Miami art world flocks to join NFT bubble, but is it about to burst? | World
Inside the convention centre at this year’s Art Basel Miami Beach, everything about the ritzy art fair felt cosily familiar after a pandemic-enforced break. All the big New York galleries were there, along with the jet set crowd who form their clientele. A Robert Rauschenberg work sold for $1.5 million. A $50 million painting by Mark Rothko drew crowds at one of the booths.
Outside the building, however, a revolution was erupting that could reshape the very fabric of human society. Or it may just be the most overhyped asset bubble since Dutch tulip fever. It depends who you ask.
The cryptocurrency crowd has landed with a splash in south Florida, surfing an NFT (non-fungible token) insurgency that has rapidly transformed the global art market.