Building Communities and Ensuring NFT Success: Insights for Artists
In today’s rapidly changing art world, community building has become more crucial than ever, especially with the rise of nonfungible tokens (NFTs). Art market economist and academic Magnus Resch, who holds a Ph.D. in economics and has extensively researched the importance of communities and networks for artists, recently spoke to Cointelegraph about the role of community building in the success of artists in the NFT era.
The Importance of Community Building for Artists
Magnus Resch‘s research has shown that community matters for the success of any artist, but being part of the right community is even more important. Resch identified that 99.9% of artists’ communities, which he calls “island networks,” consisting of museums, galleries, fellow artists, and fans, do not have a positive impact on an artist’s career. Instead, there is one network that leads to success, which Resch refers to as the “holy land.” To be successful, artists must strive to become part of this community.
Strategies for Tapping into the “Holy Land”
Resch’s study shows that the art world is a people business, where networking and connections matter more than artistic talent. Artists need to go beyond the studio and actively network with the right people, especially those who are part of the “holy land.” Artists must also embrace the role of entrepreneurs running a business, with branding, marketing, and self-promotion being essential to their success, even more so than their art. Waiting to be discovered is not a viable strategy for success.
The Role of Social Media and Digital Platforms
Social media and digital platforms play a crucial role in helping artists connect with their audience and foster a sense of community. According to Resch, social media is the most relevant marketing tool for artists, as galleries are not always reliable and can be part of isolated networks. Building a brand through social media is essential, with 45% of art buyers regarding it as the most important channel to discover and find artists. Traditional offline galleries follow in second place. Resch argues that any artist serious about making it in the art world needs to leverage platforms like Instagram.
The Impact of NFTs on Community Building
The rise of NFTs has not changed the importance of community building for artists, but it has provided new opportunities for artists to learn from and engage with their communities. NFT projects have shown that community building goes beyond just having a social media following, but involves creating a close circle of loyal and supportive members who actively participate in an artist’s ideas and projects. Resch envisions a future where artists give their community voting rights, allow them to participate in projects, and exchange ideas and assets, creating a considerably different dynamic compared to the passive audience of today.
Successful Examples of NFT Adoption in Traditional Art Institutions
Resch identifies digital artists such as Beeple, Justin Aversano, and Jen Stark as some of the biggest winners of the NFT hype. Digital art, which has historically been the least popular medium in the art market, has gained significant attention and sold for record prices through NFTs. However, Resch believes that the real impact of NFTs is yet to come, as they will fundamentally change how art is traded by becoming the underlying technology to authenticate every artwork, not just digital art.
Implications of NFTs on the Art Market
According to Resch, the implications of NFT
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