1/ We've been seeing a shift in the SOL art market and I can't tell yet if I think it's net positive or negative for the space. But I do have some thoughts on what it could mean to the long-term viability of the market.
2/ The rise of @degenpoet, coupled with a lack of collectors willing to spend 10+ sol on a single piece of art, has created edition mania. I can't argue it's much easier to sell 100 editions @ 1 sol than it is to sell a 1/1 for 100 sol. If you're a working artist, I get the draw.
3/ The brilliance of editions is that they break down the traditional barriers of art collection that held back many collectors. Editions are more liquid, they lower risk significantly (lower prices), and allow you to build a diversified portfolio of art with less SOL outlay.
4/ Removing these barriers brought in a new collector base - one that thrives on the speed & speculation of the NFT collectible market. What's great is it's breathing life into the art scene. New collectors are coming in and showing interest in art! That's great, right?
5/ Short answer is maybe 🤷♂️. It's great that more artists have a way to make a living here. There is a thriving market for low-priced editions. Just take a look at the 7-day leaderboard on @exchgART. The top 5 artist's volume are driven by editions.
6/ But on the flip side, I haven't seen any data to show that these new collectors are going beyond speculative editions. It feels more like a separate segment of the market. 1/1 auctions I'm in are the same collectors they have always been (anecdotal evidence, I know) 🤷♂️
7/ Additionally, the high count, high volume editions seem to be less about growing an artist's collector base and more about driving hype cycles with constant noise and action. I personally don't like this use case as I think it devalues the connection to the art and artist.
8/ When I developed my bull thesis on blockchain art, I saw this new pfp trader market as a key growth segment for SOL art. The art scene was lacking much-needed liquidity and the easiest way to grow art here would be through SOL natives. Seemed like a no-brainer.
9/ Here's how I've seen the market for the last 6 months. Four segments that grow in size as you move outward. Each segment can be targeted in different ways. In fact, I had some ideas on how to do this months ago before editions were even a thing.
10/ Where I think I was wrong though, was believing that these 2 markets - the sol 1/1 collectors and the pfp traders - would meld into one. I thought some 1/1 pfp projects like @masked_warriors would bring in new collectors and they'd become interested in fine art on solana.
11/ But with the editions tool, we're seeing a new game develop. One where the art itself doesn't seem to matter as much, only the hype and speculation. It's fine, I buy them too when I can and it's fun (my pfp is a hot frog ffs). But there are a few things that concern me...
12/ The first is the artists. I'm seeing artists becoming discouraged because they're seeing quick, churn & burn releases skyrocket in value while they work to control supply and increase sales price on each release. I'd hate to see these artists leave.
twitter.com/superjimmer/status/1596572499583672321?s=20&t=xNX6wF3pCQR_SmVl4vyZMg
13/ The 2nd thing is that it may nullify the crux of my thesis - that eventually the billions spent on trad art will come on-chain. If the game becomes about short-term hype and flips that require constant attention from collectors, I don't think that money will come.
14/ But hey, let's see how it plays out. Best case, a bunch of new art collectors are discovering great artists like @Resistt_, @hyblinxx, and @douglasrmccurdy through their editions, and eventually start to seek out more art they love vs. what they can flip.
15/ Worst case, artists that don't want to play the game leave and other artists adapt to serve the degen market, leaving the fine art market to dry up. Then all the reasons I moved away from the pfp scene - the speed, the profit over people, etc. - hit the art market.
16/ Realistically, it's probably somewhere in the middle. I think we'll see some mixing of the two collector segments and we'll continue to see artists who work to serve both and build a bridge between their fanbases. Shout out to the ones already doing this!
17/ In the end the market decides, so I'll be doing my part to support the artists that are focused on the long-term sustainability of the SOL art eco.
Artists, play your own game, be original and mint your best work. Good things will come ❤️
brad_b (🐧,🤍)
@its_brad_b
Brand Builder + Marketer | Head of Brand @PenguloveNFT | @KelloggSchool Alum | Art Advocate | Full Collection: bit.ly/3TtzzTm
