Artists tend to have greater flexibility in terms of art, creativity, and expression thus expanding the boundaries of digital art
Owing to benefits such as elimination of doubts of authenticity and ownership, maximum initial acquisition, non-reproducible due to NFT, more value driven opportunities, and wider exposure to artist to interconnect, new world to explore for artists as opposed to traditional art is fostering the growth of global crypto art market. Moreover, reduction in intermediaries, guaranteed intellectual property, improved traceability to creative content are the key advantages that are increasing the use of crypto art.
The rising popularity of crypto art due to concerns of authenticity and exclusivity of purely digital art raised by artists and the need for giving ownership for the digitally published art is improving the reliance on crypto art. The crypto art has gained traction in recent years due to rise in cryptocurrencies.
Rapid personal and commercial use applications are fostering remarkable progress in the global crypto art market. Advantages such as elimination of doubts of authenticity and ownership, value gain to digital art over time, efficiency, transparency, proof of legal and insurance documents, and no reliance on third party are encouraging further adoption of crypto art.
These factors collectively influence the thumping growth of global crypto art market. As a result, the global crypto art market is expected to exceed revenue growth of USD 7.5 billion by 2028 with an annualized growth rate of 5% from 2021 to 2028.
Crypto art is an art related to blockchain technology emerging as niche genre for artists due to the development of blockchain technologies Bitcoin and Ethereum. The digital art is linked to unique token called non-fungible token which acts as a unique ID assigned for the art. This eliminates the concerns of authenticity and provenance. The NFT ensures that at one time only one account can own the digital art and cannot be sold to another.
Application of blockchain in artwork is increasing substantially in recent years. The major factor for growth of crypto art is that it gives value over time and eliminates the authenticity and provenance issues. The application of blockchain in the creative industry has increased as a guard to many challenges that authors of digital art face today. The main advantages that have boosted the global crypto art market are that it guarantees copyright, transparency in sales, and provenance of works.
Although, the global crypto art market is at a competitive edge today, it is likely to get hampered by key factors. The crypto art market is grappled by climate controversy as the non-fungible tokens (NFTs) are responsible for causing greenhouse gas emissions generated by cryptocurrencies. Moreover, the blockchain technologies Ethereum and Bitcoin are energy inefficient leading to failure in adoption of crypto art. Nevertheless new technologies addressing the challenges currently faced by blockchain technology and eco-friendly NFTs are likely to drive new opportunities in the global crypto art market.
The top companies proving blockchain as avenue for improving the future of crypto are BRD, BitMEX, Chainalysis, Coinme, Netki, Paxful, Republic, Spring Labs, SALT Lending, TQ Tezos, Mythical Games, Gemini, Circle, Coinbase, Chronicled, IBM, Voatz, Steem, and Shipchain among all the emerging and well-established players.
These companies are providing blockchain access safer, streamline NFT transactions, and providing features like recurring buys and vault protection. These companies to stay ahead of the competitive edge are undertaking strategic initiatives such as mergers and acquisitions, and expansions for research and development in NFTs and crypto art.
Crypto Art Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 7.5 billion|
|Growth Rate||CAGR of 5% during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||BRD, BitMEX, Chainalysis, Coinme, Netki, Paxful, Republic, Spring Labs, SALT Lending, TQ Tezos, Mythical Games, Gemini, Circle, Coinbase, Chronicled, IBM, Voatz, Steem, and Shipchain among|
Key Segments of the Global Crypto Art Market
Type Overview, 2018-2028 (USD Billion)
Application Overview, 2018-2028 (USD Billion)
- Personal Use
- Commercial Use
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
Music and Paintings Type to Emerge as the Most Lucrative Segment
Global Crypto Art market is classified into Photos, Videos, Music, Paintings type segments. Among these, the music and paintings crypto art segments are poised for substantial market growth in the years ahead owing to several advantages like reduction in intermediaries, guaranteed intellectual property, improved traceability to creative content, and many such factors. Adoption of crypto art by diverse groups of artists across the world in the field of painting and music is fostering the global crypto art market and are expected to support segment expansion in the forecasted years.
Commercial Applications to Ensure Revenue Maximization
Global Crypto Art market is classified into commercial use and personal use type applications. Among these, the commercial type crypto art application segment is poised for substantial market growth in the years ahead owing to several advantages like elimination of concerns related to authenticity and ownership, maximum initial acquisition, non-reproducible due to NFT, more value driven opportunities, and wider exposure to artist to interconnect to new world. The commercial use application is expected to emerge successfully due to the aforementioned benefits, investments, and global expansions of commercial art companies integrating crypto art.
North America to Render Ample Investment Avenues
Performance analysis of global crypto art market based on regional segmentation states that North America is the most mature markets for crypto art adoption and investments. The region is likely to garner maximum revenue share of global crypto art market in the forecast span.
This is evident from rapid investments in blockchain technologies, shift in artists’ preferences, applications of crypto art in personal use and commercial use applications across leading countries in the region such as Canada and United States.
Additionally, technological advancements due to various research and developments initiatives, presence of Blockhain company like IBM offering safer and greener NFTs to the art industry, commercial mergers and partnerships, expansions of the leading companies in regional and global market is improving the growth feasibility of global crypto art market in North America.
The European region is also the next big market for growth and development of crypto art. Europe is expected to be the lucrative region for global crypto art market in the forecasted years. Furthermore, APAC is another region for growth of crypto art adoption. The region is projected to emerge as a significant region for crypto art due to rising awareness of authenticity, legality, and ownership for digital art. India and China in APAC are the biggest growth avenues for crypto art.
The covid-19 pandemic has remained quite instrumental in driving the growth of global crypto art market. The pandemic has forced the creative industry for rapid digital conversion with blockchain technology. To best present the art online along with ensuring ownership and transparency, the artists are adopting crypto art.
Art Galleries and art fairs have accelerated their online presence using blockchain technology. This has given a tremendous boost to the global crypto art market. Cutting edge technologies are being used to increase price transparency to help spur and progress the market.
The global crypto market report study through in-depth research offers a comprehensive market outlook with analysis of Covid-19 impact. The report examines the impact of pandemic on economic growth of market, developments, applications, and regions operating in global crypto market. Recovery strategies implemented by market players during the covid-19 pandemic are studied. A detailed study of the crypto art market documented in this report helps market players make well-informed decisions.
Latest Innovations in the Global Crypto Market: a Snapshot
- Recently Fame Lady Squad launched claimed to be the first female-led crypto art collective.
- Artists in Cuba have announced plans of sale of 1,492 digital portraits of Cubans through non-fungible tokens (NFT) to promote the “CryptoCuban Social Club”.
- Artists are exploring crypto art for monetising their digital work’s virality which currently exists in form of likes, shares, views, and reposts.