Sotheby’s Natively Digital: Defying Traditional Art Valuation

03/15/2023 15:42 • Metaverse Matters • 131 views

According to reports, Sotheby’s held a “Natively Digital: Oddly Satisfying” auction, which featured Beeple as the theme and Meme inspired NFT auction, including artists Anyma, Beeple, Luis Ponce, and others.

Sotheby’s will hold a special NFT auction on March 17th

Analysis based on this information:

Sotheby’s recently hosted an unusual auction named “Natively Digital: Oddly Satisfying,” which featured NFT digital artwork inspired by the Internet phenomenon known as memes. The highlight of the event was a work by digital artist Beeple, which sold for a whopping $69 million. The auction offered an out-of-the-box perspective of the art world, one that defies traditional art valuation standards.

The auction was a reflection of the rapid transformation of the art market, which is increasingly digitizing itself. Natively Digital was a platform that brought together a new breed of digital artists who use new technologies like blockchain to create works that challenge the traditional view of art. While purists may argue that digital works lack the physicality and substance of traditional art forms, the auction proved that there is a market for digital art.

The success of the Beeple’s digital art piece called “Everydays: The First 5000 Days,” which set the record as the most expensive digital artwork sold wasn’t a surprise. The artwork is a compilation of 5,000 unique images, one per day for every day of the week for over 13 years. The work is an exceptional representation of NFT technology, where ownership of the piece ultimately transfers to the buyer through blockchain as proof of digital ownership.

The auction featured several other artists like Anyma and Luis Ponce, who used a blend of digital techniques and new-age media like GIFs, videos, and memes to create an immersive art experience. Sotheby’s saw its first digitally-native generation of buyers actively participating in the auction, which signifies that traditional art norms are giving way to digital art forms.

In conclusion, Sotheby’s art auction signifies a shift in the traditional art world, as digital technology becomes increasingly prevalent. The Natively Digital auction has firmly established digital art as a legitimate form of artwork that deserves to be valued and appreciated. It highlights the growing influence that new-age technologies can have on the future of the art industry.

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