Why are NFT platforms opening up physical gallery spaces?

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Why are NFT platforms opening up physical gallery spaces?

Despite, or perhaps because of the huge recession in the crypto market, the NFT platform has recently been transformed into a historically expensive model of moving the metacommunity from ether to physical stores.

In May, NFT Marketplace SuperRare opened a physical gallery in SoHo, Manhattan, West Broadway, despite what looked like an imminent market disaster. “It was really a kind of experiment,” says Jonathan Perkins, co-founder and chief product officer of SuperRare Labs. “We wanted to measure our interest in this and see what it looks like to keep it open or to expand to other cities in the future.”

Their experiments have been successful on all accounts. On June 20th, the gallery held an exhibition that Perkins called “collector takeover”, displaying all the works from the collection of digital art patronage Kozomodemedich. According to Perkins, more than 300 visitors visited the gallery for the show.

Physical NFT galleries can greatly help transform the public perception of mysterious digital works from pixelated punks and flashy gorillas to something closer to fine art. “There is a big and beautiful digital frame in the gallery setting, and when someone has champagne in their hand, they say,” Oh, that’s it, “so there’s this educational aspect that helps people understand for the first time. “Perkins says.

And, of course, with physical space, it’s much easier to motivate the island community, which is very popular in the Metaverse, and invite people to fold. “On Instagram, looking at photos of a party taking place in a gallery with works on the walls justifies the whole space,” Perkins says. SuperRare is not the only platform that seeks to educate and justify the media through traditional galleries. Superchief Gallery NFT, Bright Moments and Quantum Art have all opened physical NFT galleries in the United States over the past year.

“The idea made sense, but it was probably out of timing,” says Magnus Resch, an art market economist and writer who published the book in June. How to create and sell NFTs.. “Exorbitantly high prices and complex entry into collection are the biggest problems with NFTs, but by holding events and educating people, we can build trust.”

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