Artsy, one of the world's largest online art marketplaces, has dropped its fifth annual survey of the art industry. This time, Artsy focused more on non-fungible tokens (NFTs), which were extremely popular in 2021. Here are key insights from that report:
"Still a niche corner, but with more interest from galleries"
According to Artsy's data, only 11% of the surveyed galleries reported selling NFTs in 2021. But at the same time:
- 25% said they plan on selling them in 2022, while 28% were undecided.
- 30% of galleries surveyed said they are interested in accepting crypto as payment.
Of the galleries that sold NFTs in 2021:
- 68% said their collector base expressed interest in the format.
- 87% said they will offer NFTs again in 2022.
Little pigeons can carry great messages
Galleries that sold NFTs in 2021 tend to be smaller in size as:
- 66% had three employees or fewer.
- 15% had four to six employees.
Artsy notes that small galleries are more willing to experiment with selling new art forms than larger ones. Moreover, the sales volume made from NFTs also tends to be small:
- 51% of respondents said their total NFT sales volume generated $5,000 or less.
- 20% of galleries made between $5,000 and $14,999.
- 15% generated between $15,000 and $49,999.
- 5% earned over $250,000 selling NFTs in 2021.
Better late than never
The adoption of crypto as a payment method remains in the quiver, however:
- 30% said they are interested in accepting crypto as payment.
- 26% are undecided.
This uncretainty indicates that galleries are interested in catering to a new generation of collectors, but they are still might be afraid of scams or regulatory burdens.
For this survey, Artsy reached out to over 1,300 art galleries and dealers from 84 countries. In total, the art marketplace reviewed 873 responses to find year-over-year trends and analyze the ongoing fusion of online and offline art sales.