Art
A Mega Gallery Is Ramping Up Its NFTs, Even as the Market Stalls
Pace, which has locations around the globe, is betting big on digital art.
Lucas Samaras’s PhotoFlicks (iMovies) and PhotoFictions (A to Z), installation at Pace Gallery.
Source: © Lucas Samaras, courtesy of Pace Gallery
Digital artworks connected to Blockchain-powered smart contracts known as NFTs (non-fungible tokens) had a brief, spectacular bull run.
The daily number of active digital wallets—in theory, the number of people who bought and sold NFTs connected to artworks—spiked nearly 1,500%, from 143 on Jan. 28 to 2,215 on March 17, according to the market tracker Nonfungible.com. By June 30, that number had sunk 58%, to just 932.