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  • Published On : Sep 2023
  • Code : CMI6293
  • Pages : 140
  • Formats :
      Excel and PDF
  • Industry : Consumer Goods

The Digital Artwork Market size is expected to reach US$ 12.12 billion by 2030, from US$ 4.09 billion in 2023, at a CAGR of 16.8% during the forecast period. Digital artwork refers to art that is created and presented in digital forms using digital technology. It includes digital paintings, drawings, illustrations, animations, and other genres created on computers or other electronic devices. The growing popularity of digital art among mainstream audiences, advancements in technologies like AI, ML, AR/VR, and the rise of NFTs are key factors driving market growth.

The Digital Artwork Market is segmented by type, medium, distribution channel, end-use, price range, artist type, and region. By type, the digital paintings segment accounted for the largest share of over 25% in 2023. Digital paintings are gaining significant traction among art collectors due to their unique appeal and accessibility compared to traditional painting mediums. The ability to instantly share and sell digital paintings as prints or NFTs is boosting their adoption.

Digital Artwork Market Regional Insights

  • North America is expected to be the largest market for Digital Artwork Market during the forecast period, accounting for over 38.5% of the market share in 2023. The growth of the market in North America is attributed to the high concentration of renowned museums, art galleries, auction houses, and art fairs in the region along with a thriving community of digital artists.
  • The Europe market is expected to be the second-largest market for Digital Artwork Market, accounting for over 32.2% of the market share in 2023. The growth of the market in Europe is attributed to the presence of major art hubs like Paris, rising millennial interest in digital art, and growing NFT adoption.
  • The Asia Pacific market is expected to be the fastest-growing market for Digital Artwork Market, with a CAGR of over 16.3% during the forecast period. The growth of the market in Asia Pacific is attributed to the expanding middle-class population with increasing disposable incomes and interest in collecting digital art.

Figure 1. Global Digital Artwork Market Share (%), by Region, 2023

 | Coherent Market Insights

Digital Artwork Market Drivers

  • Growing Popularity of Digital Artforms: The popularity of digital artforms such as digital paintings, AI-generated art, 3D models, VR/AR art, and more has been rising rapidly among both creators and consumers. Digitally-created artwork has become mainstream and accepted as a legitimate art medium. The unique creative possibilities, instant shareability, and wider reach offered by digital art platforms is attracting even traditional artists to explore these mediums. Recent years have seen major museums and art galleries hold dedicated exhibitions focused on digital and new media art. Moreover, the ability to sell digital art as NFTs has provided new monetization avenues. This driver is supported by events such as the Whitney Museum of American Art launching an online portal for Net Art in 2018 and Christie’s auctioning its first purely digital NFT artwork in 2020.
  • Technological Advancements: Continuous advancements in technologies like artificial intelligence, machine learning, augmented reality, virtual reality, 3D modeling, and blockchain are revolutionizing digital art creation and distribution. AI-based painting tools, for instance, allow even amateurs to create detailed artwork. Similarly, VR enables creating immersive multi-sensory experiences. NFTs and blockchain empower digital ownership and trading of art. 5G networks support high-fidelity art streaming and metaverse participation. Such innovations are expanding the creative possibilities for artists and making digital art more appealing. For instance, Obvious' AI-generated portrait sold for $432,000 at a Christie’s auction in 2018, reflecting rising acceptance.
  • Growth of Online Art Platforms: The number of specialist online platforms for sharing, selling, and collecting digital art has grown tremendously. Platforms like DeviantArt, ArtStation,, and SuperRare cater to various digital art genres and formats like paintings, photography, VR environments, generative art, and more. They provide an avenue for independent artists to publish their artwork and connect with art curators, galleries, and collectors globally. Social media platforms like Instagram, TikTok, and YouTube have also emerged as popular channels for digital artists. Moreover, NFT marketplaces like OpenSea, Rarible, and Nifty Gateway are enabling trading of digital artworks. These platforms are driving accessibility, distribution, and monetization of digital art.
  • Expanding Customer Base and Market: The target customer base and addressable market for digital art has expanded manifold in the past decade. Millennials and Gen Z show greater appreciation for digital art compared to traditional art. Moreover, e-commerce and smartphone penetration in emerging economies has unlocked new geographical markets for digital art. The adoption of virtual interior design and metaverse real estate has opened up the commercial segment. The investor interest in NFTs has created a whole new asset class for monetizing digital artworks. For instance, leading auction house Sotheby's opened Metaverse HQ in the crypto-virtual world Decentraland in 2022, highlighting the reach of virtual digital art.

