vid NFT photography collector snatched a photograph for $2,300 in November. Two months later, he flipped it for $30,400.
First, Millennials have emerged as adults during an era of enormous technological transformation, and their Gen-Z successors. Second, those Millennials and Gen-Zers are coming into money—the greatest wealth transfer in history has over to younger generations. These conditions are fueling digitally native art collecting in both primary and secondary markets. Third, there has been an enormous growth of cryptocurrency wealth over the last five years, creating a new generation of art buyers.
Welcome to the world of NFT photography collecting, where fine art meets decentralized finance for Millennials. From Collector Daily suggest that the NFT photography market grew in 2021 to $200 million, the size of the traditional fine art print photography market.
This is just the tip of the iceberg. The art world is undergoing a massive transformation because of a rare confluence of major cultural and technological changes.
Fine art photography is at the center of this confluence of technological immersion, wealth transfer, and crypto wealth generation, as the NFT photography market not only transforms.
Freddie, who like many in NFT-land prefers a handle to a full name, is more bullish on NFTs than physical photos: “I believe society will gradually become more digitized, and as that happens we will place more and more value in our digital lives. As the digital native generations start to have the funds our parents had, and we spend more time in front of screens, we will use our disposable incomes to collect—to support the arts, preserve wealth, and impress our friends online.”