JOSE LUIS ORTIZ FLORES
A new concept has been positioned in several discussions around the world during the last years: NFT’s. The NFT’s (Non-Fungible-Tokens) are called to change different industries, and the Art Market is a natural call for it.
An NFT is a certificate of authenticity supported by blockchain technology (same technology as cryptocurrencies). Some characteristics of a non-fungible:
1. It does not consume itself when you use it
2. It can’t be replaced or substituted, it’s something unique (not as money).
That is why it is natural to link the Art Market with NFT’s, as we are dealing with art pieces, that don’t consume themselves and that are unique.
It is true that nowadays NFT’s are everywhere and in different formats: audio, video, text, etc. These are digital files where there is metadata registered (name of the author, initial value, sales history).
In 2021 NFT’s represented 3,000 million dollars in sales. A digital file: JPG “Everydays: The First 5,000 Days”, created by the artist Mike Winkelmann was sold by Christie’s in 69.3 million dollars. In that same year, the Saint Petersburg Hermitage Museum collected half a million dollars by selling NFT’s from their collection (Van Gogh, Kandinsky, Da Vinci, Monet, and Giorgione).
So now in 2023, two years later from these sales described previously, we are in the Mexican Art Market, a year described by some critics, where Mexico City could be considered a relevant hub for contemporary art.
We can link these two pieces, Mexican Art Market and NFT´s, and we can build on whatever your imagination allows. Now, with a more mature NFT´s market and a vibrant Mexican art market, there are infinite possibilities for creativity, for financial investment opportunities and to enjoy art. Welcome.