitize the ancient book "Hunmin Jeong-yin" with NFT, And attach a serial number to 100 works." If 100 NFT works are sold as planned, the Kansong Art Museum will receive 10 billion won in revenue. The Kansong Museum of Art said, "Instead of expecting NFT to facilitate active-zce transactions, we see it as a new sponsorship concept." (Yonhap News Agency) [2021/7/22 1:08:44] Next, we need to decide what we want What aspects of the NFT-based art market are mapped. We chose to study shared patterns by mapping each artwork as a node in the network, and we linked two artworks if they were owned by the same collector at any point during their existence. Why focus on joint ownership (ownership)? Our rationale is that art collectors tend to specialize in certain segments of the market—a specific group of artists (e.g., the Hudson River School) or an art movement (e.g., Impressionism), genre (e.g., still life), or medium (e.g., such as sculpture). Therefore, we suspect that patterns of shared ownership will reflect meaningful commonalities between artworks. Our next step is to lay out the network in two-dimensional physical space so that we can best observe its structure. To do this, we simulated the network by computer to minimize the total length of links between nodes. This ensures that we can clearly see patterns of ownership. Artworks owned by one collector must be closely aligned with each other (since there are many links between them), whereas by several "degrees of separation" (no two common owners, but still possible through a series of link) linked artwork must be farther apart. Artworks that are not connected to other artworks through any chain of ownership will float freely as isolated nodes or isolated groups. News | SBI Group's art auction company adopts art blockchain certificate: According to Crypto Watch, Startbahn Co., Ltd., a venture capital company dedicated to the field of "art + blockchain", announced that it has cooperated with SBI Art Auction Co., Ltd. cooperating. The two companies will enhance the activity of the art auction market and carry out joint projects such as proof of ownership of artworks using blockchain. SBI Art Auction Company will hold an art auction on April 26 and 27, and the winning bidder will receive a "blockchain certificate" for the winning bid. [2019/4/9] Our hunch is that this network will show itself fragmented into isolated clusters, each reflecting collectors' specialized interest in certain types of artists and artworks. But the network we obtained defied our expectations, showing a central, highly interconnected structure—a structure that included all but 122 of the more than 16,000 artworks. To give you a sense of how niche this market is, any two artworks in this network (not counting the 122 exceptions) are not passed through the fabled six degrees of separation, but through no fewer than three collectors. Chains linked together. This is what this network looks like. Source: As you can see, this network has several large, easily discoverable "communities" - clusters of artworks that are closely connected to each other. What do these communities represent? At first, we suspected that they were NFT-based collections of various sub-genres of art exhibiting visual or conceptual similarities that would appeal to collectors with similar tastes. To test this guess, we assigned each node a color corresponding to the artist who created the work. However, the resulting color confusion did not confirm this hypothesis. While within these communities there appears to be a slight preference for certain artists, the pattern appears to be accidental rather than explanatory. We then explored another hypothesis: that these communities represent collectors. This time, we assigned each node a color that corresponds to the current owner of the artwork. This is our dawning moment. The network map shows that each community is associated with a collector. Source: Although there were 3,210 collectors on SuperRare at the time of our analysis, the majority of art is in the hands of a small number of investors. You can see this quite clearly if you look at the primary market, where the largest clusters represent art purchased by four early stage investors, who go by the Twitter handle @momuscollection (dark blue, left), @0x123456789 (pink, above), @thedruid (light blue, top right) and @ethsquiat (yellow, top right). (The large orange group at the bottom has properties that suggest it may represent a work owned by a user who is no longer active-zce on SuperRare.) Source: In the art world, a small number of enterprising collectors dominate It is not uncommon for a primary market for new art. For example, in the 1870s, the art dealer Paul Durand-Ruel was one of the first to recognize the potential of modern art, buying more than 5,000 canvases, including about 1,000 by Monet, 1,500 by Reno and 800 Picasso. But more often than not, as the avant-garde rose in stature, new collectors entered the market and ownership diversified. This diversification doesn't seem to be happening in the NFT-based art world, at least not yet. Our network map shows that the secondary market is even more concentrated than the primary market. During the course of our analysis, two collectors, @0x123456789 (pink) and @momuscollection (dark blue), bought a significant number of works from early investors, establishing dominance over the market. Source: Why does this network matter? First it shows that the supply of art for sale in SuperRare is tightly controlled when it comes to fundamental economic variables - supply and demand. Combine this controlled supply with a sudden surge of interest in digital art, and you have a demand-driven market. SuperRare also has additional constraints on supply, and it accepts new artists onto its platform at a slow pace). But more important is the sheer openness of the market. Historically, the art market has thrived in opacity. Works purchased in the primary and secondary markets often disappear from public view and end up in private collections. Buyers often lack complete information on comparable prices, supply and other relevant characteristics of the market. Those with more information—often gallerists and dealers—could make a fortune doing it. NFT-based artwork brings welcome transparency to ownership and transactions. This makes NFTs more than just a niche art market. By introducing that artists of all types—traditional and digital—can use blockchain technology to publicly certify their work and publicly record their sales history, NFTs level the playing field for the entire art market, fundamentally re- How to trade and collect plastic arts.


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