According to a new art market report for 2022, 88% of High Net Worth Traditional Art (HNW) collectors say they are interested in buying digital art in the form of NFTs.
According to The Art Market 2022 report, which is published jointly by the annual art exhibition Art Basel and Swiss banking giant UBSactivity in the digital art market is likely to remain strong in 2022 as more traditional art collectors enter the space.
And while 88% of high net worth individuals who took the survey said they were interested in buying NFT, only 4% said they were “not at all interested”.
The report noted the growing interest in NFTs, stating:
“One of the most significant developments in the wider art industry in 2021 has been the explosion of interest in NFTs, although so far most NFT sales have taken place in outside the traditional art market.”
Additionally, the report also noted that more than half – 56% to be precise – of HNW investors surveyed said they were not only interested, but actually planning to buy art. digital.
The figure was even higher among collectors who identified as millennials, with 61% planning to make an NFT purchase.
Additionally, above-average interest was also seen among collectors in Taiwan, Singapore and the UK, where more than 60% of respondents said they planned to buy one or more NFTs.
Figures are based on survey responses from 2,339 affluent collectors who are “active in the art market” in a number of major countries including the US, UK, Mainland China , Hong Kong and others.
“There are no signs that interest in NFTs will decline in 2022,” the report comments based on the findings. He added that 2022 will likely be “a more telling year” to assess whether the growth seen in the NFT market can be sustained.
Meanwhile, the report also highlighted some risks for the NFT sector, saying that “anyone can mint an NFT for a very low cost”.
This can happen “even if they have no rights to the content, and with intellectual property infringements often difficult to challenge due to the anonymity they confer,” the market report says. art.
He added that shoddy art and outright fraud in the digital art market has left him vulnerable to “speculative buying and selling”, and said this has become easier to achieve thanks to much higher transaction speeds in the digital world.
With regard to other key findings, the report states that:
- Most dealers and auction houses are “generally positive” about the impact of NFTs on the art market.
- The best auction houses in Sotheby’s and Christie’s sold $230 million worth of NFTs in 2021, while the companies’ overall gross revenue was over $14 billion.
- platforms (such as OpenSea) selling NFTs outside of the traditional art market have been “remarkable and have generated substantial sales in 2021”.
- Sales of art and collectibles NFTs on online platforms outside of the traditional art market grew from $4.6 million in 2019 to $11.1 billion in 2021.
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