The rise of digital art is over after groundbreaking NFT technology topped the charts of the art world’s most powerful influencers.
NFT, which stands for Non-Fungible Token, is a digital file confirming ownership of a digital artwork.
The digital asset is stored on a blockchain and can be copied, but there is only one original and the technology means its ownership can be proven and then sold or traded with other collectors.
It topped the Art Review’s Power 100, published since 2002, ahead of artists including Theaster Gates, Steve McQueen and Olafur Eliasson.
NFTs have been around since 2014, but really grabbed the headlines this year when Chris Torres created a rainbow animation of a cat based on his own pet and sold a unique digital version for around 450,000. £.
This was followed by a one-of-a-kind sale at historic Christie’s auction house, where an NFT for a digital artwork by the American artist known as Beeple sold for almost £ 50million.
The magazine said technology had “turned the art market upside down, bringing contemporary art together with millennial culture.”
JJ Charlesworth, Editor-in-Chief of ArtReview, said: “NFTs have completely turned the usually closed shop of the art market upside down, with crypto millionaires taking the lead. Meanwhile, a younger generation of artists are discovering that they can sell their work in a different kind of market, as the culture evolves more and more online.
The growing power of the digital world is also represented by entries from Facebook founder Mark Zuckerberg, who is at number 100, and social media pioneers Cameron and Tyler Winklevoss who now run a cryptocurrency exchange and are at number 58.