Qatar Economic Forum 2021: Technology (NFT) is an emerging field in the art market that generates huge revenues | art

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Doha- If you are a unique art collector and concerned about originality and intellectual property rights, the NFT code guarantees that you will purchase an original copy, encoded by the stylist, novelist or photojournalist.

And if you are a fan of fast winners, during the first five months of 2021, NFT-certified digital currencies brought in nearly $ 2.5 billion. Whether you are an environmentalist, a small investor, or living in a remote location, sites like Open Sea and Nifty Gateway offer you the opportunity to buy JPG artwork without leaving your country.

This was the focus of the discussion in the session “Art in the age of technology” in the framework of the activities of the first edition of the “Qatar Economic Forum”, which will be held through video communication technology, on June 21, 22 and 23. .

The session revolved around the CEOs of both generations of leading and emerging companies in the global art market, such as British firm Christie’s, Frieze for alternative art, Art Basel and Terra Culture. (Terraculture) Nigerian Arts and Culture, to discuss the digital art market, in the latest manifestation of the growing passion for technology (NFT).

Writer and technical editor James Tamri for Bloomberg Magazine (Al Jazeera)

The struggle of generations for what is art

NFT or “non-interchangeable token” technology has been around for several years, but has come into focus in recent months after several high-profile attempts to use it to protect intellectual property, support ecological balance and popularized works of art. tokens offer digital assets that can be bought, sold and exchanged, and some may compare them to cryptocurrencies, but they contain a range of artistic and cultural materials.

The discussion at the “Art in the Age of Technology” session began by giving priority to workers in the art market after the end of the “Covid-19” crisis, amid the importance of returning art exhibitions after a break over the past year. against the need to invest in the digital art market (NFT), which has proven activity over the last 18 months, art galleries have not reached it in 10 years.

Attendees agreed to split the art market as museums and art galleries displayed their holdings in digital form for web pioneers to browse, and we have two industries operating in parallel, one of which is limited to one very small group of first world rich people and fans of luxury oil paintings, while the second serves millions of people around the world who would not have been able to visit a museum before today, and would like to invested in video, tweets and graphic work.

Session “Art in the age of technology”, the first Qatar Economic Forum 2021 (Al-Jazeera)

Nigerian Polanli Austin Peters, founder and CEO of Terra Calcher, is a supporter of the second group and she sees the interest in digital art as a respect for millennials and their desire to live in their virtual reality, so she advocated for young freelance artists in Nigeria who have no easy means of setting up art exhibitions on the ground In reality, they collected their paintings under the beds, but last year was an artistic revolution for them, so they held virtual art exhibitions and became an audience of collectors, investors from the new millennium and connoisseurs of independent art.

Polanelli believes the rich class attack on NFT technology has been selfish by art monopolies for centuries because it has become the way in which artists support the global ecosystem, build and maintain a global and human art scene beyond the borders of countries, and because it enables art curators to expand networks between an audience that spreads across the continents of the world and is not limited to the occupants of luxury mansions.

Jeremy Hodkin
Jeremy Hodkin Jeremy Hodkin is the publisher and editor-in-chief of The Canvas, the leading art newsletter (Al Jazeera)

The value of art between entertainment and investment

On the other hand, Noah Horowitz, director of Art Basel, denied the idea that continuing to sell digital art pieces would nullify the basic purposes of the artwork and the purchase value of a painting, but it became necessary to accommodate the different purposes of buying a work of art, as some love art, some like to guarantee intellectual property, while others seek investment, something that does not embarrass either digital artists or their audience.

Noah added that digital art copies will not allow illegal traders to enter the art market, especially since counterfeiting and seizures occur in the most luxurious art exhibitions and museums. Blockchain is used to encrypt digital currencies like Bitcoin.

He believes emerging companies have achieved great fame as Art Basel and Freeze companies became the most famous art organizations after setting up virtual art exhibitions and introducing the idea of ​​”downloading seasons” into the art market. , and they did not lose public trust, but their number increased exponentially. Art targets 5% of the world’s population, 95% have joined it and billions are now finding their way to online shopping, as it was confined to art galleries in New York and Paris.

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