The Digital Revolution in Art: How Technology Has Transformed the Art Market

In a world where almost everything is going digital, art has not been an exception. What's happening with the art market after the NFT boom? Have "digital art" sales remained just a bubble, or have they become an important part of contemporary culture?

Back in 2019, few could have predicted that the share of online art sales would triple in just a few years. The pandemic forced galleries and museums to rethink their digital presence, as the share of online sales grew from a modest 13% to 39% in 2020.

"When gallery doors closed physically, they opened virtually," is how art market experts comment on this period.

Interestingly, even after lockdowns ended, the digital segment did not return to "pre-COVID" indicators. In 2023-2024, online sales stabilized at 22-23% of the entire market, three times higher than before the pandemic. The digital space transformed from a "temporary solution" into a full-fledged channel for interacting with collectors.

March 2021 became a turning point for the entire art market. Beeple's digital collage's sale for a record $69 million at Christie's auction launched a true gold rush in the NFT world. In two years, the NFT art market grew from a mere $0.6 million to an astronomical $2.9 billion.

However, not all that glitters is gold:

"After the 'crypto winter,' true connoisseurs remained in the market who buy works not for quick resale, but for their artistic value," experts note.

Galleries initially viewed NFTs with suspicion and eventually began actively integrating digital formats into their operations. Interestingly, galleries' channels (websites and social media) generate about 20% of all dealer sales, while third-party marketplaces account for only 3-5%.

Auction houses, the first to hit the jackpot on the NFT wave, have now reoriented towards a more selective approach, focusing on historically significant digital works and pieces by recognized masters.

Digital channels have opened doors for a new generation of collectors. Traditional barriers to entering the art market (exclusivity, closed nature, high price thresholds) have given way to more democratic interaction models.

Contrary to stereotypes, young collectors are looking not only for trends but also for quality works with a curatorial approach. And the older generation is actively mastering digital channels, especially when they offer convenience and security.

Blockchain technologies have created a new class of assets (NFTs) and introduced the revolutionary concept of automatic royalties for artists. Now artists can receive a percentage from each resale of their works—something impossible in traditional art.

However, technological development has also created new problems:

"Digital art has forced museums and institutions to reconsider their methods of preserving and exhibiting works. This is no less important a challenge than the conservation of traditional media," museum professionals comment.

For artists who want to master the digital space, experts recommend:

Experts predict that by 2026:

The digital transformation of the art market has already occurred. Although headlines about million-dollar NFT sales have become rarer, the impact of technology on art is only growing stronger. Online sales, digital formats, and new interaction models between artists and collectors have become integral to the contemporary art market.

Like any revolution, the digital transformation of art has gone through stages of euphoria, disappointment, and rethinking. Now we are seeing the formation of a new reality where technology doesn't compete with traditional art but complements it, creating new opportunities for creativity, collecting, and interacting with culture.

Based on data from Art Basel & UBS (Arts Economics report), Artprice Contemporary Art Market Report, and other research, 2023-2025.