Over the past few years, digital art has become a more integral part of the contemporary art scene. At this year’s Art Basel Hong Kong, this evolution was exemplified by Zero 10, the fair’s new curated space for digital practices that was a huge hit in Miami.
Yet non-fungible tokens (NFTs), which became synonymous with digital art during a hype-driven, celebrity-endorsed asset bubble in 2021, have seen massive drop-offs in terms of both market cap and cultural relevance. This is due to multiple factors, including downturns in the cryptocurrency marketplace, and a series of scams and sell-offs that tarnished the industry’s reputation.
So what is the current situation with NFTs? Are they dead and gone forever? Or have they simply evolved into a smaller, more mature ecosystem?
The Mutant Ape Yacht Club NFT collection exhibited at K11 Musea in 2022. Photo: Nora Tam
Eli Scheinman, curator of Zero 10, believes that the 2021-22 NFT cycle was driven by speculation and composed of participants entering primarily via the cryptocurrency, technology and collectibles markets – and was therefore less about digital art than we were originally led to believe.
“In many ways, it was an accident that these individuals found themselves suddenly collecting digital art,” Scheinman explains. “The interesting dynamic is that a small portion of those participants – who had no prior background as collectors or patrons – ended up becoming critical supporters of the contemporary artists utilising digital technologies in their practices. But at the same time, the vast majority were simply there to speculate and never truly explored the conceptual depth, ideas and practices of these artists.
“The market correction after 2022 was, in my view, extraordinarily healthy for the long-term sustainability and foundation of a digital art market,” he notes.
Scheinman entered the digital art space in an unusual way. He has a background in political ecology and worked mostly in tech start-ups before falling in love with the medium, at which point he began collecting obsessively through informal networks and communities. That led to a role at Proof in 2021 as head of art, where he worked with over 100 artists and began curating exhibitions with major galleries. His experience inspired him to make Zero 10 all about artist empowerment – and NFTs and blockchain technology play a large role in that.Eli Scheinman, curator of Zero 10. Photo: Handout
