Marketing, The Metaverse and the Artworld in 2022

        A key summary of points made in this blog:

• According to the Meta website, “The metaverse is the next evolution of social connection”. What is the Metaverse and how can the artworld tap into it?

  
  

• Consumers are 2 x more likely to share video content than they are any other type of content and 84% of consumers will be convinced by a brand video. How can Short-form Video help your art business brand?

  
  

• NFT’s are no longer just a buzzword - it’s time to participate.

  
  

• Key  Influencers are still an integral part of the artworld

  
  

• Cookies, as we know them, will soon be a thing of the past

  
  

  
  

  Since Covid-19 uninvited and rather unceremoniously knocked on our doors at the beginning of 2020, planning in advance for a month let alone a whole year has been an impossibility. Many naysayers believe 2022 will be no different. However, it is important to maintain a modicum of optimism and new-year buoyancy otherwise what’s the point? Business must continue even if it is not as usual and planning needs to be done. With our heavy reliance on digital marketing, it has become even more important for art businesses to monitor trends and stay abreast of the changing tide. Here are some key trends to look out for in 2022 and beyond:

  
  

  The Metaverse - our new reality?

  
  

  The world is abuzz with the concept of a metaverse. Mark Zuckerberg launched Meta, the parent company for Facebook in 2021 with the view to solidifying and aligning Facebook with the Metaverse. According to the Meta website, “The metaverse is the next evolution of social connection. Our company’s vision is to help bring the metaverse to life, so we are changing our name to reflect our commitment to this future.” 

  
  

  
  

  
  

  But what does Metaverse actually mean? A metaverse is considered to be a network of virtual 3D worlds with a focus on social connection. These worlds may or may not include physical spaces and virtual economies. Imagine a totally immersive virtual experience where everything and anything is possible with no or very few limitations.10 years ago, this would have been unfathomable but it is about to become a reality.

  
  

  A lot has been written about the pros and the cons of the Metaverse and many feel that even though it is inevitable it will lead to detachment and alienation from the real world. Some optimists believe it will enhance our current traditional schooling systems and workplaces, experiences normally out of reach of the average Joe Soap will become more affordable and ultimately we get to create a new reality unconfined by actual physical circumstances. Whether you’re a new convert or a total disbeliever, the bottom line is it is becoming a reality and is definitely here to stay. So how does the artworld tap into the Metaverse?

  
  

  
  

  
  

  Art exhibitions are already becoming more immersive with museums using virtual tour technology to give the user an actual all-around sensory experience as if the user was actually there. Immersive Van Gogh was the first totally immersive experience and there are many more expected to follow. 

  
  

  New virtual reality technology allows galleries and fairs to recreate their gallery spaces or create new spaces. Galleries can invite customers to ‘visit’ their virtual gallery, walk around and view art and sculptures in 3D.  This VR technology allows galleries and fairs to bring the exhibition straight into the homes of collectors and buyers, increase their gallery floor space, grow their audience substantially, and extend the duration of their exhibitions.

  
  

  NFT’s are no longer just a Buzz Word

  
  

  The hype around NFT’s has not subsided as some critics expected and clearly, they are here to stay with the market size currently estimated at $10 billion. More and more fairs, artists, collectors, and galleries are exploring the NFT world. It is important for the artworld to take note of the increased interest in NFT’s and start accepting they may change the face of art going forward. Art Basel Miami considered one of the most prestigious art fairs in the United States because of the number of key collectors it attracts, hosted a number of NFT related events and some visitors even got the opportunity to mint their own NFT. This was a sure sign that those in the artworld had started accepting that NFT’s would form part of the art landscape of the future.  

  
  

  We have written many articles about NFT’s and the Artworld, read But is it art - exploring good art NFT's. One thing is certain, if you don't hop on board, you may miss the proverbial boat. 

  
  

  
  

  
  

  A future without Cookies

  
  

  Cookies are small text files exchanged when users visit a site which allows websites to recognise their users and retain certain login and other information. Cookies are exchanged between the user’s computer and the network server, the server reads the ID and can send the user personalised information based on their interests and what they search. Retail stores mostly use cookies to track items users view and order and send them suggestions. 

