MWC 2022 under the spell of nft and metaverse

The market for non-fungible tokens (nfts) is exploding. This is especially true when selling unique, non-reproducible virtual artworks where the purchaser of the associated NFT is guaranteed ownership.

This became clear this morning during a keynote on fintech and metaverse during the Mobile World Congress (MWC) in Barcelona.

Charles Stewart, CEO of Sotheby’s Auction House, founded in 1744, expects NFTs to change the art world profoundly. Never before in its long history have Sotheby’s witnessed such an increase in interest in art. Even young people collect NFT artwork as if it were the most natural thing in the world. They display their virtual assets on the screens of their mobile phones. Art is one of the most pronounced uses of blockchain. According to Stewart, it is no longer just about buying NFTs, but also about what we are going to do with them. Buyers want more than just displaying virtual artwork on their mobile devices to friends.

Display technology

“Who will be Leonardo da Vinci in the nft world?”

The CEO, who has previously worked for the cable company Altice, expects major advances in display technology. One trend is to integrate NFTs into audio. Metaversen offers opportunities. New screen technology makes it possible to display virtual works of art in your private space in the meta-verse. The special thing is that this art is portable. You can display works of art in different places at the same time. Collectors will also unite in groups. What will happen in these communities is interesting, Stewart says.

During the keynote, Stewart was asked who will be Leonardo da Vinci in the NFT world. The CEO had to remain unanswered. ‘It’s still very early. We are only at the beginning of a development. But a conceptual artist like Pak is currently attracting a lot of attention. ‘

Until recently, posh served Sotheby’s elite, and auctions were attended by three to five hundred interested parties. Tonight, one million visitors will follow an auction live. And the main auctions attract as many as five million live visitors. According to Stewart, the pandemic has given impetus to changes in behavior. ‘Art is no exception. The consumption and discovery of art has changed a lot in a short time. ‘

The commitment is also different. Art and technology are closely linked. “We’re also seeing a trend from video to Snap images, for example.” The famous artist Christo will soon pack the Arc de Triomphe with Snap filters. Big brands are also finding their way into the NFT world. Louis Vuitton recently auctioned two hundred pairs of shoes for $ 25 million. New categories are emerging.
According to Stewart, worldwide interest in NFTs is growing rapidly. Sotheby’s has NFT customers in more than 40 countries. Everyone wants exclusive access to specific art. Blockchain offers new ways to collect art. And you do not have to be a multimillionaire to collect this kind of art.

Bollywood

In addition to Stewart, Hungama CEO Neeraj Roy also shed light on developments. India’s largest mobile entertainment company, along with blockchain company Polygon, has big plans for its blockchain applications. NFTs give viewers of Bollywood movies unique opportunities to attend meetings and greet with Bollywood stars. The market for NFTs is already worth $ 73 billion, more than twice the size of the total film market. India embraces blockchain galore, according to Roy. He will soon see at least five hundred million Indians enter the metaverse. Hefty Entertainment, which is part of Hungama, will thus become a major player in this field.

Barcelona

FC Barcelona president Joan Laporta announced during the MWC that his dilapidated club will create its own cryptocurrency. Apart from the fact that the first step was the launch of an NFT, Laporta did not reveal further details. In general, he sees the blockchain as an important tool for creating services to further engage the Spanish club’s 300 million fans worldwide. This can make the fan experience even stronger.

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