The decentralization ethos of web3 has dealt a blow to the antiquated art market system. Digital and traditional artists alike have used NFT (non-fungible token) technology to kick start a new art revolution. Artists, like Cory Van Lew, debuted at Sotheby’s London in 2021 with a digital/physical piece, and artist, FEWOCiOUS, earned over $2 million in his auction debut at Christie’s. According to music business research DAO, Water & Music, music NFTs generated over $86 million in total revenue in 2021. The arts are thriving as they flip the tables on traditional industries.
