How London became a hub for digital art and NFT auctions

This year, the rise of digital art and NFT sweeps the world. As our buying habits shift to online, London is at the forefront of this “storm”.

Since 2014, more and more people have spent a lot of money on things that cannot be seen or felt in real life through NFT, from digital clothing to art, from music to GIF.

NFT is a unique and unique encrypted asset that enables collectors to authenticate and trade special digital goods on the blockchain.

In economics, fungible assets refer to things that can be easily interchanged, such as currencies. You can exchange a 10 pound banknote for two 5 pound banknotes, and they have the same value.

However, if something is irreplaceable, it has unique properties and cannot be interchanged with other things, such as NFT.

After purchasing the NFT, the purchaser will receive a certificate based on blockchain technology protection, which makes them the owner of the specific digital asset.

This cannot be copied or replaced, and there can only be one official owner at any time. NFT technology is transparent, no one can modify the ownership record or copy and paste a new NFT.

According to a study by NonFungible, the total value of NFT transactions quadrupled last year to approximately 178 million pounds (242 million US dollars). The number of digital wallets trading them has doubled to more than 222,179.

At the same time, according to market tracking agency DappRada, sales in the third quarter of this year have soared to 10.7 billion U.S. dollars (7.8 billion pounds), more than eight times the previous quarter.

This is especially true in London, where galleries and auction houses throughout the city are carrying out digital art and NFT activities.

Christie’s auction house is currently selling five works by Nigerian artist Osinachi, and the city’s Saatchi Gallery held an immersive private landscape auction last month.

The British Museum also sells NFTs of more than 200 works by Japanese artist Katsushika Hokusai. It collaborated with French startup LaCollection to launch digital postcards with reproductions of Hokusai’s works, including “Kanagawa Giant Waves.”

British contemporary artist Damien Hirst will also present his 10,000 NFT series in this year’s Frieze London Art Fair exhibition.

Elsewhere in the UK, Whitworth Gallery in Manchester has minted and sold the NFT of the famous William Blake image, and the proceeds will be used to fund social projects.

The rise of digital art has emerged with the recent cuts in art and cultural funding, which means that artists are looking for new ways to create and sell their works.

During the pandemic, London’s galleries and museums had to close their doors to curb the spread of the virus, and this campaign provided a new form of funding and attracted young audiences.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/how-london-became-a-hub-for-digital-art-and-nft-auctions/
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