Digital art is created using modern digital technology. The novel engineering forms an integral part of the creative process. Digital art is different from traditionally known handmade art since the former relies completely on digital solutions such as software, programs, applications, and smart devices for creation purposes. It consists of a wide range of digital paintings, drawings, videos, photos, and other forms of artwork. These final products are enhanced and exhibited using digital solutions. The demand for digital arts has grown over the years, driven by a surge in consumer awareness.
Moreover, the introduction of new tools enabling the creation of majestic digital art, especially in video and image formats has helped the digital art industry thrive over the years. During the projection period, the market is expected to gain higher growth momentum led by the increasing use of novel digital arts in the clothing and accessory industry along with investments in 3D art forms. However, the cost of applications facilitating the creation of digital art could prevent the industry from growing.Non-fungible tokens (NFTs) are expected to completely revolutionize the industry presence during the projection period
The global digital art market has benefited greatly from the introduction of non-fungible tokens (NFTs) and associated marketplace. NFTs are defined as assets such as digital content and artwork. They are tokenized by leveraging the blockchain technology. One of the most prominent features of NFTs include their non-fungible attribute which means that all NFTs are unique and cannot be interchanged.
Hence, NFTs are considered a promising way of owning an art form, especially rare items. In the last few years, non-fungible tokens have been widely popular due to increased commercial awareness.
Moreover, they allow transparent selling and reselling of art products, especially digitally created models. In October 2021, Sotheby, a leading fine arts company, announced the launch of Sotheby’s Metaverse. It is the company’s platform designed for digital collectors as the tool will offer a specially curated selection of nonfungible tokens selected by experts of the company.
Similarly, Ethereum, a globally popular open-source blockchain platform, launched a digital marketplace called SuperRare, housing exclusive tokenized digital art forms.
Increasing technological advancements in art tools is driving the global digital art market. The rising adoption of AI-powered tools has made it easy for artists to create and sell digital art. This has increased the number of artists entering the digital art industry, which further expanded the industry.
Lack of regulations & standardization is restraining the market. The digital art market lacks standardized measures for valuing digital artworks, which makes it difficult to establish their true worth as it is not held to a stabilized standard + leads to a lack of trust among potential buyers and sellers.
Emergence of augmented reality (AR) in digital art creates lucrative opportunities in the market. Digital art collectibles emerged as a new and exciting way to collect and trade digital art. NFTs are unique digital assets that are verified on a blockchain, making them one-of-a-kind and valuable.
The value of investments can go down as well as up. Past performance is not a guarantee of future performance. Liquidity is not guaranteed. Fees, terms, and conditions apply. Please seek your own financial advice before purchasing.