Avid NFT photography collector Freddie snatched a photograph for $2,300 in November. Two months later, he flipped it for $30,400.

Welcome to the world of NFT photography collecting, where fine art meets decentralized finance for Millennials. Data from Artprice and estimates from Collector Daily suggest that the NFT photography market grew in 2021 to $200 million, the size of the traditional fine art print photography market.

This is just the tip of the iceberg. The art world is undergoing a massive transformation because of a rare confluence of major cultural and technological changes.

First, Millennials have emerged as adults during an era of enormous technological transformation, and their Gen-Z successors are digital natives who spend an increasing percentage of free time online. Second, those Millennials and Gen-Zers are coming into money—the greatest wealth transfer in history has over $35 trillion moving from Baby Boomers to younger generations. These conditions are fueling digitally native art collecting in both primary and secondary markets. Third, there has been an enormous growth of cryptocurrency wealth over the last five years, creating a new generation of art buyers.

Fine art photography is at the center of this confluence of technological immersion, wealth transfer, and crypto wealth generation, as the NFT photography market not only transforms but grows significantly.

Freddie, who like many in NFT-land prefers a handle to a full name, is more bullish on NFTs than physical photos: “I believe society will gradually become more digitized, and as that…

Source link

Leave a Reply

Your email address will not be published.

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed