NFTs have taken the art industry by storm in the year 2021. But how do NFTs appeal to art galleries in general? In the 5th annual Gallery Insights Report by Artsy, there seems to be an uptick in interest. Out of the 1,300 galleries and dealers surveyed by Artsy, 25% of them are planning to sell NFTs in 2022.
As a comparison, only 11% of the galleries sold NFTs back in 2021. In fact, 30% of them are now showing interest in accepting crypto as payment in the future. Let’s take a deeper look!
A survey by Artsy shows that NFTs may become more prominent among art galleries
As mentioned, only 11% of the galleries in Artsy’s survey sold NFTs in 2021. However, that trend is about to change as 25% of them are planning to sell NFTs this year. In particular, out of the galleries that sold NFTs in 2021, 68% of them said their collectors have shown interest in NFTs. Furthermore, 87% of them said that they will offer NFTs again in 2022.
We can see that NFTs remained niche in 2021 according to Artsy’s survey. As of 2021, galleries that sold NFTs tend to be smaller in size. Results showed that 66% of them only had three employees or fewer.
Additionally, the sales volume from NFTs tends to be small. According to Artsy’s survey, more than half of the galleries generated less than $5,000 in total sales by selling NFTs.
Nonetheless, not all hope is lost. There is an interesting finding in the report as well. Based on Art Basel and UBS’s report “The Art Market 2022”, 74% of high-net-worth collectors purchased NFT arts in 2021. What’s more, 88% of them are looking to purchase NFT artworks in the future.
For your info, these wealthy collectors spent more than $10,000 on art and collectibles in 2020 and 2021. So their keen interest in NFT artworks is definitely a positive sign of NFTs’ growth. Not to mention that several blue-chip galleries like Palm are looking to adopt crypto on a massive scale as well.
Final thoughts
All in all, Artsy’s survey has provided us with much-needed insights into NFTs’ appeal among art galleries and dealers in general. For more details, you can check out the full report on Artsy’s website.
As the largest online art marketplace in the world, Artsy hosted several charity NFT exhibitions in the past. One of them was “Artists Who Code”, which featured NFTs by women and non-binary artists. Part of the sales proceeds went to Girls Who Code, a non-profit organization that aims to close the gender gap in technology.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