  
  

  Google recently publicised they would be doing away with cookies by 2023 however may extend this deadline to put an alternate plan in place for marketers. 

  Businesses will need to find other means to find out information about their consumers and their interests in the future. So, if you are reliant on cookies for your information, it is time to start relooking your strategy. For 5 tips on how to do this, read this interesting article by Usercentric. 

  
  

  Keeping that attention span with Shortform Video

  
  

  Sadly, the average attention span of consumers has dropped from 12 seconds in 2000 to 8 seconds which makes it difficult for marketers to communicate their offering effectively. 2020 saw the rapid rise of TikTok and short-form videos have become a way of life, business, and entertainment. 

  
  

  In a 2020 study by Wyzowl, it was found that people are 2 x more likely to share video content than they are any other type of content and 84% of consumers will be convinced by a brand video. 

  
  

  
  

  
  

  Here are some interesting stats on short-form video conducted by Biteable in their Video Marketing Statistics blog:

  • 68% of marketers say video has a better return on investment than Google Ads.

  • 52% of marketers say that video helps them build trust with potential customers.

  • 52% of marketers say that YouTube has the best ROI for video content, followed by Facebook and Instagram video helps them build trust with potential customers.

  • Most marketers host their videos on free social platforms like YouTube (51%), followed by paid video hosting (17%), and self-hosting (23%).

  • Facebook is the most popular (75%) social channel for marketers to post videos, followed by YouTube (70%), and Instagram (58%).

  
  

  Popular Social Media platforms such as Facebook, Twitter, LinkedIn and Instagram all offer various forms of short-form video options.

  
  

  In the artworld, using video is slightly more difficult as art is a physical product that requires all of the senses and a sense of place to appreciate it. However, there are a number of ways in which video can be used effectively:

  • Interview with an artist/collector/curator/gallery owner

  • A peek into an artist’s studio

  • An artist at work

  • A close up of artists at work

  • An artwork with a voiceover talking to the artist, methodology, etc. 

  • A walk through a gallery

  • A stall at a fair, an exhibition, an artists walkabout, etc. 

  
  

  Here are some quick and easy ways to include video in your marketing:

  • Use a video clip on your website. 

  • Include a short video in your direct mail campaign.

  • Use clips on social media - consumers are far more likely to watch than they are to read. 

  
  

  For trends on types of video content, read Hubspot’s article Short-Form Video Trends

  
  

  It’s still all about the Influencer

  
  

  
  

  
  

  Influencer marketing is still very important and is set to increase. According to a Forbes article, the value of the global influencer market is worth a record $13.8 billion, and 46% of marketing professionals will increase their influencer marketing spend for 2022. Consumers are becoming more and more distrustful of who and where they hear their news from. Top influencers tend to build relationships and a level of trust with their followers and are therefore seen to be worthy sources of information. It is important to note those influencers in the artworld, follow them and if the budget is available, include them in your marketing strategy. So who are the influencers in the artworld today? Christie’s have put together a list of the top 25 artworld 

  influencers to follow on Instagram. Here are some of our favourites:

  1. Cai Guo-Qiang, artist, @caistudio 

  2. Banksy@banksy

  3. Daniel Arsham@danielarsham

  4. Simon [email protected]

  5. Jenny Saville@jenny_saville_art

  Please click here to see the rest of the influencer list. 

  
  

  Larry’s List put together a study on artists where they looked at which artists were receiving the most attention from a selected list of 1000 top art collectors globally and regionally. These are the 10 Artists Who Received the Most Attention From Global Art Collectors on Instagram:

  1. Rashid Johnson

  2. Robert Nava

  3. Amoako Boafo

  4. Jonas Wood

  5. Salman Toor

  6. Emily Mae Smith

  7. Jade Fadojutimi

  8. KAWS

  9. Trey Abdella

  10. Genieve Figgis

  Get the entire Larry’s List Report on Artists Attention on IG, here.

  
  

  We may not know what 2022 holds, but taking all or some of these trends into consideration when planning for 2022 and beyond will increase your ability to stay relevant and to grow your art business to where it needs to be.