After peaking in 2021, the NFT market is starting to show signs of weakness. No worries about platforms that specialize in selling non-fungible tokens …
When it comes to NFTs, there is something for everyone. Collectibles, these digital tokens based on a generative model like the famous (and highly coveted) Bored Ape Yacht Club and CryptoPunks; and “crypto-art”, these digital works are authenticated as unique objects thanks to blockchain technology.
This second category is not the easiest to find on specialized sales platforms such as OpenSea, Rarible or even Nifty Gateway. Collectors need to be patient to find a digital work by a famous artist among all the NFTs for sale. A problem that start-up Verse hopes to remedy.
The latter relies on artists, curators and art specialists to offer museum-quality non-fungible tokens to collectors of crypto art. “We want to provide security for our users. All artwork listed on Verse is by credible and established artists,” the Verse website states.
A first crypto art exhibition, entitled “This is Tomorrow”, will be held from 16 June. It was brought together by 12 artists and 12 curators, including Simon Denny, Tyler Hobbs, Noah Davis and Elena Soboleva, according to Kunstavisen. For Jaime Gourlay, general manager of Verse, this initiative gives potential buyers the opportunity to take the plunge with confidence. “A big part of the current problem is that anonymous people without losing reputation can get away with doing anything in the NFT market,” he told the trade publication. “What we want to do is create a platform where these curators can have something almost like an Amazon store. Collectors can buy NFTs there directly from people with a good reputation in the art world.”
Curators to better convince
Verse is not the only initiative that wants to help collectors take the leap into crypto art. Gallery owner Vito Schnabel has given himself the same mission with Art Official. This platform seeks to “expand the experience of digital art and make the mechanisms of its acquisition more accessible and transparent to the public”. It acts as an art gallery: Collectors can discover a selection of NFTs selected by Vito Schnabel. There are especially creations by Francesco Clemente, Gus Van Sant and Jordan Kerwick.
The Pace Gallery has also launched its own platform specializing in the sale of NFT. Her name ? Pace Verso. Crypto-collectors can try to acquire digital creations by John Gerrard, Zhang Huan, Lucas Samaras and even the NFTs attached to the sculptures that Jeff Koons will soon be sending to the Moon. So many projects that testify to the artists’ enthusiasm for this technology, which has turned the art world upside down for more than a year.
But is it the same on the buyer side? Difficult to answer as the NFT market fluctuates. Interest in these blockchain-registered digital property certificates declined in the first quarter of 2022, according to a report from the monitoring platform Chainalysis. Expenditure volume fell from $ 3.9 billion to $ 964 million between February and March 2022. However, this volatility does not worry NFT market participants. The proof: The SuperRare platform opened a volatile gallery in New York on May 19 to convince the latest stubborn people about the potential of non-fungible tokens.