When Andy Warhol’s works become NFT Will the tens of billions market for traditional art tilt towards the NFT field?

Can the NFTization of traditional artwork help push the NFT field to the next level?

On June 24, the mood of NFT players became complicated because on this day, Binance NFT, the official NFT platform launched by top crypto trading platform Coinan, was officially launched.

The 24-hour trading volume of OpenSea fell sharply from the peak of $23.13 million on May 4 to only $4.66 million on June 24, a drop of nearly 80%. After the official launch of Binance NFT, the most popular auction was the “Genesis” auction held by the three parties, namely, CoinAid, Wavefield and APENFT Foundation. The most famous artwork in this auction was the “Three Self-Portraits” created by the famous Pop artist Andy Warhol. This work also lived up to expectations, with bids reaching $2.8 million at press time.

When Andy Warhol's works become NFT Will the tens of billions market for traditional art tilt towards the NFT field?

Andy Warhol is known as the “Father of Pop Art” and is a major figure in the art world, whose influence on pop culture is rarely seen. His ideas also contributed greatly to the rise of the Internet, and still have a significant influence on current online thinking. The auction of his masterpiece “Three Self-Portraits” has also caused an uproar in the market.

On June 26, a content creator created a video about Andy Warhol himself, Pop Art and the joint auction on People’s Daily’s People video. In addition to this, content creators from major traffic platforms such as Beepli Beepli and Jitterbug have also joined the ranks of the creation of related science videos, which shows its great influence.

When Andy Warhol's works become NFT Will the tens of billions market for traditional art tilt towards the NFT field?

Screenshot of the popular science video released by the creator of the People’s video

Reading this, perhaps you are curious about this auction. Isn’t the NFT trading platform launched by Cryptocurrency? How come it is auctioning Andy Warhol’s works?

Three Self-Portraits” was last unveiled at Christie’s in April this year, and was auctioned by Sun Yuchen, the founder of Booba, for $2 million, and donated to his bullish APENFT Foundation in May, and used to support the innovation of “Art + Blockchain”. And the “Three Self-Portraits” in this auction is the NFT version of the artwork.

Traditional Art NFTization

APENFT is a foundation focused on the NFT field, with most of the team members coming from Christie’s, Sotheby’s and other traditional art institutions, and with rich experience in the industry, APENFT Foundation has also set its sights on the traditional art field, in addition to investing and laying out NFT platforms and works, incubating NFT artists and other “conventional operations”. In its white paper, the APENFT Foundation states that it will “provide a bridge for top traditional artists to enter the NFT”, and in order to achieve this goal, the APENFT Foundation’s primary focus is on the NFTization of traditional artworks.

Previously, we have seen some cases of “NFTing” of traditional artworks, whether it was the work of street art pioneer Banksy or hyper-realist master Leng Jun, which was “NFTed” but then the original artworks were torched, which is the main reason for the criticism of “NFTing” of traditional artworks in these two cases.

The biggest difference between APENFT’s approach and theirs is that APENFT will not destroy the original artworks, and the final collector of Three Self-Portraits will also receive the original artworks in APENFT’s custody after the tripartite auction, which, in their view, are equally important as NFTs.

When Andy Warhol's works become NFT Will the tens of billions market for traditional art tilt towards the NFT field?

Andy Warhol’s Three Self-Portraits

The move has also allowed APENFT to gain a relatively good reputation in the traditional art field. In an interview with Rhythm, Sun Yuchen, the founder of Wavefield, even said bluntly: “Although NFT can give art a digital second life, there is no need to burn the original work for this reason, not to mention that any piece of art is a treasure of human civilization. Although Sun Yuchen is a collector from the crypto world to the traditional world, this statement also speaks to the heart of the traditional art world: “Every piece of human civilization’s treasures should be treated well.

APENFT’s “NFTization of traditional artworks” is not a choice between physical and digital, but rather a digital protection for physical artworks and a way to increase the liquidity of the traditional art market while protecting artworks.

Although the NFT of traditional artworks is not desirable in the eyes of many crypto-native artists and collectors, and they do not support it, but in the case of a rapidly cooling NFT market, perhaps the only way out is to find a way to break the circle.

IP break the circle is not strong enough
Let’s take a look at how NFT artwork has broken the circle before.

In the two to three years since the birth of crypto art platforms such as SuperRare in 2018, although the crypto art market has been increasing in size year by year, it still belongs to a more niche subset of the crypto world, and the crypto art platforms at that time were indistinguishable from each other, but they all gained very little.

When Nifty Gateway was acquired by the Winklevoss brothers in 2020, it saw a surge in growth. Unlike other NFT platforms, Nifty Gateway started a traffic war from the very beginning; the team at Nifty Gateway knew that the traffic in the small circle of NFT had already been divided up, and the only way for the platform to gain a foothold was to break the circle and bring in more traffic from outside.

