- Since October 26, 2023, SAP has been granting its visitors access to its own NFT exhibition “The Poetry of Blockchain”, which will run until February 23, 2024.
- NFTs and digital art in particular are attracting increasing interest in society at large. A widespread establishment of NFTs can be observed.
- The Flux Collective, which curated the SAP exhibition, and Eternalyst AG, which specializes in the sale of digital art, also attended the exhibitions’ opening. Both companies are leading service providers in the field of digital art.
The art exhibition “Poetry of the Blockchain”, which opened in Walldorf on October 26, 2023, already attracted around 500 interested visitors and art enthusiasts on the day of the vernissage. With this exhibition, SAP is offering interested visitors insights into a new era of art history on its premises until February 23, 2024.
The 40 digital and analog works of art on display could not only be admired, but also purchased. It should be emphasized that some of the artworks are interactive. This gives some art lovers and investors a taste of how art, culture and the NFT technology can work together to create outstanding works and create new emotional and artistic experiences. The combination of analog and digital artworks on display also demonstrates how these two media vehicles interact and fit together.
This phenomenon reflects the current change in art history, as not only analog works of art, but also virtual works, some of which have an effect on several sensory channels, are finding their way into museums. They are joining the existing diversity of art and reflecting the age of digitalization in their own way. The fact that this interaction between digital and analog art also appeals to visitors to the exhibition was evident in their interplay with the works. They approached them with interest rather than skepticism. The works were observed with curiosity and it could be seen that many visitors were interested in finding out more about the background to the works and artists.
Digital art, and NFTs (non-fungible tokens) associated with it, have often been the subject of negative media coverage in the past, describing them as highly speculative and worthless. Some of them probably were. However, many of these were not created by established artists and could have been recognized as probably worthless with in-depth research. As with traditional artworks, the value of digital artworks is dependent on some basic parameters that should be researched and assessed before purchase.
It is often mistakenly assumed that an NFT equals the displayed graphic. However, in simple terms, NFTs are decentralized storage media that use blockchain technology. Just as in the traditional art world the value of a work of art is not determined by the canvas, i.e. the storage medium, but by the work depicted on it, digital art derives its value from the work stored on the NFT and not from the fact that it is an NFT. Many of the negative reports mentioned above are also due to the NFT hype that has arisen in a short space of time. In contrast, there is a growing number of established artists who are discovering and using digital art and creating impressive digital works. Furthermore, by being stored in the form of an NFT on the blockchain, digital art is traceable, authenticatable and unique.
The fact that this is by no means just a short-term trend, but that digital art will find its way into the art scene in the long term, is also reflected in the fact that the world’s largest auction houses, Christie’s and Sotheby’s, have been regularly auctioning off digital artworks worth millions. Even traditional institutions such as the Museum of Modern Art (MoMA) in New York and the world-famous Saatchi Gallery in London are now not only exhibiting digital art, but also acquiring it for their own permanent collections. The increasing establishment of this art form is further confirmed by other smaller exhibitions in museums and galleries, such as the SAP art exhibition.
Digital art on the blockchain is thus becoming an integral part of the art world. What is striking is that a very broad target group has emerged, ranging from art collectors and enthusiasts of all ages to foundations and private and institutional investors in general. The interest in experiencing this art form, understanding it, challenging it and forming one’s own opinion is growing. After experiencing digital art, some interested parties are considering integrating it into their art or investment portfolio. For a successful start as a collector and investor, it is advisable to rely on specialized galleries and art dealers.
The Liechtenstein company Eternalyst AG and the German Flux Collective are leading service providers. While Flux Collective curates the first German NFT gallery “NEONREAL – The Gallery” in Düsseldorf in addition to the current art exhibition at SAP, Eternalyst AG offers a complete service package for the purchase of digital art, which includes storage and insurance in addition to curation.