Øyvind Engevik only has one last hint before his exhibition is ready to open when news meets him on the west side of Oslo. For four months he has been preparing what the public will soon be able to see at Galleri Blank: His first physical exhibition. Engevik, alias Engwind, is unofficially Norway’s biggest digital artist. He has sold digital art for NOK 150 million. But even though the 26-year-old with a Rolex and a polo shirt has made millions selling crypto art in the last two years, he will now try to sell the art physically. – Right now, the digital art market is not at its peak. But it is not a market I have given up on, says Engevik. Klimasaka is the most important thing in Engevik’s art, but he is no stranger to moving out into outer space. Photo: Kai Rune Kvitstein / news Svekka marknad He is not alone in this experience. Sotheby’s was one of the first major international auction houses to have an auction exclusively dedicated to digital art. – The market for digital art has weakened somewhat since 2021/2022, says Anette Krosby, representative of Sotheby’s in Norway. The value of art-related NFTs went from USD 605,000 in 2019 to over USD 20 million in 2020 and a whopping USD 2.9 billion in 2021, according to The Art Basel and UBS Market Report. Now the value has fallen to about half, 1.5 billion dollars. That is a drop of 49 percent. Damien Hirst is one of the world’s most famous artists. He too has thrown himself into the digital art market. Photo: AFP – What we see is that collectors are becoming more and more selective, the market is becoming healthier, there is less speculation and thus more difficult to make quick money. But at the same time that speculators left the market, several major artists are establishing themselves. – Established artists such as Damien Hirst, Takashi Murakami and others are moving into the market for digital art by offering digital versions of works of art, says Krosby. “Don’t forget us!” But for Engwind, who has built up an audience, this decline is not very noticeable – yet. – While I have prepared the physical exhibition, several of my collectors have requested more crypto art. “Don’t forget us!”, they say. It’s a lot of fun, says Engevik. When he now opens his first physical exhibition, art dealers from both Denmark and abroad are expected. – People come from the USA, England, Italy, Spain, Germany and several others. Around 20 countries that I know about, says the artist. Øyvind Engevik shows examples of the art that has made him a millionaire. Photo: Kai Rune Kvitstein / news
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The value of digital art halved – Norway’s biggest digital artist, Engwind, invests in physical art – news Culture and entertainment
