Why Established Artists Are A Stronger Bet For Crypto Art Collectors
Like all developing markets, crypto art is finding its feet. There’s a sense of gold rush, excitement, and ultimately a lack of understanding of where this will go.
Naturally it brings with it opportunists, people who are looking for the next quick route to cash, mixed in with a core of genuine tech and art fans who are excited about all the opportunities this opens up.
What is sure is that crypto art and digital art is here to stay, and that people will be speculating on how to make the most out of the early stages.
For those who are into the art side of crypto, there are challenges, especially those who have a connection with the physical art world.
The project 89 seconds Atomized shatters the final artist's proof of Eve Sussman's acclaimed video 89 seconds at Alcazár into 2,304 unique blocks, to create a new artwork on the blockchain. An experiment in ownership and collective interaction, the piece can be reassembled and screened at will by the community of collectors. The last available atoms were sold on Snark.art in October.
The traditional art world has an air of exclusivity, at times snobbish, which crypto art is clearly in opposition to. The whole concept of blockchain is the removal of gatekeepers and moving towards true openness.
However, just as DeFi and platforms with governance tokens are finding out, complete democratization raises new issues to be dealt with.
What curation and governance mechanics are in place to keep the art quality high? What processes are in place to keep it from descending into a free-for-all that would diminish the quality of art and artists on the platforms?
How does the community distribute the governance tokens to its artists, collectors, or even designated curators? Can the process be fully decentralized and how quickly?
With the increased amount of money involved the stakes get higher, as does the fear of descent into anarchy.
There’s no doubt the art world has benefited from fewer gatekeepers, but that doesn’t mean they shouldn’t be there at all.
This is one of the main principles at Snark.art - we don’t care who you are, as long as your work is of the highest quality.
However, that usually means dedication to the process, to developing style, to exploring the message, to experimenting with the medium.
By keeping our platform relatively restricted, we have made a conscious choice of quality over quantity. We have artists who are consistently owned by the world's leading contemporary art museums. These are artists who institutions are considering worth investing in, because they see them as a part of art history.
Ilya and Emilia Kabakov
D-161, the first digital artwork on NFT by Ilya and Emilia Kabakov, recently sold on Snark.art for $6000.
Our reason for this is not to continue the exclusivity of the traditional art market. On the contrary. We want to learn from what they did well: curation. And want to apply that to a market that desperately needs it.
If you, as a crypto art collector, know that the artworks you buy are from dedicated artists who have their works in Pompidou in Paris, MoMa in New York or the Hermitage Museum in Saint Petersburg, you can be sure these artists will be remembered.
They may not be mainstream right now. They may not be rising in value for a quick ROI in a week or a month.
His artworks are highly appreciated on the highest level, with several awards from arts bienales. His works appear in the most prominent world's collections of contemporary art in Paris, Rome, Chicago, Cape Town, Johannesburg, Miami and London to mention just a few. See more of his work here.
But when the crypto art market matures and the traditional art collectors join the game, the artists on Snark.art are more likely to show stable growth in value.
For a serious collector, buying artworks that will appreciate over time, rather than to be flipped quickly, is an important consideration.
The fact that the artists already have established themselves is also important. Knowing you have original art by an artist valued by the Pompidou is inherently more valuable than being trusted by a handful of Twitter handles.
Yes, good money can be made on crypto art speculation. And just as with all speculation, money will be lost.
The question to ask is how much one is in it for art, and how much for the money.