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Auctions Drive Fine Art NFT Growth, Even Amid General Downturn, Says Abridged’s Co-Founder

Press Releases Crypto News BeInCrypto Auctions Drive Fine Art NFT Growth, Even Amid General Downturn, Says Abridged’s Co-Founder

Non-fungible tokens have come a long way, in the view of Anjali Young, the co-founder and COO of Abridged. In a BeInCrypto interview, Young pointed to the June 15 auction of “The Goose” NFT at Sotheby’s as a bullish sign. While the fine art NFT market faces myriad challenges, inaccurate valuation not least among them, Young sees blockchain transparency as an advantage.

2019 was the final stretch before a pandemic. For Web3 and crypto, it was also the year that introduced the mass public to non-fungible tokens (NFTs). One of the first to catch on was NBA’s Top Shot. After an explosion in popularity in early 2021, NBA Top Shot surpassed CryptoKitties and Decantraland to become the world’s largest NFT market.

Sotheby’s Auction a Bullish Sign

By 2021, the market had matured significantly. Legendary auctioneer Sotheby’s was selling NFTs for $17 million as denizens of the art world turned up to watch.

By the end of the year, the legendary auction house had made over $100 million just by selling digital collectibles, according to their own figures. At the time, their endorsement signaled the transition of NFTs from a passing fad to prestigious digital artwork.

In October of that year, Sotheby’s even launched its own marketplace—Sotheby’s Metaverse.

However, that was before the bear market. Yet, even as interest in NFTs has fallen by 95% from its January 2022 peak, according to Google Trends, the art and fashion worlds are two cliques that have continued to take them seriously.

Generative artist Dmitri Cherniak’s Ringers “The Goose” NFT sold for a hammer price of $5.4 million at Sotheby’s last month, the second highest ever for a digital collectible.

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Author: Josh Adams

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