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How to Start a (Digital) Art Collection

For the longest time, art collecting felt like a hobby reserved for the wealthy. Galleries and art fairs were the go-to places for one to start sourcing and looking for art.

With the rising popularity of NFTs and digital art however, it is now easier than ever for someone to go from art lover to art collector. Whether you are looking to acquire art for investment purposes, or simply just want to demonstrate your love and passion for the arts, collecting art on the blockchain allows you to do so seamlessly regardless of your budget or wall space.

Let’s dive in.

Why collect art in the first place?

There are a number of reasons for wanting to start an art collection. While some have opted to do so as a form of alternative investment, others collect art to:

• Be a part of history

• Support the arts and artists they love

• Commemorate a special time in their life

• Make a statement about their taste and outlook on life

• Spark joy

… the list goes on!

At the end of the day, art collecting is an extremely personal and subjective experience. There is no right or wrong way to do it, as long as you are collecting pieces that you like.

Why collect digital art on the blockchain, i.e. NFTs?

While art collecting has been a centuries-long practice, advancements in blockchain technology has now allowed us to collect digital art with proof of ownership and authenticity, — a development that is fairly new.

Aside from where and how your art is stored, the benefits of collecting digital art are very much similar to collecting physical art. You still get to showcase your taste and support artists, all while being a part of a new cultural and technological paradigm. Now, in the advent of more immersive augmented reality (AR) experiences such as the Apple Vision Pro, the digital art you collect can increasingly transcend into the real world.

4 things you need to know before starting your art collection

Before going about building your art collection, here are a few things you should know before you dive down a very deep rabbit hole!

#1: Set a budget

First things first, establish a budget. Art collecting is at the end of the day discretionary, so make sure you set a budget to ensure you are spending within your means.

More importantly, having a budget allows you to decide what is available for you to buy, and artists you can collect from. It is also a good idea to start small, and to gradually increase your budget as you grow your collection, confidence, and understanding of what kind of art appeals to you.

During this time, it is also a good idea to understand what kind of purchasing pattern will best fulfill you - would you prefer to build the art collection slowly and acquire one higher-priced item every month, or to build up a large and diversified art collection by acquiring many lower-priced items in a month?

#2: Define your goals

As mentioned, art collecting is highly subjective. As such, it is important to buy art that brings you joy.

Beyond that however, it can be helpful to identify your key motivation. In the world of physical art, one often starts to collect art in order to decorate a space that they live in.

However, on the blockchain, you are not constrained by wall or gallery space. Even if you were to put your artwork on display, digital screens such as Whim or Danvas allow you to switch between artworks seamlessly, so you aren’t limited to a single style or canvas.

If you are looking to purchase art as an investment, it is worth noting that generating a positive financial return (on anything!) is not guaranteed. Even though it is typically much easier to find buyers for an NFT than a physical painting thanks to global NFT marketplaces, these markets are not that liquid depending on which artist you have collected from. This also means that if return on investment is a primary driver for collecting art, you will likely have to focus on more mid-career or established artists, which also means having to acquire more expensive works.

Similarly, depending on your goals, you are likely to value scarcity differently from another art collector. For those who prioritize scarcity and a potential financial return, 1/1s are pricier, but also more appealing. Limited editions can also be considered rare depending on the artist and the edition count, and last of all, open editions which are not limited by quantity (and are equivalent to poster prints in the physical art world) will be more widely available, but also be priced more accessibly.

If you are simply looking to own a piece of an artist you love and care less about scarcity, open editions may be the way to go. Learn more about open editions in our very first issue.

#3: Figure out what you like

Now that you have a budget and understand your main goals of starting an art collection, it’s time for the fun part! This is where you get to do some research and explore different art mediums and artists to know what you like or not like.

There are many different ways to do this. For starters, you can learn about the various types of art mediums and styles, or even read up on artists, visit museums and galleries in real life, or just browse Twitter, Instagram, Pinterest, etc. to see what catches your eye.

#4: Choose a blockchain

One thing about collecting art on the blockchain, i.e. art as NFTs, is that there are different blockchains, each with their own community of artists and art collectors. Of course, you can collect art across different blockchains (in fact, we highly encourage it!), but it is worth noting that the art you collect on one blockchain cannot be sold on another.

Here are a few different blockchains and the considerations for collecting on each of them:

• Ethereum: This is the most widely adopted blockchain for NFTs. Collecting on Ethereum is probably the easiest place to start, given the large number of artists and art collectors who interact there. This also means higher liquidity, which makes it easier to sell your art should you choose to do so later on.

• Tezos: This is an another blockchain that is known for being particularly art-friendly. Because Ethereum NFTs tend to be more liquid, there can sometimes be more speculative behavior on Ethereum compared to Tezos, where people are looking to collect art simply for art’s sake. To learn more about collecting on Tezos, check out our past issue here.

• Bitcoin: Putting art on Bitcoin is a recent technological development. In fact, art on Bitcoin is not technically an NFT, but rather an inscription known as Bitcoin Ordinals. Collecting on Bitcoin is a relatively new and novel occurrence, so this could be the blockchain for you if you are looking to be an early trendsetter. Learn more about Ordinals in our past issue.

• Avalanche: Avalanche is an up-and-coming blockchain for creatives, with Avalanche putting in a growing number of resources, such as their artist-in-residence program to introduce artists to lightning-fast blockchain.

