Great Wealth Transfer and NFTs
The art market is changing. For decades, it's been dominated by a small group of wealthy people who buy art as an investment to make money. But there's a new wave of collectors coming: younger, more diverse than before, and passionate about their collections. These new collectors don't care about making a profit; instead, they're interested in buying works that will enrich their lives and connect them with other people through art. They're also bringing their own unique perspectives into the market—and forcing long-standing institutions like museums and galleries to adapt or risk becoming obsolete
A new wave of art collectors
The new wave of art collectors is here, and they’re ready to make their mark on the industry. They're younger than ever before, with a median age somewhere in the 30s. They’re also more diverse than their predecessors in terms of both race and gender—and this matters because many collectors have historically been white men who collected what other white men had collected before them.
The new breed of collectors is motivated by the passion for individual artists, not the desire for profit or prestige that drove some older buyers in the past. These days, it's common for art-world insiders to lament that most people buying contemporary works don't actually want to own them—they just want an investment vehicle. The new wave will hopefully help remedy this problem by bringing fresh perspectives into galleries and museums around the world; if nothing else, they'll inject some much-needed life (and money) into those institutions' coffers!
Great Wealth Transfer
What's happening is a great wealth transfer from baby boomers to millennials. It's a global trend that's just beginning, and it will continue for the next 20 years or so. The financial services industry has long been dominated by baby boomers (people born between 1946-1964), but this sector is changing rapidly due to increased social responsibility among younger generations.
These new art collectors are moving away from traditional investments like stocks and bonds in favor of things they feel have a greater impact on society: socially responsible business practices, sustainable energy sources, fair labor practices—and art that reflects these values.
NFT, Art
So, what is an NFT? Non-Fungible Tokens are unique digital assets that can be stored in a blockchain and used to represent unique things. For example, they've been used as collectibles for trading card games like CryptoKitties and Cryptopunks. In this case, each token is unique because it represents a different creature or item (like Fluffball or Infiltrator). The owner of the token has full control over it; they can keep it forever or sell it to someone else who will also have full control over the NFT.
In other words: each NFT is completely independent of every other NFT out there—they're all one-of-a-kind!
This same technology could be used for many different types of assets including art! You might already know that paintings can be sold through galleries but if you're looking into buying art online then there are some things you should know about how these works get tracked on the blockchain before making your purchase.
Conclusion
It's clear that the art market is changing, and new collectors are leading this transformation. They are more diverse than ever before and they're here for the love of art and not profit. This generation is also growing up with technology, so it's no surprise that they prefer buying non-fungible tokens (NFTs) instead of traditional paintings or sculptures.
JOVI Creative Studio is here for helping with the transfer by providing TaylorMade solutions to its clients that wish to create an NFT collection or simply know more about how to invest in it. Get in touch now!
