NFT market Chinese artists are catching up

On March 11, Christie's auctioned NFT artwork for the first time. Artist Beeple's 13-year-old work "Every Day-The First 5,000 Days" was finally sold for US$69.346 million (approximately RMB 450 million), setting a new record for a living artist. The third highest price at auction. This auction not only boosted the international art market, but also caused a strong shock in the domestic art circle.

"Because of the wealth effect, NFT has become an Internet celebrity. NFT art is a kind of Internet online art. When an Internet online art work is sold for a sky-high price of 450 million yuan, the value of Internet art seems to be suddenly discovered by the public." Artist Luo Qiang told Lianxin.

On March 25th, at the "DoubleFat Double Profit - The First NFT Encryption Art Exhibition", Luo Qiang burned a painting by the master of Chinese painting Leng Jun on the spot, and made it into an NFT artwork for online trading, and finally sold it on Opensea 400,000 RMB.

The transaction volume of Doodles series NFT has increased by more than 1500% in the past 24 hours: Golden Finance News, OpenSea data shows that the transaction volume of Doodles series NFT in the past 24 hours is 831 ETH, and the transaction volume in 24 hours has increased by 1544%. The trading volume in the past 24 hours ranks No. 2 in OpenSea. [2022/9/14 13:27:43]

"This is the first offline NFT encryption art exhibition we held, and more than 200 artists engaged in NFT encryption art creation were invited to participate in the exhibition. At the opening ceremony, we burned one of his A roll of traditional Chinese painting was made into an NFT on the spot. In our opinion, what we destroy is not the original work, but the intermediate object in the process of generating the NFT artwork. The intermediate object only completes 98% of the entire NFT artwork. After adding the time stamp, a complete NFT art work is generated." Luo Qiang said to "Lianxin".

On March 26, another encrypted art exhibition "Virtual Niche—Have you ever seen memes in the mirror?" (Virtual Niche—Have you ever seen memes in the mirror?) was held in the exhibition hall of UCCA Lab, Ullens Center for Contemporary Art, Beijing opening. This exhibit is quite influential in the eastern and western worlds. While creating hot spots, it has also further popularized the public's understanding of blockchain culture and encryption art.

Data: In May, NFT market sales fell by more than 12 billion U.S. dollars since the beginning of the year, reaching a monthly low during the year: According to news on June 22, the NFT market continues to try to recover from the plunge in investor interest in digital collections. According to The Block, the total sales of the NFT market in May were about 4 billion U.S. dollars, compared with 7.18 billion U.S. dollars in April.

Most of that sales came from OpenSea, about $2.6 billion. Other marketplaces making significant contributions include Magic Eden, LooksRare, Solanart, Art Blocks, SuperRare, MakersPlace, Nifty Gateway, Foundation, and Async Art.

In January 2022, the total sales of the NFT market is approximately US$16.57 billion, and LooksRare leads the way with monthly sales of US$11.1 billion. Sales in May were $12.57 billion lower than in January — a 75% drop in just four months. (BeInCrypto) [2022/6/22 5:08:05]

On March 27, Yuehu Times Contemporary Art Center and Tianhe Wenchain NFT encrypted art trading platform announced at the same time that the Tianhe Wenchain NFT encrypted art trading platform will be launched soon.

The 24-hour trading volume of the mfers series NFT dropped to $876,000, and the floor price dropped to 3.35ETH: Jinse Finance reported that on February 28, according to NFTGo.io data, the 24-hour trading volume of the mfers series NFT dropped to $876,000, and the 24-hour trading volume dropped to $876,000. Volume rose 1.53%. As of press time, the 24-hour trading volume of this series of NFTs ranked second in OpenSea, and the floor price dropped to 3.35ETH. [2022/2/28 10:19:48]

Deng Xinli joined the platform as the first batch of NFT artists in Hunan, and his work "Bird Fairy No. 3" was purchased and collected by the famous collector Mr. Tan Guobin as the first encrypted art work in Hunan Province.

On March 28, Justin Sun, the founder of TRON, announced the establishment of the JUST NFT Fund, which will continue to push NFT into the focus of public opinion. A few days later, the JUST NFT fund bought Picasso's masterpiece "Reclining Nude with a Necklace" at Christie's in London for $20 million, and also bought American artist Andy Warhol's "Reclining Nude with a Necklace" for $2 million. Three Self-Portraits".

