How the Artists and Galleries Can Take Advantage of the Metaverse

One of the most common business models in the metaverse is art galleries. Artists and collectors create exhibitions of NFT works where visitors can purchase their favorite exhibits. Since digital art was the most successful use case for NFT, the art industry pioneered the metaverse. You can find both private exhibitions and huge complexes. For example, Decentraland has built galleries of popular NFT marketplaces such as Super Rare, Known Origin, and Makers Place. And in Cryptovoxels, places built by independent artists are more popular: Pure Gold Gallery, Panda Gallery, and BCA gallery. You can click on all pictures and go to the marketplace to learn more or buy.

Today we will tell you about how the metaverse will impact the art world and why you need to start leveraging this technology to be better prepared for the world of tomorrow.

The Rise of Digital Art

Digital art originated back in the 1960s. During this era, artists collaborated with engineers and experimented with new forms, creating art objects using computer technology. But digital art was difficult to collect – and the market was virtually non-existent. The main problem was that it was impossible to prove authorship, and it was also not clear how to store the work. Files can be copied – uniqueness is difficult to prove. Technology has constantly been changing. There was no general registry where information about the author of a work and its owner would be kept. Even if the artist created his creations using algorithms, he sometimes kept silent about it. Collectors have been slow to buy a machine-made piece in which human genius plays a supporting role.

The solution to the problems was found with the advent of blockchain technology, which is a kind of independent registry that allows for the transparency and security of the records stored on it. In 2015, they figured out how to place and register digital works on the blockchain using an NFT token. We created a system on the basis of which it became possible to collect digital art. The term “collectible digital asset” has appeared in the vocabulary of market participants. The decoding of the abbreviation NFT sounds rather barbaric in English – non-fungible token and Russian – “non-fungible token.” The creators clearly didn’t think about branding.

One of the reasons NFTs are so important is because they make virtual environments in which to view, share, and trade them more appealing. Let’s take a look at how the art gallery that showcases would look like and the advantages of such virtual spaces. 

Art Galleries in the Metaverse

Art galleries in the metaverse can be communities and places where artists, collectors, and enthusiasts may come together. As new or reinvigorated patrons of the arts, participants in the community will become crucial in the bringings of what can only be referred to as the second Renaissance. The metaverse offers two unique advantages. First, it can be used to experience a space—like a gallery—in an incredibly realistic manner without setting foot in it. Second, it offers entirely new experiences that no one has ever had before. Arts organizations are beginning to take advantage of the former, and artists are exploring the latter.

While the metaverse may not change the way galleries are run immediately, keeping an eye on the digital landscape will inform the future of your gallery’s programming. There are steps you can take now, investments both small and large, to prepare your gallery for what’s to come—and generate excitement about your program in the short term. Suppose you are looking to create an art gallery in the metaverse. In that case, it is a good idea to consult with a company that offers metaverse development services and solutions since they will be in a better position to guide you through the entire process. 

How Can Artists and Galleries Capitalize on the Metaverse? 

Artists can sell their work as NFTs in a virtual space inside the metaverse. In fact, we are already seeing some companies getting a jump start on this growing trend. Sotheby’s auction house made history with a replica of its London gallery in the virtual world of Decentraland. Sotheby’s and sales co-curator Robert Alice has selected works that reflect the history of crypto art and its development to the present day. The virtual gallery consisted of five spaces to showcase digital art. And at the entrance to the building stood a digital avatar of Sotheby’s London Commissioner Hans Lomulder, who greeted visitors.

CryptoVoxels allows users to build stores, museums, and galleries in a Minecraft-like environment. In both cases, these spaces have their own economies: users can buy ‘land’ with cryptocurrency, ‘hire’ a digital architect to build out their spaces, and sell NFTs once they’ve created them. This is a whole new world of art, enabling people all over the world to ‘teleport in,’ ‘visit’ galleries and see famous artworks without having to get a visa or pay for a flight. In the future, all of these metaverses will be connected, allowing people to easily navigate from one to another and enjoy great artwork. 

Why Should You Start Creating an Art Gallery in the Metvarse Today? 

One of the main reasons you should create an art gallery in the metaverse is your virtual visitors’ experience. Armed with their VR gear, they can join any existing or upcoming metaverses. As part of their profile in the metaverse, they can set up their avatar (how others see them there). They can be whoever they want to be, and they can set up how they look. Each metaverse will have supported currencies, and they would use the money in their digital wallet to pay for metaverse items. They may also purchase things. For example, they could pay for your tour of the Louvre and for an item they bought in the gift shop. If someone else likes that item a lot, they could resell it.

You can benefit from metaverses both as a participant and an investor. So far, we have discussed learning, social, and related benefits you can get from being in a metaverse. How can you benefit as an investor? If you owned the rights to The Louvre in a specific metaverse, you could profit from that in at least two ways. You could sell the rights to the actual museum so that they could operate it in that metaverse, or you could partner with them so that you could offer the virtual tours. Selling the rights could give you a one-time profit. Running the virtual museum could give you an ongoing revenue stream. You could run a virtual store. In May of 2021, a virtual Gucci handbag, the Dionysus Bag with Bee, was sold on the Roblox metaverse for the cryptocurrency equivalent of over USD 4,000, more than the $3,400 real-world price.

Virtual exhibitions and content have seen a renaissance since the beginning of the pandemic as our lives migrated online at an accelerated rate. Startups and large corporate firms are racing to create infrastructure for the metaverse, while artists and curators are inhabiting and experimenting with new platforms to create and exhibit their work. Simultaneously traditional museums see decreased attendance numbers, making it particularly urgent for institutions and cultural practitioners to consider the impact of virtual exhibition-making. Illustrated through examples and references and accompanied by in-class exercises, course attendants will explore virtual exhibitions together and think through the questions that arise in showing art online. 

Trust Skywell Software to Help You Create the Metaverse You Need

Creating a virtual space such as an art gallery can be very exciting, but it requires a lot of technical expertise. Skywell Software has extensive experience creating virtual solutions for some of the world’s leading brands. Contact us today to learn more about how we can help you.