The NFT market burst onto the crypto scene in 2021, with total sales of US$18.5 billion that year, with pixelated art, including such as Bored Ape Yacht Club and CryptoPunks, dominating the marketplace at times at insane prices for blockchain-based masterpieces.
The Xperience Digital Art Fair in Hong Kong, which launched on October 20 and will run until December 6 at Asia Standard Tower, aims to demonstrate that NFTs are more than just files and pixels. The fair showcases digital assets that use VR technology, artificial intelligence, and tokens that broadcast real-time data from the physical to the digital realm.
The Hong Kong landmark Lion Rock is illustrated by digital artist Victor Wong's frame Stand by You. The weather, cloud cover, tides, and sun and moon spots indicate real-time data from the Hong Kong forecast observatory.
Another interactive work by Spanish artist Daniel Canogar is programmed to show new ideas and new financial data from major financial stocks, such as the Dow Jones Industrial Average and the Nasdaq, in addition to data from cryptocurrency and foreign exchange markets, in real-time.
Artist "Jacky Tsai's ten years" is an interactive virtual art room that will be sold as an NFT and is one of the show's centerpieces. It displays kinetic art by Jacky Tsai, a Chinese artist based in the UK who was named the exhibition's Digital Artist of the Year.
Tsai likewise utilized real-time data in his NFT, Athena, and Buddha, which is displayed at the fair as a 3D hologram. Based on the current exchange rate of the Hong Kong dollar against the euro, the holographic image alternates among portrayals of the Greek goddess Athena and the Buddhist goddess Guanyin.
Numerous artists showcased include Damien Hirst, who managed to set fire to 1,000 artworks launched as digital arts, and Beeple, who sold his first NFT, The First 5000 Days, for US$69 million in 2021.
Whereas 2021 was a record year for NFT sales, Gillian Howard, founder and global fair director of Digital Art Fair, said she had difficulty finding ten well-known talented artists on Web3 projects for that year's event. After receiving 200 applications from galleries, project teams, and artists, they now have 30 galleries with 70 artists as part of the displays.
According to the aggregate site CryptoSlam, sales fell for the fifth consecutive month in September to their lowest level since July 2021. On the other hand, Howard hopes that the union of contemporary art and NFTs will overcome the broader market.
Furthermore, Howard believes that the use of Web3 innovations in fine art can support to keep innovating in a market that has become overly traditional.
Sotheby's, which operates its own NFT marketplace, is also planning to host an online Xperience Digital Art Auction until October 27, with exclusive access to a few of the works.
Christie's, for example, is launching its first NFT marketplace at the end of September. Contemporary art galleries like de Sarthe, Opera, and Unit London will be present.
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