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Contemporary art sales are being reintroduced into NFTs

Art was once restricted to the hushed confines of a museum or the confines of a home's interior walls. However, it has found a new and exciting home in the world of cryptocurrency today.

Contemporary art sales are reportedly experiencing a significant resurgence thanks to the use of non-fungible tokens (NFTs), which are a type of cryptocurrency that are essentially digital collectibles that exist on the blockchain. Modern and contemporary art auctions reached a record high of $2.7 billion during the most recent fiscal year 2020-2021, according to Artprice, a leader in art market information. This represents an increase of 117 percent.

According to the report, the digitisation of art is largely responsible for this mammoth-like figure. The pandemic, which has caused everything to be moved online for galleries and art dealers in the midst of tough financial times for the arts, has resulted in the world's soaring fascination for non-profit organizations (NFTs) seeing a resurgence in art sales.

According to Thierry Ehrmann, the CEO of Artprice, non-traditional forms of transportation (NFT) are a "sensational arrival" on the art market landscape.

Take a look at the artists who have gotten involved with the NFT. There's Banksy, who is well-known throughout the world for his work titled Morons, which was recently sold. It was sold for $380,000 and has the words "I can't believe you morons actually bought this shit" written on it. There's no need to explain the irony in this situation.

Then there's digital artist Mike Winkelmann, better known by his stage name Beeple, who sold an NFT for a whopping $69.3 million to a private collector. The Christie's online auction drew in 22 million people, according to the auction house.

Artists such as Beeple have risen to prominence as a result of the digital art phenomenon, which has also attracted a younger generation of art enthusiasts. Christie's, for example, reported that the aforementioned auction drew a large number of buyers under the age of 40, according to their statistics. According to a survey conducted by UBS and Art Economic, a new generation of millennial collectors is driving the demand for digital art, with 12 percent of art sales in the first half of 2021 being entirely digital. These millennials are the ones who spend the most money on art in general — an average of $378,000 per year. This is more than three times the amount of money that Generation X and Baby Boomers earn.

As a result of the renewed interest in contemporary art among young people and blockchain technology, sales of contemporary art are once again on the rise. However, if purchasing these (extremely expensive) pieces isn't your thing, you can always try your hand at creating your own NFT.

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