#45: Crypto Enabled Street Artists Are About to Get After It
Updated: Aug 16, 2021
Crypto (NFTs) enabled Street Artists will participate more meaningfully in the value they create. A couple market sizing points to consider when thinking about the incremental growth potential: the physical art market is $55B+, the global collectibles industry is $300B+ and the global sponsorship industry is $60B+.
Digital as a Medium / Extension
Tokenized art associated with standalone digital pieces or as digital extensions of what's already on the streets as well as participating in secondary art sales as their work appreciates over time provides them with better economics.
Business Model Innovation
Generate digital assets associated with the creative process leading up to writing on an actual wall, bundling other digital or non-digital (i.e. fan experiences) assets into the tokenized art, enabling next level Street Artist-In-Residence collaborations with like-minded brands, media companies, artists, musicians, ballplayers, celebrities etc.
Sponsorship aka Turn Likes Into Dollars
The ratio between the value Street Artists generate vs capture within the Attention Economy is beyond broken but don't forget, "challenges" are "opportunities" in disguise.
There's no doubt what Street Art brings to the table when it comes to real estate development.
With data points such as Williamsburg, NoLita, Wynwood etc, Street Artists will be able to partner with forward thinking Real Estate Developers to do big, high impact, Smart Contract kinds of things.
February 17, 2021 (Tweet Link)