• NFTs and Nagel Draxler Gallery Debut at Art Basel

  • NFTs debut at Basel’s most important art fair, Galerie Nagel Draxler’s “Crypto Kiosk” caught the attention of collectors and generated over $100,000 in sales.

    Even Art Basel, one of the most prestigious art fairs in the modern and contemporary art market, does not seem to be immune to this trend.

    It is a shift driven by the protagonists of the most innovative art scenes: artists, art galleries, auction houses and collectors want more and the market is taking off.

    The new dimension of NFT at Art Basel

    Galerie Nagel Draxler realized the potential of proposing an entire booth at Art Basel dedicated to non-counterfeitable tokens. In its “Crypto Kiosk”, with walls and floor completely covered in the explicit words “NFTism”, it exhibits physical works by artists such as Luke Willis Thompson, DotPigeon, Sarah Friend, Olive Allen and Kevin Abosch, on the OpenSea platform For Sale.

    It’s a real slap in the face to VIP collectors who are prepared to buy on a “classic” basis.

    Behind the design and curation is the now well-known cryptocurrency artist Kenny Schachter, who also curated the exhibition “BREADCRUMBS: Art in the Age of NFTISM” at the gallery’s Cologne headquarters.

    Until September 26, the last day of Art Basel, Draxler Gallery will be accepting Ether (ETH) for NFT, with prices ranging from 1 ETH to 40 ETH (about $2,500-$100,000).

    The gallery representative interviewed said.

    “It’s interesting to put NFTs in the context of a fair. We can’t even sell the work here …… It’s a bit of a conceptual approach.”

    The future of art and collecting

    Draxler Gallery sold Olive Allen’s NFT on opening day for 8 ETH, around €25,000, a version of Anna Ridler’s “Mosaic Virus” sold for £20,000, and Kevin Abosch’s NFT sold for around €40,000 on the VIP collectors-only preview day.

    However, there was no shortage of hiccups, especially on preview days, so the gallery chose to make some exceptions to avoid blowing the sale.

    While collectors wanted to purchase works immediately, the gallery’s specialists supported them in accessing and purchasing works on the OpenSea platform.

    Nonetheless, Nagel Draxler allows some clients to pay in euros or dollars through the standard process and then arrange with the artist to complete the sale with their wallet.

    Old habits die hard, however crypto art and NFT are slowly gaining more and more space in the Olympus of art and among major collectors.

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