Museums, Galleries & Auction Houses Endorsing NFT’s
The total value of NFT transactions more than doubled to roughly £178 million ($242 million) last year. The number of digital wallets that exchange them has more than doubled. Meanwhile, according to industry tracker DappRada, sales volumes surged by more than eightfold to $10.7 billion (£7.8 billion) in the third quarter of 2021. The fad has helped London, with galleries and auction houses specialising in digital art and NFTs all over the city.
Christie’s has five works by Nigerian artist Osinachi on display, and the Saatchi Gallery in London presented an immersive private showing last month that resulted in an auction. The British Museum is also selling NFTs of more than 200 pieces by Japanese artist Katsushika Hokusai. It has partnered up with LaCollection, a French startup, to distribute digital postcards of Hokusai’s paintings, including The Great Wave Off Kanagawa.
The Great Big Picture Book Of Everything, a Hokusai exhibition at the British Museum, will provide half of the NFTs, with the balance coming from the museum’s own collection, as well as 103 never-before-seen drawings from the book. Damien Hirst, a British contemporary artist, will show his 10,000 NFTs series at this year’s Frieze London art fair. The Whitworth Gallery in Manchester created and minted a famous William Blake painting as an NFT, with proceeds going to a fund for community-based “socially useful projects.”
Artists are looking for new ways to create and sell their work as a result of recent changes in art and cultural funding, which has led to the emergence of digital art. Galleries and museums were compelled to close their doors during the coronavirus outbreak to prevent the virus from spreading, and the programme gives a new source of revenue as well as a draw from younger people.