Tag: Digital Art

The First “Gallery Creation” by Hong Kong Gallery

BRAX BUBBLEGUM

PRESS RELEASE | HONG KONG, JULY 1, 2022 — A local creative label & Gallery YOUNGCLUB launched BRAX – the first gallery-created character, as an art series based on youth and artists. 

In the image of a young artist, BRAX explores and grows in its adventure journey, creating a series of stories in the dreamland, vividly presenting the value and adventurousness of the young generation.

BRAX is a forever 17-years-old character keeping its identity hidden by wearing a doll costume.

It can be a character representing any of us in society. This 17-year-old teenager starts his own journey with its costume, arouses the resonance of young artists on the way of creation, and brings back memories of their youth.

The Innovation of NFT: Preserving Authenticity and Ownership in Creative Arts

In today’s digital asset market, there are a lot of conflicting opinions about NFTs (non-fungible tokens). Whether you love or hate it, there’s no denying that NFT is a groundbreaking technology for the art and collectibles industry.

Digital artworks have emerged as a robust industry, with the NFT market expected to become $147.24 billion by 2026.

But let’s take a step back and reflect on the broader use case of non-fungible tokens.

Are OVRs The Future of Art Sales?

Modern advancements in digital and online technology are changing the art market. Online events are becoming more popular than ever as they can be accessed by anyone from anywhere. By simply opening a screen, people are able to instantly access desired products and services from all around the world, which makes it easier than ever to engage with your artistic interests.

The art market is no exception to this trend. Over the past few years it has been strengthening its online presence, and despite an overall decline in sales, the online trade is actually at a record high, doubling in value from two years ago. It is therefore reasonable to expect further substantial growth in this sector.

At the heart of this online art world are OVRs.

Millennials And Their Role In The Modern Art Market

When it comes to the modern art world, millennials have played a crucial role in the recent years.

After the pandemic, they tremendously helped the art market to recover from countless museum, gallery, and exhibition closures.

A report from Art Basel-UBS states that in the first half of 2021, millennials spent the most on art, helping to boost the much needed recovery of the market.

Sales were also up by 10%, with millennials doubling the buying power of Gen X, and spending four times more than baby boomers!

How NFTs Benefit The Art Market?

It may be obvious but still needs to be said – the benefits of NFTs for the entire art world are tremendous!

Art that doesn’t exist in a physical form can now be bought, sold, and collected, opening many opportunities for artists, collectors, and investor.

There are also great benefits to physical art from NFTs. Art museums and galleries now have the ability to earn additional revenue from their artworks.

NFTs are clearly helping to create a unique generational synergy between the old and the new art.

NFTs Exhibited at WOW Festival in Dubai Sold to Major Digital Art Collectors 

PRESS RELEASE | DUBAI, 17 MARCH 2022 – Digital Gallery at WOW Summit Dubai Witnesses Major NFT Sale on the First Day of the Exhibition.

WOW summit commenced on the 13th of March with three full days of blockchain, metaverse industry news. The ‘Alternative Reality’ exhibition was curated by Daria Lomova, an art advisor and historian.

One of the main aims of the WOW summit was to raise public knowledge and awareness of the sweeping world of blockchain, crypto, AI, NFTs and beyond. That is why it was important for Lomova to curate an exhibition that people could relate to, while learning about the different digital art forms. 

The Problem with NFTs

Around February of this year, in the midst of the still-pending cryptocurrency boom, a sub-category of digital assets started to really take off. NonFungible.com reported that by the first quarter of 2021, over $2 billion worth of transactions had taken place in the NFT market. Musician Grimes sold almost $6 million worth of digital art via digital asset marketplace Nifty Gateway, who are partnered with Sotheby’s. Twitter founder Jack Dorsey auctioned his first ever tweet as an NFT, the final bid closing at $2.9 million. UFC Heavyweight Champion Francis Ngannou sold NFTs following his knockout victory over Stipe Miocic. The proceeds of the sale, $580,000, was actually more than his disclosed purse for the fight itself that earned him the belt. Despite the hype, in many regards serving as a speculator’s dream, NFTs come with inherent issues that threaten to hamper widespread and enduring adoption.