The new technology of blockchain and NFTs have completely disrupted the art market. Thanks to NFTs, artists of all types gained the possibility to reach new audiences and boost their sales, major auction houses and art galleries embraced the new trend, while major fashion brands like Nike, Adidas and D&G have created events in the Metaverse and launched virtual apparel to support their PR campaigns.
Today it is impossible to ignore the rapid growth of Metaverse projects, both on a consumer and a country level. From Vatican to Japan, governments are developing their Metaverse projects and strategies. In France, President Macron sees the advantages which the Metaverse could bring to the country and he has often shared his will to make Paris a hub for crypto.
At the user level, Gartner predicts that by 2026, 25% of people will spend at least an hour a day in the Metaverse.Meanwhile, McKinsey predicts that the opportunities in this space will be worth US$5 trillion by 2030.
Metaverse also offers many new opportunities for museums and art galleries. Virtual art galleries, immersive art exhibitions allow to go beyond the limitations of the physical space and geography and become easily accessible to anyone, allowing to expand presence and design new experiences for their audiences in infinite ways.
For example, Marina Abramovic’s “The Life” mixed reality performance defied both the physical limitations as well as the time limitations, making the work, and the artist immortal. “Because you are there, preserved for ever” -commented the artist.
As the technology is rapidly developing, a myriad of questions appear naturally. What new tools will the artists have toexpress their talent and reach new audience in Web 3? What type of new experiences will the immersive technologies offer? How will our personal identity be reflected in Metaverse?
Will our avatars replace out physical presence? How will phygital fashion and art collections evolve? Will Metaverse help the players in the global art world to connect as opposed to become just another way of escaping reality? How will our interaction in the Metaverse help nurture stronger relationships?
It seems that there are far more questions than answers and it is exciting to be witnessing and participating in Metaverse related projects.
What is your take on Metaverse and how it will change our reality?