Market Background

There are many problems affecting the art market nowadays and instead of being concentrated on their artwork, artists are forced to play double roles they have to be creators and businesspeople at the same time. For art dealers and gallerists, the problems show a different face as not availability of space and high cost for organizing exhibitions or auctions. The outbreak of Covid-19 has created additional challenges for organizing such events.

„Although there is an increased online sale of artworks, this area is still waiting for its full potential development in the digital age. “

Of course, the expansion of new technologies and the internet have given artists and gallerists some new possibilities but still without the effect of immersing into the art piece as we do when we stand in front of it and admire it live. Although there is an increased online sale of artworks, this area is still waiting for its full potential development in the digital age. Statistics say that the global art market annual turnover amounts to 63.8 billion dollars, and 8.1 billion dollars account for online art sales. Online sales are rising year on year which proves that digital sales are changing the way we purchase and trade art. Online sales have become an important method of dealers reaching new customers, with over half (62%) of the online sales generated by dealers made to new clients that had never been to their gallery or met them in person. Today the major part of global art sales is concentrated on a relatively narrow set of big names and “blue chip” artworks and artists. But what is happening with all the relatively unknown or locally known artists? This is a market that still needs to be discovered and fostered. And finally, with the mechanisms currently in place, it is logistically impossible to monitor all transactions made by dealers, private collectors, and museums. Suspected forgeries are generally considered on a case-by-case basis, because they can usually be identified only by an expert in the field. Muses (MSS) tokens and MusesNFT Marketplace will address market’s current weaknesses and aims to reduce friction and boundaries in the art and NFT trade.

Muses (MSS) token and MusesNFT Marketplace address market’s current weaknesses and aims to reduce friction and boundaries in the art and NFT trade.