Whether you’re invested in NFTs, crypto, stocks, or even just holding cash, you’re probably some sort of down thanks to rising interest rates and inflation. I’ll still be here writing so I hope that’s one constant for y’all.
Before getting into the today’s topic around art, let’s see how folks are feeling:
YIKES! Might need to incorporate these indicators into my trading strategy moving forward (not financial advice). With the negative sentiment all around, it’ll be a pleasant respite for all the froth to settle down, allowing the builders to focus.
Anywayyy…
Last week, Cozomo de’ Medici (anonymous NFT collector who focuses on digital art) sent out a newsletter with a particularly interesting bit on Tradart (traditional art).
Cozomo de’ Medici @CozomoMedici
Medici’s shared a brief summary of what was in the private report:
You can subscribe to Medici Minutes here
My interest was piqued with these juicy yet vague details, so I scoured around for a public version of a similar report. Fortunately, there is one from Art Basel + UBS.
I wasn’t bored enough to read the 279 page report, but I figured I would do some unscientific analysis to see if this report aligns with Cozomo’s notes.
Pages dedicated to NFTs (based on section title): At least 31, or 11% of the report.
Mentions of the term “NFT”: 311. Stacked ranked against some other keywords just to provide an idea of where the term stands:
Art: 1,962
Sales: 1,119
Market: 936
Collector: 718
NFT: 311
Artist: 306
2022: 272
Price: 179
Sotheby’s: 50
Ethereum: 29
Note these terms aren’t exclusive, eg: ‘art’ includes ‘artist’
Lastly, in the ‘Outlook’ section of the report
pg. 254
This is interesting as this sentiment is coming from an audience that is 1) high net worth 2) global and 3) a large majority stating interest.
Though the motivations are different for the HNW audience, it’s clear that NFTs and digital art is not just for companies or the retail market. They’ll be coming to museums and galleries near you :)
PS
I’ll be in LA for the week starting tomorrow! If you’re in the area, maybe we can connect IRL if schedules allow, hit me up.