• Solana: Widely viewed as the eco-friendly blockchain, there are also a growing number of artists minting on Solana to take advantage of low gas fees, although blockchains like Tezos and Avalanche similarly enjoy low gas fees.

Where to find art for your collection

#1: Explore HUG!

HUG is a great resource for you to start finding art and artists you love. We categorize artists by mediums, and also their identities to make it easier for you to support artists from certain communities.

#2: Explore art marketplaces directly

Alternatively, if there is a blockchain or a specific medium you are interested in, you can go directly to their more popular marketplaces to start browsing.

Medium-specific art marketplaces:

• Generative or computer-coded art: ArtBlocks (curated and on Ethereum), Fxhash (Tezos)

• Music: Audius, Sound.xyz, OneOf

• Photography: Obscura, Quantum, Ephimera

• AI: BrainDrops

Popular art marketplaces by blockchain:

• Ethereum: Foundation, SuperRare, Nifty Gateway (accepts fiat), Known Origin (accepts fiat), Async

• Tezos: Objkt

• Bitcoin: Gamma

• Avalanche: Campfire

• Solana: Exchange.art

#3: Follow art collectives, galleries, and curators

Another good way to start finding art is to start following certain collectives, who have already curated a list of artists that they work together to support. Some examples include OG Collective and Ghost Club.

You can also follow digital art galleries, as well as fellow art curators and collectors to get a sense of what they are collecting or putting together. Here are some of our favorite digital art galleries to follow.

• Artcrush: Artcrush exhibits outstanding artworks in up to 100,000 digital billboards all around the world. Want to showcase your collected artworks in Times Square for free? Register to mint their membership NFT on Jun 29th here.

• 0x17 Gallery: Located at Pier 17 in New York City, 0x17 is a community-focused NFT gallery that showcases digital works of art, bringing awareness to the medium and its creators.

• Botanica: Botanica is one of the world’s first NFT bars located in San Diego, CA, where it looks to spotlight artists alongside delicious food and cocktails.

• Bright Moments: Bright Moments provide one-of-a-kind live minting experiences showcasing generative artists.

Closing Thoughts

Art collecting is a personal experience. Focus on collecting what you love, and don’t let anyone tell you otherwise!

Lastly, don’t be afraid to collect from artists who are just starting out. Supporting emerging artists is one of the greatest joys in life, and being someone’s first collector is often the start of a beautiful and meaningful relationship with an artist that can never be displaced. Better yet, if you’re lucky, it could even turn into a great investment.

In the News

Industry News

• Christie’s is selling mind-bending NFTs by artists such as Mad Dog Jones and Nadya Tolokonnikova to raise $600,000 to benefit psychedelic research.

• Foundation has fixed a ‘self-destruct’ feature in its smart contract that could have wiped out its NFTs, and is a reminder of the importance of self-sovereignty and owning your smart contract.

• Zora, an NFT minting platform, launched its own Ethereum Layer-2 NFT network to battle gas fees, and lower costs and improve the user experience for artists and colletctors alike.

• FC Barcelona has teamed up with NFT collection World of Women to launch a collection of NFTs celebrating women in sports.

• Avant Arte is teaming up with renowned digital art collector Cozomo de Medici to launch a curated program of artist collaborations featuring limited physical editions later this year.

Tools and Resources

• AI enthusiasts rejoice! Midjourney has just released v5.2 of its text-to-image generator. Check out this guide of its latest tools and features to get the most out of it.

• Interested in generative art? Check out LeRandom’s new resource for appreciating, discovering, and elevating generative art.

Notable Creators

• AI artist ClownVamp is bringing queer visibility to Web3. Learn about how his childhood taught him the beauty of world-building, as well as how he lets creative technologies lead him in unexpected directions.

• Streetwear designer Jeff Staple and pseudonymous Web3 entrepreneur gmoney dropped a Pigeon Shit cap collaboration at Paris Fashion Week, which is sold via a redeemable NFT and can be digitally signed.

• Truth Labs revealed the art for its new collection, Big Inc., which is a collaboration between artists Process Grey, Nullsignal, and Adamtastic.

Artist Grants and Opportunities

• Earn a $500 USD grant for your art, while also growing your collector base. Learn more about HUG’s Visionary program, and apply to become a Visionary here.

• Submit your AI artwork or video installations to the Bauhaus Goes AI exhibition around the theme of Genius Loci, and stand to win EUR 5000 per artist. Learn more and apply here by June 30th.

• No-code platform Bueno is offering three artists $1000 each and access to Bueno Tools to kickstart their creative journey. Learn more and apply here by June 30th.

• Want your work transformed into a digital wearable and earn royalties from its sale on Decentraland, DressX, Upland, and more? Participate in Mavion’s community design challenge. Learn more and enter by June 30th.

• Online contemporary art gallery Royal Blue Gallery is hosting an open call for all visual artists to submit their work to their upcoming show, ‘Contrasts’. Chosen artists will have the opportunity to exhibit and sell their work through Royal Blue and participate in exhibit-related promotions. Learn more and apply by June 30th.

• The Adobe Creative Residency program supports creators of visual digital work, offering grants of $500–$5,000 for either a portfolio project or a paid Adobe project commission. Applications are accepted on a rolling basis, learn about the program and application process here.

This Week’s Art Drops

Did you know that these are just 8 of 200+ art drops on HUG? Get a full list of this week’s art drops from HUG here.