NFTs Dominate Art Basel

1 min read

Since their creation, blockchain technology and non-fungible tokens (NFTs) have been at the center of numerous discussions. They are now utilized in various facets of life, including wedding ceremonies and birthday celebrations. For instance, a small wedding ceremony was held recently at the Scope Art Show in Miami Beach, where the couple, married by artist Jimmy Pierce, minted their wedding as a set of NFTs. This includes their marital vows, license, and pictures, all of which were created on the Flow blockchain with help from NFT giant Dapper Labs.

The wedding also underlined Miami’s overall bright tone, which was centered on long-term development and expansion. The newlyweds justified the choice to record their wedding as NFTs by stating that blockchain and NFTs are here to stay and that they should be treated as such. 

An NFT logo

Domination of NFTs at Art Basel Miami

The 20th edition of Miami’s annual Art Basel event brings together galleries, painters, and collectors to develop one-of-a-kind artist-led events and support regional art ecosystems. In December 2022, nearly 76,000 people from 88 nations attended the event.

While the festival predominantly emphasizes fine and visual art, NFTs have gradually gained traction in the cultural dialogue. This year’s festival saw the digital and physical worlds become more united, with NFT initiatives and blockchain companies navigating their way into exhibitions and activities across the city. It was made possible by the hype surrounding cryptocurrencies and NFTs.

The welcoming of NFTs into conventional art spaces comes at an unfortunate time when the crypto sector has been marred by uncertainty and scandal. Recently FTX crumbled, which affected the whole industry, and many investors suffered huge losses. The value of two of the largest cryptocurrencies, Bitcoin and Ether, also fell. Several companies went down with the crash of FTX, and the NFT trading volume also declined. Despite this, NFT artists, developers, and collectors attended the event to support Web3.

Final Thoughts

As individuals start to consider how to incorporate NFTs beyond their worth as merely collector goods, particularly as a method for memorializing weddings, it’s probable that we’ll continue to see more use case.

Amanda Cassatt, CEO of Web3 marketing company Serotonin, said that the enthusiasm at Art Basel shows that businesses should embrace these technologies as they develop their products. She further said, “Every brand needs to have a Web3 strategy. I believe that every business will eventually transform into a Web3 business, and the current bear market is the ideal opportunity to establish and move ahead.” The morale of NFT enthusiasts hasn’t been shattered despite the market’s poor condition. As the year ends, NFT artists and developers are ready to leave behind the memories of 2022 and are optimistic that the new year will bring more stability to the sector.