Greg Oakford, co-founder of NFT Fest Australia, takes you through the world of Web3 digital art from a collector’s perspective.
Digitizing Concert Merchandise and Memories
snoop dogg recently announcement of Snoopy Passport – Evolving concert touring collections – is a trend that I believe we will see increasing attention from musicians and entertainers.
They capitalize on those fan moments we’ve all had: whether it’s dusting off an old concert T-shirt, rummaging through a shoebox full of ticket stubs from sporting events and concerts you’ve attended, or moving your favorite music The home/band poster was on the wall of your bedroom when you were a kid.
All of these examples evoke a sense of nostalgia. They take you back to a certain moment in the past, like timestamps in your life. But over time, they’ve been fragile at best, and at least half of my cherished ticket stubs have been dog-eared with faded ink.
So storing nostalgia on the blockchain for durable digital goods is just a base case where we’re likely to see more artists emulate Snoop.But there are many other reasons why artists and fans join in
How does this benefit musicians?
— Ability to provide fans with exclusive and dynamic content.
— Opening up a new line of digital goods (alongside physical goods).
– Deeper contact between artists and fans through new experiences and contacts.
— Collaborations with Web3 and digital artists (hip-hop is known for its collaborations over the decades, so it makes sense for this natural extension to the Web3 environment).
— The ability to reward fan loyalty and add additional utility to holders.
— A new source of income from minting. Snoop opted for $42 (approximately) or 0.025 ETH, which you can pay by credit card or cryptocurrency.
— Royalties on secondary sales.
What good does this do for fans?
— Create nostalgia through collectibles on the blockchain.
— Dynamic content and exclusive behind-the-scenes access.
— Access to artists and collaborations (ie Terrell Jones and Coldie).
— Earn drops, events and experiences.
— A new era of fan enthusiasm (many collecting vinyl records without record players)
— Integration with social media, a continuation of social signaling in our digital lives.
— Ability to trade on secondary NFT markets.
What is the hot spot in the NFT art market
It’s hard going”Goose” from the artist Dmitry Chernyak Ringer Generative Art Collection.The iconic piece sold for a whopping $6,215,1000 as part of Sotheby’s recent Grails II event, an auction of NFT artwork seized from bankrupt cryptocurrency hedge fund Three Arrows Capital punk6529. At the time of the auction, the sale price was estimated to be between $2 million and $3 million.
The Goose was originally minted in February 2021 at 0.1 ETH (equivalent to $131 on the date of sale), and its price has continued to appreciate.
The history of this work includes a sale from TheCryptonite to pixel pete 1.26 WETH ($2,220) on Feb. 4, 2021; 1,800 ETH ($5,896,566) transferred from Pixelpete to 3AC on Aug. 27, 2021; after 3AC went bankrupt, Punk6529 was auctioned by Sotheby’s for 3,237 ETH ($5.4 million) ) price for a new owner, plus a buyer’s premium of over $800,000.
Other Notable Sotheby’s Grails II Auctions
Sotheby’s moves from museum collections to virtual world
following success two of grail During the 37-lot sale, Cointelegraph sat down with Michael Bouhanna, Sotheby’s vice president and head of digital and NFT, to discuss the pivotal sale and why the brand continues to rely heavily on artwork on the blockchain.
“Grails II exceeded our expectations in every way. The 37 lots achieved a total of $11 million, more than double its high estimate of $4.8 million. Every lot sold above its high estimate, and the The numbers are very impressive,” Bhana said.
“The atmosphere leading up to the auction was very emotional. Ultimately, we received over 1,000 bids throughout the auction, and artists like Beeple and other members of the community took to Twitter to express their excitement for The Goose sale. This is a very important movement, which I think speaks volumes not only about the importance of The Goose work, but also about the collection and what it means to the market.”
Sotheby’s history can be traced back to 1744, but until early 2021 it began to dabble in NFT. Buchana believes the move will help usher in a new generation of collectors.
“Since the beginning of 2021, we have been working on digital art and NFT as an important part of our overall art strategy. We really regard digital art and NFT as our natural products,” he said.
He noted that 61% of buyers at the Grails II auction were new to Sotheby’s, most of them under the age of 40, well below the average age of its usual clientele.
“With our digital art auctions attracting so many new collectors, I think it definitely opens up new worlds for many people who would otherwise be intimidated by Sotheby’s.”
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Constitution DAO
Sotheby’s is getting better at drawing attention to the NFT and cryptocurrency space through high-voltage live broadcasts. In November 2021, it hosted an auction for the first version of the U.S. Constitution, and the Constitution DAO made international headlines after narrowly thwarting its attempt to acquire the much sought-after constitution.
“When the Constitution DAO tried to buy the first print, it really showed how excited the community was about the live auction. Even today, it’s still one of the most viewed shows live streaming ever. It also shows how excited the crypto community, NFT and digital art community is about how the auction works, and how new the auction is to many in this community. ’ said Bouhanna.
prestige has a price
Sotheby’s is applying the same traditional buyer’s premium revenue model to its digital art auctions as it does for physical art auctions. But Bhaner points out that the Sotheby’s brand also helps artists attract premium prices.
“We play the same role in the marketplace, bringing carefully selected artworks for sale,” he explained. “On Twitter, there was a polling After the auction, someone asked if the goose would have fetched the same price if it had been sold elsewhere. A large percentage of respondents believe it would never reach such high sums if auctioned on OpenSea or other on-chain NFT marketplaces. ”
Sotheby’s and the 99-year-old art pioneer
On June 28, Sotheby’s announced the launch of its new generative art program, which will be powered by the ArtBlocks engine.
The program will be starring and launched by generative and computer art pioneer Vera miller.
The 99-year-old Hungarian artist’s groundbreaking on-chain generative art project, called “Themes and Variations,” will feature 500 unique artworks.
For the first time in Sotheby’s history, they will be sold at an auction in the Netherlands.
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What Coldie Listens to When Making Art
Coldie left his “Whispers of inspiration that only you can hear” Spotify playlist:
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