Market Trends of UK Arts Promoter Industry
Rising Share of Online Sales in Art Market
Online sales volume at fine Arts auctions in the United Kingdom is having a significant share of 21% last year with an online sales value of 7% in fine arts auctions. The rise of Blockchain-authenticated artwork in the United Kingdom is having a positive impact on the business of auction houses. With a rise in the use of digital technology artists from different countries are collaborating are showcasing their team-made products.
In line with this revenue of the E-commerce segment in the United Kingdom is observing a continuous increase having a positive externality for domestic art sales in the United Kingdom. Digital art sales in the United Kingdom including digital collage are observing a significant rise with their sales fetching more revenue than physical works of artists.
Positive Growth in UK's Art Revenue with NFT Technology
With the inclusion of NFT technology in art, its revenue in the United Kingdom is observing positive growth with a value of USD 40 Million last year. During the pandemic sales value of NFT (Non-Fungible Tokens) in the arts, segment reached its peak with primary and secondary sales value of more than USD 800 Million.
Through the NFT artists are exploring ways for connecting blockchain with their creativity. NFT is capable of turning any meme and piece of art into a digitally collectible and tradable form and is also providing employment opportunities for professional NFT Artists. NFT had provided artists with a expanding audience with assigned digital certificate to their online piece of art.
