The latest ART+TECH Report, focusing on Digital Art Collecting, is now available on arttechreport.com. Spearheaded by Kerstin Gold, Kristina Leipold, Johanna Neuschäffer, and Anne Schwanz, this independent initiative aims to establish a comprehensive, unbiased database that offers insights into the art market.
In June and July of 2023, an online survey queried 300 international collectors of both art and NFTs about their experiences in acquiring digital art. The respondents, diverse in age and collecting profiles, identified as 55% male and 39% female, with an additional 6% opting not to disclose their gender.
The ART+TECH research findings reveal not only marked differences between digital art and general NFTs but also the growing influence of web3 technology on collecting habits. This shift is poised to impact the traditional art market as well.
Here are some of the report’s insights:
- 83% of respondents consider Digital Art as equally significant as traditional art forms, and 55% perceive its importance to have grown in the past year. Digital ownership associated with blockchain technology has finally anchored Digital Art in the official art canon and given it its significance and merits it certainly deserves.
- According to the data, there is a clear rise in Generative and Blockchain-based art. Over half (55%) of collectors are primarily collecting Generative Art, followed by 48% focusing on Blockchain-based art, also indicating artists’ growing recognition of blockchain as a creative medium.
- Digital Art collecting remained relatively unaffected by the crypto market’s downturn, with 56% of collectors sustaining or even increasing their art NFT purchases. For 48% the perceived value of their art collection is not at all affected by cryptocurrency’s volatility.
- Web3 rules and roles are defining how Digital Art is collected and bought, hence challenging traditional art market paradigms. Open marketplaces (35%) and artist purchases (30%) are the preferred ways to buy Digital Art. And traditional roles start to blur as artists collect (43%), collectors curate (35%), and communities shape artist careers and market demand.
- Fractionalized art collecting is slowly gaining traction, with 21% already taking advantage of it. While investment-driven motivations were minimal, the idea of collective ownership, which is emerging as a new form of collecting, was the main driving force for 1/3 of fractionalized art collectors.
A full version of the report is available to the public as a free download here.