Digital Art and NFT Report (February)

It was great attending Art Dubai and hosting a month full of exciting events at 37xDubai. Check out some of our favorite highlights in the images below.

37xDubai
37xDubai
3 min readMar 13, 2024

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In the upcoming months, we’ll be hosting more events at our space so keep an eye out on our socials for more details.

February Art Market: Sentiment and Trends

A quick analysis of the digital art market

For this month’s digital art report, we are compiling the top industry news and overall sentiment within the digital art market.

Both Art Dubai and Frieze Los Angeles displayed a variety of digital art, creating buzz and positive sentiment around the space. Many up-and-coming artists join these events and present NFTs in a cutting-edge and creative way. Read more: ➡️ here

Pivoting to the blue-chip NFTs, the market has seen some positive uptake since the increase in BTC prices.

In the past 30 days, Bored Ape Yacht Club has seen a 19.34% increase in volume, similar to Pudgy Penguins’ 7.15% increase.

Image Source (Date of Screenshot 08.03.2024): CoinMarketCap NFT

Further looking into the NFT space, the latest NFT Market Report from “Unleash NFTs” by bitsCrunch shows that over 520K transactions have occurred in the last 24 hours and a 10.5% surge in NFT traders.

Image Source (Screenshot from 08.03.2024): Unleash NFT by bitsCrunch

Top Digital Art and NFT News in February

  • LG OLED and Shepard Fairey, the acclaimed street artist and OBEY streetwear founder, unite to bring street art into the digital realm. The themed exhibition, “Peace and Justice,” features Fairey’s selected works, highlighting pressing societal issues. Read more here.
Image Source: Financial Times
  • Luxury products numbering in the millions are now equipped with distinctive digital passports, as brands embrace these tags in anticipation of upcoming significant EU regulations. This trend also serves as an opportunity for brands to integrate customer-oriented features that appeal to shoppers. Read more here.
  • Solana NFTs hit a record $5 billion in sales volume after a surge in trading activity in the last four months. As of Feb. 23, data from CryptoSlam revealed this milestone with 2.2 million buyers, 1.6 million sellers, and nearly 43 million transactions on the Solana blockchain. Read more here.

We hope you like our February Report! We’re always working to highlight interesting NFT and digital art projects.

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37xDubai
37xDubai

37xDubai is more than just a gallery - we are a space where Art and Technology come together to create the most unique expressions of creativity.