Art Basel cools on NFTs, as market declines

(13 Jun 2024)

SWITZERLAND ART BASEL DIGITAL ART

SOURCE: ASSOCIATED PRESS

RESTRICTION SUMMARY:

LENGTH: 5:47

ASSOCIATED PRESS
Basel, Switzerland – 12 June 2024

1. Pan of works by French-Canadian artist Gregory Chatonsky on display at Digital Art Mile exhibit
2. Close of “Landfill” 2019
3. Pan of “Organism” 2019 3D-printed work
4. Various of “Landfill” 2019
5. Various of another work titled “Landfill” 2019
6. SOUNDBITE (English) Justin Gilanyi, digital art curator:
"There was a lot of hype, there was a lot of word of mouth. Because of these high sales, people started getting into the space as well, thinking that it could be an overnight success for them. They could make a lot of money. So, we had a lot of people come in that maybe weren’t so serious about making art, and so it just created a huge sort of market."

7. Wide of Digital Art Mile exhibit exterior, man entering
8. Pan right of sign, reading (English): “Space 31. Digital Art Mile”
9. Various of visitors watching AI videos by Niceaunties, 2024
10. SOUNDBITE (English) Justin Gilanyi, digital art curator:
"With the opening up of things post-COVID, we had less people at their computers all the time, so there was also less attention. So, we’re in a very attention economy as well. So, if you’re on the Twitter feed, if you’re marketing, if you’re out there, if you’re talking about your work, there might be more sales."

11. Various of artificial intelligence artwork “EVENT” by Bernar Venet, collection of 500 algorithmic artworks
12. SOUNDBITE (English) Justin Gilanyi, digital art curator:
"Ethereum will fluctuate as well. Attention will fluctuate as well. But what we found was those that have been in the space since the beginning are really fine tuning their craft. There’s been the introduction of AI now as well. Not just AI to replace the artists, but AI as a tool for the artists."

13. Pan of digital artwork by Anna Lucia
14. Visitors looking at digital artwork by Anna Lucia
15. Various of digital artworks by Juan Rodriguez Garcia

ASSOCIATED PRESS
Wiltshire, UK – 7 June 2024

16. SOUNDBITE (English) Paul Donovan, chief economist, UBS Global Wealth Management:
++VIDEO CALL++
"There was, I think, a group that have a belief in this as an investment. And I think that that belief has been rather sorely tested over the course of the last 12 to 18 months. So, I think that there is now perhaps a more honest assessment about NFTs and about what they might mean and so on."

ASSOCIATED PRESS
Basel, Switzerland – 12 June 2024

17. Various of digital artworks on display at Office Impart booth

ASSOCIATED PRESS
Wiltshire, UK – 7 June 2024

18. SOUNDBITE (English) Paul Donovan, chief economist, UBS Global Wealth Management:
++VIDEO CALL++
"It’s not, you know, the wild enthusiasm and the almost emotional drivers. That’s what’s now missing from the NFT market, which in the long term I think is only a healthy thing. You need to have a proper assessment, not hype."

ASSOCIATED PRESS
Basel, Switzerland – 12 June 2024

19. Timelapse of Art Basel fair floor
20. Various of visitors on Art Basel fair floor
21. Various of “Equilibrium” 2024 by Trix & Robert Haussman
22. Pan right to visitors looking at “Gloria” 2014 by Margot Bergman
23. Pan right to “the enchanting” 2024 by Ugh Rondinone
24. Close of “Just My Luck” 2021 by Richard Prince
25. Wide of visitors walking through fair floor

ASSOCIATED PRESS
Basel, Switzerland – 11 June 2024

26. SOUNDBITE (English) Maike Cruse, director of Art Basel:

ASSOCIATED PRESS
Basel, Switzerland – 12 June 2024

ASSOCIATED PRESS

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