The article discusses the inaugural edition of Art Basel's Zero 10 section, which showcased digital art from various artists and galleries. The sales reported at the fair were strong, with many collectors eager to support digital art. The article notes that digital art has officially emerged as a core acquisition category in the art market, with 51% of high-net-worth collectors reporting a digital-art purchase.
The article also touches on the role of cryptocurrency in the art market, noting that some exhibitors accepted payments in crypto or backed primarily by crypto wealth. One collector paid for Beeple's artwork in cryptocurrency, and another gallery, Solos Gallery, mints artworks on Verse, a digital art marketplace designed for individuals with no prior knowledge of crypto.
The article suggests that the strong sales at Zero 10 may be tied to the growing legitimacy of digital art and the renewed volatility in cryptocurrency markets. However, it also notes that the art market still sits atop a largely untapped pool of liquidity that could be activated by accepting crypto payments more broadly.
Some quotes from exhibitors:
* "All works were priced in USD. We accept a full range of payment methods, including ETH, Bitcoin, credit cards and wire transfers." - Asprey Studio
* "We were adamant about pricing Dmitri Cherniak's works in ETH, the native currency for the Ethereum blockchain on which his works are minted." - Berman of AOTM Gallery
* "We accept both crypto and fiat. We're very geared toward new buyers." - Fakhr of Solos Gallery
* "It really is not that big of a deal and I am honestly surprised more galleries do not do this. It really isn't very complicated and can, of course, be converted to fiat immediately, so I really am honestly a bit puzzled as to why this has not been adopted more generally." - Beeple
Overall, the article suggests that the art market is evolving to include digital art and cryptocurrency payments, and that galleries are starting to recognize the potential benefits of accepting crypto payments.
The article also touches on the role of cryptocurrency in the art market, noting that some exhibitors accepted payments in crypto or backed primarily by crypto wealth. One collector paid for Beeple's artwork in cryptocurrency, and another gallery, Solos Gallery, mints artworks on Verse, a digital art marketplace designed for individuals with no prior knowledge of crypto.
The article suggests that the strong sales at Zero 10 may be tied to the growing legitimacy of digital art and the renewed volatility in cryptocurrency markets. However, it also notes that the art market still sits atop a largely untapped pool of liquidity that could be activated by accepting crypto payments more broadly.
Some quotes from exhibitors:
* "All works were priced in USD. We accept a full range of payment methods, including ETH, Bitcoin, credit cards and wire transfers." - Asprey Studio
* "We were adamant about pricing Dmitri Cherniak's works in ETH, the native currency for the Ethereum blockchain on which his works are minted." - Berman of AOTM Gallery
* "We accept both crypto and fiat. We're very geared toward new buyers." - Fakhr of Solos Gallery
* "It really is not that big of a deal and I am honestly surprised more galleries do not do this. It really isn't very complicated and can, of course, be converted to fiat immediately, so I really am honestly a bit puzzled as to why this has not been adopted more generally." - Beeple
Overall, the article suggests that the art market is evolving to include digital art and cryptocurrency payments, and that galleries are starting to recognize the potential benefits of accepting crypto payments.
I'm loving the vibe at Art Basel's Zero 10! It's awesome to see collectors and galleries getting on board with digital art. I mean, who wouldn't want to own a piece of art that exists only online? 
It's like the world is finally catching up to what artists have been doing in secret for years – creating amazing digital masterpieces that can be experienced by anyone, anywhere! 
It's all about accessibility and making art more inclusive for everyone.
just saw that 51% of high-net-worth collectors have bought digital art lol what's next? gonna buy a ticket to an NFT concert? 
this is wild considering how long it took for traditional art to get legit like, remember when people thought digital art was just some college kid's hobby? 
now it's like the art world has caught up and crypto is just another way to pay for masterpieces 
#AdoptingTheFuture.
. It's cool that galleries like Asprey Studio and Solos Gallery are already on board, but I'd love to see more galleries and collectors jump on the bandwagon 
#CryptoInclusion.
#ArtForAll.
Collectors who have been holding onto traditional art for years can now finally get in on the cutting edge of this new and exciting market. And cryptocurrency? It's like the ultimate game-changer 
I know its just speculation, but it's something to consider.
i mean, crypto payments are already becoming more mainstream so why not start accepting them in the art world too? 
and the fact that some galleries are now pricing their artworks in ETH or BTC is just genius 
it's all about catering to the new breed of collectors who want a piece of the digital revolution