Virtue Gaming and Binance NFT will launch the celebrity tournament gift box collection: According to official news, Virtue Gaming will launch the Binance Mystery Gift Box collection series on September 23. The product contains 52 NFT playing cards, including an Ace of Spades with Phil's digital signature and a $5,000 reward. Virtue Gaming continues to promote the use of the platform and NFT through its cooperation with Binance, and also proves that NFT can interact with factual events. [2021/9/22 16:56:47]

In Sun Yuchen's view, blockchain technology can build a bridge between traditional art and the latest technology. This is a rare opportunity for both the blockchain industry and the art industry. In the future, artists who embrace the NFT trend will become hot art benchmarks, and collectors who collect NFT artworks will become the definers of art standards and the incubators that will give birth to a new era of renaissance.

The 24-hour net inflow of NFT funds is 1.738 billion yuan: Jinse Finance monitoring data shows that the top three 24-hour net inflows in the cryptocurrency market are [2021/9/18 23:33:48]

According to public data, from 2020 to 2021, NFT art will shine, and the online auction transaction volume of NFT artworks will rise steadily. 2627%. However, most of these deals actually took place abroad.

Luo Qiang said frankly that there are not many domestic NFT art creators, and there are even fewer native NFT artists. "Many artists didn't hear about NFT until we found him. We have held three offline NFT encryption art exhibitions, but they are all foreign artists. We very much welcome the joining of domestic NFT artists."

Cao Yin, executive director of the Digital Renaissance Foundation, believes that in China, NFT art is still in its early stages. There are two main reasons: first, the Chinese art market does not know much about encrypted art; second, compared with the Western NFT market, Chinese NFT artists may have to do more to catch up with their Western counterparts.

Like all new things, the emergence of NFT has also sparked heated discussions among domestic art circles.

Some believe that NFT is "the next chapter in art history"; others believe that NFT is just a round of hype for "technology + capital", and question "is the market paying for art or technology?"

From the perspective of technological innovation, NFT is stored with blockchain technology, which can effectively solve many problems such as poor liquidity of artworks in the past, difficulty in real-time realization, opaque prices, long process of depositing and obtaining evidence, etc., allowing artists to have greater creative space and greater The usufruct right of the painting has a positive impact on all markets based on creation and copyright.

However, the actual market outlook may not be so optimistic. The evolution of tools allows everyone to generate their own NFT artwork. Buyers need to find the real "art" among thousands of works, which not only requires a lot of time and energy, but also affects the buyer's taste. Very demanding.

Beeple's case is the exception of exceptions: Before 2020, Beeple had barely sold a single work. In fact, the success of "Every Day: The First 5,000 Days" is also directly related to Christie's crazy marketing before the filming started.

Some people in the industry are even worried that there will be such a phenomenon: most artists will have no food to eat. After NFT democratizes artworks, the public does not have the support of an aesthetic and academic system. Under 10% of the top artists, 90% of the artists will be strongly impacted. How to ensure their own value in the face of technology is a question that most artists need to think about.

In addition, it is still unclear how to price NFT artworks. NFT has broken the sales model of traditional art for hundreds of years. In the traditional art circle, the standard development path of a painter is to sign a contract with a gallery, hold exhibitions in the gallery, sell works, hold exhibitions in museums, and enter auction houses. But on the NFT art platform, an emerging art market has been created, a market that is easy to buy, sell, display, and connect to the world.

There is a view that NFT represents the "democratization" of the art market, linking artists directly with collectors, effectively cutting off galleries and other traditional regulators. There is also a view that the result of the combination of NFT technology and art is that the financial attributes of encrypted art today are so strong that it crushes its artistry. In the NFT art trading market, people don't see art, just the transaction itself.

"The biggest challenge in the domestic NFT art market at this stage is how to let more people know about NFT art. Compared with foreign countries, there is still very little awareness of NFT art in China, and more people need to be aware of the creation model and nature of NFT art. Value." Li Shaoqing, the initiator of the 798NFT Hundred Days Tea Party and Dayu Cultural and Creative Industry Investment Co., Ltd., told Lianxin.

Li Shaoqing believes that from the perspective of the overseas development trend of NFT art, there is an ecological obstacle in the development of the domestic NFT art market. To form a completed closed loop, first of all, there must be a large number of creators and good NFT artworks; secondly, there must be trading platforms and trading markets in order to effectively promote the development of the industry and change the market state; thirdly, there must be good The guarantee mechanism and evaluation system "convince more people that this market can really explode, and it is still in the process of construction."

Author | Feng Ming

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