Artmarket.com: For a classification of NFTs on marketplaces and in Artprice databases

The best… and the not so good The best… and the not so good For itsNatively Digital: A Curated NFT Sale, which closed on10 June 2021, Sotheby's brought together items as diverse as creations by the collective Art Blocks, a reinterpretation ofClaude Monet'sMeulespainting by the artist digitalMatt Kane, and a conceptual work byRhea Myersaptly titledSecret Artwork (Content), about which the artist said"there is nothing rarer than something that doesn't actually exist"...

PARIS, 19/01/2022 (informazione.it - comunicati stampa - arte e cultura)

For its , which closed on 10 June 2021 , Sotheby's brought together items as diverse as creations by the collective Art Blocks, a reinterpretation of Claude Monet's painting by the artist digital Matt Kane , and a conceptual work by Rhea Myers aptly titled , about which the artist said

Today, it is clear that NFTs represent a market that is open to all forms of hybridization, that of art and gaming, design and sport, etc.. Even if certain distinctions seem to have become obsolete, Sotheby's still chose to sell separately (it fetched $11,754,000 ) which suggests that some NFTs still deserve specific treatment. Such a separation, based solely on demand, would obviously benefit from an accentuation of the homogeneity of the sessions.

This does not necessarily imply excluding CryptoPunks from digital art sales just because they are profile pictures (PFPs) rather than actual works. But it should be recognized that CryptoPunks, generated by random combinations, fall better into the category of , however unattractive this rubric may sound.

The confusion between the Collectibles and Art categories is partly based on price… because a profile photo purchased for several million dollars is perhaps an artwork as well. Similarly, when Sina Estavi acquired Jake Dorsay's first tweet for $2.9 million in March 2021 , he compared this piece of code to the world's most famous work of art, da Vinci's .

The NFT market is therefore still peppered with ambiguity and paradox. Clearly on the side of decentralisation and transparency, the NFT market still harbours numerous anomalies, which Financial Times journalists Hannah Murphy and Joshua Oliver have listed in a somewhat alarmist article entitled " ":

So far, there are not enough clear and transparent results to placate such suspicions. In 2021, Artprice databases listed just under 300 NFT lots sold at public auction for a total of $228 million , representing just 1.5% of the global secondary art market. Among the 100 best auction results of the year 2021 for NFTS, Artprice counted 65 digital artworks, 32 'collectibles', 2 'digital zones' and 1 film sequence.

But this is only the emerging part of a market that is growing at an exponential rate. The sooner the NFT marketplaces allow users to navigate with confidence by providing objective and useful information, the sooner they will reassure collectors and art professionals, and open the world of NFTs to new players.

According to thierry Ehrmann,

Sotheby's has clearly understood that the Art Market is entering a new phase of very strong growth with NFTs and the metaverse. That's why Goldman Sachs and Morgan Stanley are preparing Sotheby's return to the Stock Exchange via an IPO. Sotheby's has already taken the plunge by opening the Sotheby's Metaverse https://metaverse.sothebys.com/.

Furthermore – and this is indeed irrefutable confirmation of the paradigm shift that is occuring – Sotheby's has just announced it will accept bids in Bitcoin (BTC), Ethereum (ETH), and USD Coin (USADC) cryptocurrencies with Coinbase Commerce for the 555-carat black diamond!

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