Digital renaissance: blockchain, NFTs, and the evolving art market ecosystem

Last week the traditional BRAFA annual fair, one of the most prestigious art fairs in Europe, took place in Brussels. As every year, ENCATC was the host of one of the “BRAFA art talks”, an initiative including eight specific events to go more deeply into specific topics and aspects related to art and the cultural industry at large.

On 31st January, our organization hosted one of these eight events, “Digital renaissance: blockchain, NFTs, and the evolving art market ecosystem”, an art talk in which several experts discussed the most recent technological disruptions in the cultural industry. Annick Schramme, Professor in cultural management at the University of Antwerp, Liliana Turoiu, PhD in Visual Art & Aesthetics, Anne-Sophie V. Radermecker, Associate Professor (Université libre de Bruxelles, Department of History, Arts, Cultural Management), and Adriano Picinati di Torcello, Global Art & Finance coordinator for the Deloitte Group Luxembourg, were hosted by GiannaLia Cogliandro Beyens, Secretary General of ENCATC, to debate the present and the future of the art market in relation to the most recent trends that are impacting the sector.

The core of the talk was the ongoing digital revolution in the sector. Blockchain technologies, crypto-currencies, and non-fungible tokens (NFTs) are some of the technologies that have reshaped the market, being likely to continue to do so in the next years. Some specific points the speakers touched upon include the role of the museums, where innovation can play a pivotal role to help them better fulfill their mission to share knowledge and culture to the broader public. Also, the necessity to think outside of the boxes was underlined, as design and creative thinking can be enhanced more than ever thanks to the possibilities offered by new innovations.

Besides the technology itself, the ENCATC art talk was the opportunity to broaden and expand the scope of the reflection. One of the touched topic was the financial side of the market: the speakers reflected on how cultural insitutions can and should leverage financial innovation for their own benefit. What’s more, speakers shared thoughts about the role of political institutions, too. They wondered whether the European Union could create an efficient Art Market and if the EU context will be able to host technologies, innovations, and market growth.

The art talk was the opportunity for ENCATC to gather various relevant stakeholders of the art and cultural industries in order to shed a light on the value of networking moments offered by our organization. After the art talk, we offered a networking moment to the audience and the guest, and concluded the day with a BRAFA guided tour. 

Photo credit: Joana Vasconcelos © Lionel Balteiro for Atelier Joana Vasconcelos