So Nifty Gateway recruited artists who were already famous on other crypto art platforms to capture the market in the circle; on the other hand, it cooperated with celebrities and IPs outside the circle to launch NFT art collections, so as to play the fan economy and make the transaction volume increase significantly. Since December 2020, Nifty Gateway has never traded less than 50% of the total crypto art turnover every month.

When Andy Warhol's works become NFT Will the tens of billions market for traditional art tilt towards the NFT field?

Image source: Cryptoart.io

However, whether from the above chart or the aforementioned article, the crypto art market has also quickly calmed down from the boom, and the IP method seems to be less and less effective. It is not uncommon for NFTs offered by celebrities to break in the secondary market, and even some NFTs are not bought at all.

In fact, when we analyze in depth why the IP effect of NFT artwork is getting weaker and we will find that the so-called broken circle by the introduction of IP, broken is not “NFT circle”, but “art circle”, we broke the definition of “art”, after all, many celebrities, IP is not an artist, their works are naturally not suitable to be called “art”, compared to artistry, they are more hip play Obviously, works that lack artistry are not popular on “art platforms”.

The real “breaking circle
How exactly do we break the “NFT circle”?

As an art trading platform, the audience accounts for a larger proportion of art lovers, so in order to break the circle, it is necessary to cut through the “art” angle.

Today’s crypto-native NFT artworks are of mixed standards. Although there is no shortage of excellent artworks that have been selected by the world’s top auction houses, more of them are far from the standard of “artworks” in the eyes of traditional art professionals. Rhythm once showed a piece of crypto art to Li Cui, a Chinese painter and member of the China Artists Association, and received the following blatant comment: “This kind of thing is not even a painting. This is what most crypto artworks look like to people in the traditional art field.

But traditional art is another piece of cake that must not be thrown away.

The traditional art market is much larger than the crypto art market. In 2019, before the arrival of the new crown epidemic, according to the data in the 2019 Annual Art Market Report released by Artron Art Market Monitoring Center (AMMA) in conjunction with Artmarket (formerly Artprice), a leading French art institution, a total of 550,000 pieces were sold at pure art auctions worldwide, with a total turnover of $13.3 billion. According to Cryptoart.io, the total transaction volume of the crypto art market since its birth is only $600 million, which is less than one twentieth of the annual turnover of the traditional art sector.

This figure is enough to make one wonder. Ten billion dollars is only the size of the market before the traditional art sector fully embraced NFT, not to mention that the market before and after embracing NFT cannot be calculated simply by addition. Architecture, large-scale installations, street art, performance art and other previously untradable, collectible art in the NFT technology will also become tradable, collectible, which will allow the entire market scale to another level, not to mention the art to attract people to accept the NFT technology, all the physical assets in life NFT will bring about how huge changes to the entire market.

This is why this time APENFT did not choose to auction the works of crypto artists such as Beeple and Pak, but chose Andy Warhol’s Three Self-Portraits, although Beeple they are also dazzling enough, but still not considered the most shining jewel in comparison.

In addition to attracting traditional art collectors, this three-way auction also took care of the ordinary people among traditional art lovers, who were not wealthy enough to take the Three Self-Portraits, but could still snatch up 100 artworks inspired by the traditional artworks of the Three Self-Portraits by community artists, as well as 300 artworks inspired by Dali’s prints of Dante’s The Divine Comedy” by Dalí, with some cryptographic elements.

When Andy Warhol's works become NFT Will the tens of billions market for traditional art tilt towards the NFT field?

Andy Warhol’s “Three Self-Portraits” re-creation works

Although these works are not comparable to the originals in terms of value, this is actually the first step to let art fly into ordinary people’s homes, everyone has the right to collect art, appreciate art and enjoy art, art should not only be high and masculine. And more people will also be exposed to NFT technology, realize that this technology can be combined with art, and then further realize that this technology can be used for all assets, and this will become their first step to the future world.

Although the NFT as a digital credential is only its most basic function, but for the lack of understanding of this emerging technology is still a difficult to open the stone door, and there is a fairly high threshold.

The attempt to NFT traditional artwork is the key to help people open this door, attracting more people to join here, after they will see a broader and more brilliant NFT world. There, NFT can be used not only for artwork and physical assets, but also for governance and finance, so that they can form a comprehensive knowledge of the crypto world without prejudice, understand the spirit of crypto, and become a permanent resident of the crypto world.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/when-andy-warhols-works-become-nft-will-the-tens-of-billions-market-for-traditional-art-tilt-towards-the-nft-field/
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