A new sector capable of competition

Tokyo Crypto Art Fair: Fantastic Prices for Art That Doesn't Really Exist

Blockchain technology has contributed to the boom in the global digital art market.

AFP

Eichi Hatano works as a tattoo artist in Tokyo, but the number of his clients, who are mostly foreigners, has declined significantly during the pandemic.

So when he heard about the huge rise of the digital art market thanks to the blockchain technology for digital transactions, he decided to seize the opportunity.

"It's great for the artist to have a new market, it offers so many possibilities," said Iichi Hatano, 44, in his cramped tattoo parlour, filled with his favorite patterns, characters drawn from Japanese folklore.

Hatano is unfazed by the transition from human skin to immaterial art.

"My work is the same, and so is my creative process," he says, drawing with a pen on his tablet device, the satirical ghost of a vengeful woman in Japanese tales.

Eichi Hatano has never sold any virtual work, but he says he has a "feel" for the potential of this market, while five of his works in this category are on display at the "Tokyo Crepe" exhibition, which opened in a gallery in the Japanese capital's Harajuku district.

“This is the first crypto art exhibition to be held in Tokyo,” said curator and general manager of online sales platform Blockchain Art Exchange, which specializes in the sector, Sasha Bailey (27 years old).

In recent months, blockchain technology has contributed to the huge growth boom in the global digital art market. It is a secure and decentralized technology for storing and transmitting information, which plays a key role in digital currencies such as Bitcoin.

It is easily possible for any virtual artwork to become subject to commercial transactions, if it is linked to “NFT” (Nan Vangible Tokens), a method of encryption via non-fungible tokens that allows the granting of a certificate based on “Blockchain” that proves its authenticity. Any digital product.

Major auction houses are regularly selling digital items in the NFT format, and last March, the American Mike Winkelman (Pebble), became among the three most expensive artists of their lives in the world, as one of his digital works sold for $ 69.3 million following an auction by House Christie's.

Sasha Bailey believes that "Pebble was an exception, but it probably showed the world of mass art that this new sector is competitive."

He considers that "coded art is most powerful and important when it helps humble artists."

The predetermined prices for the sale of the pieces at the "Tokyo Crepe" fair range from a few hundred dollars to between 40 and 50 thousand.

Purchases can be made on the exhibition site or on the Blockchain Art Exchange platform using the two cryptocurrencies “Day” and “Ethereum”.

The exhibition includes about 150 digital pieces documented by NFT technology for dozens of artists, whose display is transmitted on screens, and some of them release augmented reality effects when viewed on a smartphone.

cautious market

Sasha Bailey believes that "the Japanese market is always more cautious before adopting new things."

Hence, this exhibition aims to “show people how to live with such artwork, because many are wondering how to interact with NFT art.”

During the three-week exhibition, it is scheduled to hold meetings with artists about digital pieces documented with NFT technology.

Another Japanese artist participating in the exhibition, Yasumasa Yunhara (62 years old), explains that what is known in the field of digital pieces documented with NFT technology in Japan is “selling celebrity tweets for fantastic amounts,” rather than selling artwork, noting that “ Few know what it is.”

And last March, a certified copy of the first tweet posted by Twitter's president and co-founder, Jack Dorsey, was sold for $2.9 million.

• One of Mike Winkelman's digital works was sold for $69 million at Christie's auction.

Follow our latest local and sports news and the latest political and economic developments via Google news