SAP and Valuable NFT Art on the Blockchain!

Last Updated: 15. November 2023By

On October 26th, 2023, the company SAP opened its doors for the art exhibition „The Poesy of Blockchain“ taking place until February 23rd, 2024, providing visitors with insights into a new era of art history. The works, some of which are interactive, show art lovers and those interested how art, culture and technology can create outstanding works together, bringing them closer to digital art and its interaction with analog art.

Digital art, and the associated NFTs (Non-Fungible Tokens), have often been the subject of negative media attention in the past, described as highly speculative and worthless. It is often mistakenly assumed that an NFT is the displayed graphic. However, NFTs are, in simplified terms, a decentralized storage medium that uses blockchain technology. Similarly, as in the traditional art world, the value of a work of art is not determined by the canvas, i.e. the storage medium, but by the work depicted on it, digital art receives its value through the work stored on the NFT.

The quality of the art is a reflection of the value of the NFT! Many of these negative reports relate to NFT projects that released images and works of art in the form of NFTs with little or no value. On the other hand, there is an increasing number of established artists discovering and using digital art. With their digital works, they are able to break the boundaries of analog art, which is usually created with canvas and brush and offers no possibilities for interaction, adaptation or easy transferability. Additionally, digital art stored in the form of an NFT on the blockchain is traceable, authenticatable and unique.

Art represents the time in which it is created and often addresses social conditions during the artist’s lifetime. As a result, art is becoming more digital in an increasingly digitalizing society. This is also reflected in the fact that the world’s largest auction houses Christie’s and Sotheby’s have been regularly auctioning digital works of art in the millions for some time. Even traditional houses such as the Museum of Modern Art (MoMA) in New York and the world-famous Saatchi Gallery in London now not only display digital art, but also acquire it for their permanent collections.

Digital art on the blockchain is becoming a permanent part of the art world The increasing establishment of this art form is additionally confirmed by the current SAP art exhibition. Digital art on the blockchain is becoming a permanent part of the art world. Notably, a broad target group has emerged, ranging from art collectors and enthusiasts of all ages to foundations, private and institutional investors in general.

As in the traditional art market, it is recommended to turn to specialized galleries and art dealers for a successful entry as a collector. Of these, the German-based Flux Collective and the Liechtenstein-based company Eternalyst AG are leading service providers for digital art. In addition to the current art exhibition at SAP, the Flux Collective curates the first German NFT gallery „NEONREAL – The Gallery“ in Düsseldorf. The Eternalyst AG offers a comprehensive service package for the purchase of digital art. This ranges from the curation of individual collections for customers to the professional custody of digital art. In addition, the Flux Collective and the Eternalyst AG are in close cooperation.