Art sales rebounded strongly last year from their worst slump in a decade, according to the annual Art Basel and UBS Global Art Market Report.
... [+]The annual Art Basel and UBS report this year expanded from the standard territory of auction houses and dealers to include nonfungible tokens. NFTs exploded in popularity last year, with sales of the digital collectibles brokered by Christie’s and Sotheby’s, albeit in “limited values so far,” according to the report.
Christie’s NFT sales netted $150 million – including a recordfor a Beeple work– while Sotheby’s reached $80 million..External sales of art and collectible-related NFTs using ether, flow and ronin blockchains grew to a staggering $11.1 billion in 2021 from just $4.6 million in 2019, according to the report, which used data from NonFungible.com.... [+]
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