NFT: Chaos in the Art Market

Thanks to the NFT digital revolution, American artist Beeple sold a work for more than 69 million dollars. With fewer intermediaries, fewer barriers to entry for collectors, and more money for artists: NFTs promise to change the art market. Is the digital revolution a utopia for the art world?

The NFT frenzy, triggered by the record sale of Beeple's digital work, led to a boom in speculation on the market. A year later, from spring 2022, the bankruptcy of several cryptocurrency companies caused the price of non-fungible tokens to fall considerably.

In the space of a few months, billions of dollars were lost and major companies had to file for bankruptcy. The price of NFTs plummeted. Will the utopia of non-fungible tokens survive the financial collapse? Has the digital art market found stabiity?