The Art of Community Building
In the whirlwind of the contemporary art scene, where digital innovations and NFTs reign supreme, nurturing a community is paramount. Unlike an audience—those folks who double-tap your posts—community means super-fans working harmoniously for a shared goal. Art market economist Magnus Resch sheds some enlightening rays on this subject.
Meet Magnus Resch: The Art Economist
Magnus Resch is not just any economist. With accolades from Harvard to Yale and a wealth of knowledge on art economics, he’s the expert we didn’t know we needed. His recent book, How to Create and Sell NFTs, dives deep into community-building for artists navigating the new digital art landscape.
The Quest for the “Holy Land”
According to Resch, not all communities are created equal. His rigorous studies revealed that a staggering 99.9% of artist communities yield no career benefits. He’s branded these as “island networks,” where well-meaning galleries and fellow artists can’t bridge the gap to real success. The golden key? Seeking out the one true network, the “Holy Land.”
Strategies for Finding Your Tribe
- Network Like There’s No Tomorrow: Artists should prioritize meeting the right people over spending endless hours in the studio.
- Market Yourself: Branding isn’t just a fancy term; it’s survival. Visibility is key, and self-promotion is non-negotiable.
- Embrace Social Media: Platforms like Instagram are essential for aspiring artists. Resch indicates that 45% of art buyers scout out talent through these digital avenues.
Navigating the NFT Seas
With NFTs making waves, the notion of community has shifted. Resch emphasizes that a genuine community goes beyond likes and follows; it’s about active participation and support. Artists can cultivate their circles to include enthusiastic supporters who contribute ideas and collaborate.
Success Tales: Art Meets NFTs
Digital artists like Beeple and Justin Aversano have jumped into the spotlight thanks to NFTs. Resch believes this shift will redefine how art is authenticated and traded. Imagine a future where artists use blockchains to track their art’s journey and earn royalties from every resale. Talk about wielding power!
The Investment Paradox
Amid the hype, Resch warns that most art won’t serve as a lucrative investment. Collectors should focus on artists in the coveted “Holy Land” for value growth potential. But for the love of art, he advises buying pieces that resonate personally, dubbing this approach “responsible buying.” Investing in art can be less about ROI and more about supporting creativity and establishing a connection with artists.
Post-NFT Hype Reality Check
The NFT bubble, it seems, is finally deflating. Many investors who hopped on board are left with empty wallets but great stories of their collectible escapades. True winners are those individuals who sought art that spoke to them, not just to their wallets.
A Bright Future for Artistic Communities
In summary, for artists today, building a robust community is not just beneficial; it’s essential. With the right networks, strategic marketing, and a genuine connection with their supporter base, the quest for artistic success becomes more attainable—and fun!
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