Op-Ed: We Must Decode the Past to See the Future of Digital Art
Cryptopunk #795, 2018 by Larva Labs, John Watkinson & Matt Hall
In the ever-evolving landscape of the art industry, looking to history can often provide valuable insights into contemporary trends and future trajectories. Much like the familiar headlines of the 1980s, our current era resonates with economic and political instability, technological innovations, and shifting market dynamics.
While society faces with uncertainties of past decades, the art market undergoes its own metamorphosis, driven by innovation and adaptation. Like the trailblazing figures of the past, young collectors challenge traditional paradigms and spearhead new trends, reshaping the dynamics of art acquisition and appreciation. We shift more towards a digital culture, AI post-reality, and social media’s influence in gathering global investments.
The emergence of NFTs and memecoin culture serves as a testament to this ongoing evolution, representing social changes and the democratization of art. This shift parallels the advent of web3 digital culture and the rise of AI to mass adoption, which have democratized creativity and transformed how we engage with art, collecting, and value in general.
We can gain valuable insights into the societal, cultural, and economic forces that have shaped significant art movements throughout history. From the Middle Ages and the Renaissance to the digital era, the trajectory of art reflects broader societal shifts and showcases the democratization of art.
Duccio di Buoninsegna, Maestà, 1308–1311, Source: wga.hu
Bronzino, Portrait of Cosimo I de' Medici, 1545, Source: museothyssen.org
In ancient times, art was primarily commissioned by rulers and religious institutions for personal enjoyment, ceremonial purposes, or as a symbol of power. During the Middle Ages, the Christian Church emerged as the principal patron, financing artworks that communicated spiritual themes and teachings. The Renaissance introduced a significant shift as wealthy merchants began to compete with the aristocracy in commissioning secular art. Notable patrons like the Medici family directly supported artists, transforming art collection into an emblem of wealth, education, and refined taste.
From the 19th century, the wealth generated by industrialization introduced a new class of art collectors, democratizing access to art by moving beyond the traditional aristocracy. Collectors like Gertrude Stein, Paul Durand-Ruel, and Peggy Guggenheim played pivotal roles in supporting and legitimizing new artists and movements. Their efforts helped broaden the art market and elevate the significance of private collectors in promoting genres. The post-war period further democratized art through the establishment of fairs and biennales, making art more accessible to a wider audience. During this time, Leo Castelli’s innovative gallery model offered financial and creative support to artists, allowing them to pursue their work free from immediate market pressures, thereby contributing to a more inclusive and diverse industry.
Throughout history, the evolution of art has not only mirrored the democratization of our society but also reflected societal changes, with art acting as a barometer for prevailing ideologies and cultural shifts. Art has transitioned from primarily serving religious and royal propaganda to embodying the humanistic and individualistic spirit of the Renaissance and, later, the social dynamics of the Industrial Revolution. Entering the second half of the 20th century, in the 1980s, the art world favored “bold, cheeky, tough” works influenced by societal trends. However, events like the 1987 stock market crash and the AIDS crisis profoundly impacted the art scene. By the late ’90s and 2000s, with increasing global wealth, there was a surge in demand for artworks symbolizing success.
Interior of Gertrude Stein’s Studio in Paris, Source: tatler.com
Peggy Guggenheim, Source: vogue.com
The rise of NFTs in 2020 was driven by COVID-19, political and economic turbulences, the volatility of stock markets, and a drop in negative oil prices and bitcoin appreciation. These events have culminated in the current landscape of meme coin culture in 2024. However, the recent social reaction to the memes brought a lot of criticism.
Consider the staggering performance of “street art” from the ’80s compared to ‘classical art’ over the past three decades. Interviews from the 80s reveal that neither auction houses nor prominent collectors showed much interest in collecting or selling this type of ‘contemporary’ art at that time when the ‘street artists’ had just begun. Street art was not taken seriously. It’s remarkable to observe how the industry’s focus shifted towards artists emerging from graffiti and vinyl toys. Leading top sellers like Banksy or Mr. Brainwash.
As you can see from the past, this transformative era challenges traditional notions of value and investment, potentially leading some to reflect on it from a different perspective, with varying senses of absurdity, including those within the legal system.
Like street art, memecoins and meme art should not be underestimated. The new generation represents the pivotal moment where digital art and meme cultures are interested in reshaping the financial and art landscape. In the future, meme coins have a great chance to stand as a culturally significant phenomenon, embodying the distinctive fusion of internet culture, financial speculation, and community-driven movements characteristic of the early 21st century. Over time, it will be recognized as a transformative period where humor and social media wielded power to disrupt traditional concepts of value and investment.
The present state of memecoins mirrors the evolving cultural landscape and underscores the impact of societal shifts, technological progress, and evolving consumer preferences on markets. Eventually, the legal system may adapt to regulate both traditional art markets and NFTs, with meme culture potentially serving as a catalyst for such changes.
Banksy Love is in the Air, Source: sothebys.com
Mr Brainwash, Beautiful Girl, Source: clarendonfineart.com
Nevertheless, as an audience and consumer base, we should take responsibility for our interests and behaviors that drive the demand for such digital assets. This phenomenon underscores the interconnectedness of culture, technology, and economics, highlighting our collective actions and preferences’ significant role in shaping market dynamics over time.
In the current moment, it’s crucial to acknowledge life’s inherent unpredictability and the evolution of taste. Instead of solely critiquing, we should embrace emerging tendencies and take action either to change or play along. The fortunate individuals are not those who merely recognize and foresee potential but those who actively engage and act.