Art will continue to be one of the most profitable assets, with NFTs taking center stage, according to an expert

9 Jan. (Portaltic/EP) –

Investment in art is living “a vibrant moment“in the market and “with no sign of moderating” for 2023, with NFTs (non-fungible tokens, for its acronym in English) acquiring a greater role, according to the special edition of the ‘Luxury Investment Index’, prepared by Andrew Shirley, Knight Frank’s head of Luxury Research, noting that investing in art “continues to be an upward trend.”

Collecting has changed dramatically in the last ten years, as rising prices have drawn more than just art lovers to an “exciting and unpredictable” market like NFTs. This consists of a blockchain-based cryptographic technology that represents something unique, non-substitutable, in a way that guarantees its authenticity, as well as who owns it.

“Since these markets are virtual, they are almost impossible to trace, and this makes them popular with shoppers who want to blend in. However, there is also a younger generation, who are already comfortable sharing much of their life online, and are embracing the reach and visibility that NFT collecting can offer,” the report added.

61 percent of the great fortunes invest between 11 and 50 percent of their assets in art, although in this case we are talking mostly about traditional art, such as paintings or sculptures. It is true that they enjoy it privately or in museums of their own foundations, but more than 78 percent of said collectors also appreciate it as an investment, according to data from ArtsGain.

An NFT can become a strangely unique, verifiable, proprietary, and indestructible piece by being built on the blockchain ecosystem, stored on the blockchain via a smart contract. This does not mean that it cannot be copied, since by the mere fact of being displayed or exposed, reproduction is already possible, however among all those copies, it will continue to be that unique piece, which comes directly from its author.

“Its own conceptual nature, it could really work very well in the context of contemporary art, currently so immersed in the world of ideas”, concludes the report, which predicts a growth of this type of art in this year 2023.