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The state of the digital art market
80+ digital art market players, market size data & emerging trends
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What is digital art?
Digital art refers to any art form created using digital technology.
In the past, digital art was often undervalued or overlooked due to its intangible nature, making it difficult to sell or authenticate.
However, with the introduction of NFTs, digital artists can now prove ownership and authenticity of their work, allowing them to monetize their creations.
Digital art remains one of the most successful and prominent NFT use cases.
How big is digital art?
The digital art market has grown exponentially in recent years, with the total volume of transactions reaching $2.5 billion in 2022. This represents a 1,470% increase from the previous year, highlighting the market's explosive growth.
Generative art (coded art + AI art) is the most significant digital art vertical accounting for around 50% of the volume.
Digital art & generative art even more is less exposed to volatility than collectibles. Here’s for example the impact of FTX on collectibles vs. Art Blocks & fxhash:
Who are the digital art players?
General marketplaces: Marketplaces (curated or not) where you can trade all types of digital art
Vertical marketplaces: Marketplaces (curated or not) where you can trade specific types of digital art (generative, AI, photography…)
Tools: Tools to help artists, brands, and creators easily sell digital art
Curators/Communities: Investment DAOs, museums, institutions curated platforms and communities focused on digital art
Galleries: Galleries to help collectors showcase their digital art collections
Media: Digital art-focused media platforms (podcasts, blogs, newsletters, Youtube channels)
Analytics: Analytics tools for collectors or artists
Social: Digital art-focused social networks
Here’s a list of 80+ currently identified digital art players per category, blockchain & art type. Feel free to reach out if we forgot any market player you’re aware of.
What trends can we expect to emerge?
Mainstream recognition: The traditional art world isn’t yet considering digital art as an important enough art movement. It will change in the next 5-10 years and the category will explode. It’s pretty obvious that a few centuries from now, the 21st-century art movement will be digital art and especially generative art.
Blockchain & wallet abstraction: Digital art doesn’t need blockchain to exist, but it needs it to be monetized and owned. Blockchain is therefore a vital element of the digital art movement. However, blockchain is still far from being widely understood and adopted. With better wallet abstraction and cross-chain infrastructure, blockchain will be increasingly abstracted from the end user which will definitely drive mainstream adoption.
Professional tools: For the first time in history, the art market is open 24/7, fully accessible and transparent. Anyone is to buy art and back art purchasing decisions with data. As institutions, funds and high-net-worth individuals will start investing in art, we will see more & more professional tools emerge besides marketplaces.
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Vlad from Jericho