The ‘mainstreamification’ of NFTs initially gained traction in the art world, addressing the industry’s inherent problems and presenting a use case that was relatively easy for the average consumer to grasp. Since then, new trends have emerged, shaping the face of NFT art today and impacting its future trajectory. Notably, the recent popularity of Bitcoin NFTs and open edition collections demonstrates that artists, collectors and the art community still value NFTs, despite the criticism these assets have faced since their rise to prominence.
An industry marred by tradition and middlemen
The art world is notoriously challenging to break into, particularly for artists without connections or the financial resources required to attend prestigious art schools. The industry is known to be ruled by gatekeepers — leaders of major galleries, museums and auction houses — who ultimately decide what qualifies as high-end art and which artists deserve the most attention.