6 takeaways from Art Basel & UBS Report 2023

The 2023 Art Market Report, published by Art Basel and UBS, was finally released. It provides insights into the traditional Art market as well as the digital market, with a specific focus on non-fungible tokens (NFTs). We would love to share with you the following takeaways:

• Global art sales increased by 3% year-on-year to an estimated $67.8 billion, bringing the market higher than its pre-pandemic level in 2019.

• In 2022, NFT sales experienced a substantial decline due to the decrease in Ethereum prices and a slowdown in trade volume as the market became more saturated. As a result, the media frenzy surrounding NFTs died down, and many speculative traders were shaken out of the market.

• Despite the decline in the market, the number of wallets operating on these platforms continued to expand, with unique sellers increasing by 55% to 180,416, and buyers rising by 14% to 174,764.

• Overall, sales of art-related NFTs in 2022 reached close to $1.5 billion, representing a value that was over 70 times the size of the market in 2020, which was only $20 million.

• Over the last few years, there has been a shift in the art segment of NFTs, with a changing share of primary versus secondary sales. In 2022, secondary sales of art-related NFTs accounted for 80% of the market's value and 61% of transactions, highlighting that reselling has become the dominant activity on these platforms.

• Caroline Taylor from Appraisal Bureau commented in 2023 Art Market Report that “2023 will see new solutions enabling accessible and safe management of digital assets. Responsible ownership, particularly of Art NFTs, will continue to rely on third- party storage facilities and custodians compliant to evolving regulatory requirements.”

We are currently continuing with the Fuelarts x Tezos Accelerator program and are pleased to present interviews with two startups from our cohort: aerariumchain and Ikonospace.

In the upcoming webinar this Thursday our guest will be CEO of Minteed Jodouin Mitrani. During the webinar, he will provide insights into the latest trends in the Art+Tech industry. Moreover, Jodouion will elaborate on the company's mission and highlight the pivotal role it plays in the Art+Tech sector. Additionally, the discussion will encompass how Minteed fosters partnerships between brands and creators to facilitate innovation and creativity.

The webinar will take place online on April 6th at 11 AM EST. Join us via the YouTube link below. You may set the reminder for your convenience.

Art+Tech News

(1) Art Blocks Debuts NFT Marketplace With Enforced Creator Royalties

(2) Metaverse Fashion Week 2023 Goes Multi-Platform in Push for Interoperability

(3) Sotheby’s Sale of Glitch Art Postponed After Artists Complain About All-Male Sale

(4) Italian regulators order ChatGPT ban over alleged violation of data privacy laws

Opinion

(1) Unleashing The Creative Power Of Code: What Generative Artists Can Teach Us About AI And NFTs

(2) London loses ground to Paris in battle for crypto conference crown

(3) Web3 creators at a higher loss for royalties than anticipated: data

(4) AI and art: how recent court cases are stretching copyright principles