Cast your mind back to 2020, when a global population of thumb-twiddlers were looking for something to occupy themselves with during Covid-19 lockdowns.
With cash to burn and excitement a priority, people flocked to invest in non-fungible tokens (NFTs) and, in turn, pushed the digital tokens into the mainstream.
Fast forward to 2022 and NFTs were barely a footnote in the cultural conversation, with monthly spending collapsing by about 90 per cent between March and November.
This, even as a chaotic global economy propelled traditional art investment to new heights.
So, as we head into a new year, it begs the question: What might 2023 look like for the two markets?
The key difference between NFTs and traditional art
To be clear, we are not sneery about NFTs. We are keen advocates for the technology behind them, but aren’t convinced by the current business models associated with them, nor their current use. However, time will probably change that.
When it comes to art, digital and physical art is not as far apart as traditionalists like to argue: they are both subjective, non-replicable…