Digital Artwork Market Opportunities

  • Leveraging Augmented Reality: Augmented reality (AR) technology presents immense scope for taking digital art experiences to the next level through integrating them into real-world environments. Artists can create compelling, interactive and multi-sensory AR art installations viewable via smartphones and AR headsets. Brands can utilize AR digital art for enhanced consumer engagement. For instance, Pepsi created an augmented reality art exhibition in London based on street artist Jen Stark’s work. Luxury brands like Christie’s and Hamburg Atelier have showcased AR digital art galleries. Advancing AR capabilities and decreasing costs will encourage adoption.
  • Evolution of Metaverse: Metaverse virtual worlds like Decentraland provide a new platform for showcasing and experiencing digital art and opening new revenue opportunities through virtual real estate. Digital artists can showcase their works in metaverse galleries and events. Brand collaborations can also help artists gain exposure in metaverse. Moreover, combining metaverse, VR and AR can result in highly immersive art exhibitions and events. For instance, nonprofit SaveArtSpace exhibited VR artworks in Decentraland metaverse land in 2021. As metaverse gains traction, it will emerge as a hot new channel for digital art.
  • Mainstream Adoption in Art Industry: While digital art has gained wider acceptance recently, it still accounts for a minor share of the ~$50 billion global art market. However, the market is gradually opening up to embracing digital and NFT artworks. Leading auction houses like Christie’s and Sotheby’s have sold record-breaking digital art NFTs signaling institutional adoption. Established artists like Beeple are entering the NFT space. Galleries are exhibiting digital artworks alongside physical art. Such developments indicate that digital art is on the cusp of mainstream adoption in the art world. This will significantly expand the addressable market.
  • Geographical Expansion: Many large geographical markets hold massive untapped potential for digital art due to their demographics and growing digital penetration. Developing countries like India, Brazil, Malaysia, and others in South East Asia and Latin America have young, tech-savvy populations, rising disposable incomes, increasing smartphone and internet access, and evolving digital art and culture scenes. E-commerce leaders like Flipkart are partnering with digital artists in India. Tapping these high-growth markets early on will be a key opportunity. It will require nuanced strategies tailored to local contexts.

Digital Artwork Market Trends

  • Evolution of Social Media for Digital Art: Social media platforms like Instagram, TikTok, and YouTube have emerged as immensely popular channels for digital artists to share their portfolio, create timelapse videos documenting their creative process, and directly engage with art lovers. These platforms are making digital art more accessible to mainstream audiences. Many mainstream celebrities like Grimes and Paris Hilton have entered the NFT art space riding the social media wave. Social platforms themselves are recognizing the appeal of digital art among users. For instance, Instagram added support for displaying NFTs.
  • Bridging Physical and Digital Art: Artists and galleries are increasingly blending physical and digital mediums and experiences in innovative ways to enjoy the best of both worlds. Some examples include showcasing digital and physical artworks together in hybrid exhibits, incorporating digital projections and displays in physical gallery spaces, and creating physical renditions of digital art through 3D printing or smart frames. Notable examples include teamLab's immersive digital art experiences in Japan and the Museum of Other Realities which displays VR art in physical gallery rooms.
  • Environmental Sustainability: Environmental sustainability is emerging as an important consideration for digital platforms and infrastructure supporting digital art creation and distribution. Energy-intensive processes like crypto mining have come under scrutiny. In response, marketplaces like OpenSea and Rarible are shifting to more energy-efficient blockchains like Tezos. Platforms are also enabling carbon offset NFT purchases. Eco-conscious digital art platforms like Aerial are gaining prominence. These efforts will be crucial for long-term viability as stakeholders become more sustainability-focused.
  • Evolution of Digital Ownership Models: While NFTs are currently the dominant way of establishing provenance and ownership for digital artworks, new digital ownership and rights management models are emerging. For instance, HAND, a Malaysian startup, uses AI and encryption to generate Digital Rights Certificates establishing ownership. Similarly, other startups are exploring solutions based on decentralized identity and zero-knowledge proofs. Interoperability across solutions to provide artists more choices will be important going forward. This space promises to become more nuanced and mature.

Digital Artwork Market Report Coverage

Report Coverage Details
Base Year: 2022 Market Size in 2023: US$ 4.09 Bn
Historical Data for: 2018 to 2021 Forecast Period: 2023 - 2030
Forecast Period 2023 to 2030 CAGR: 16.8% 2030 Value Projection: US$ 12.12 Bn
Geographies covered:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East & Africa: GCC Countries, Israel,  South Africa, North Africa, and Central Africa and Rest of Middle East
Segments covered:
  • By Type: Digital Paintings, Digital Sculptures, Digital Photographs, Digital Collage, Gif Art, Generative Art, Others (VR, AR artwork)
  • By Medium: 2D, 3D, VR, AR, Video, Interactive, Others (Gif, Text)  
  • By Distribution Channel: Online Channels, Offline Channels, Others
  • By End Use: Personal, Commercial, Investment, Others 
  • By Price Range: Less than $100, $100 to $1,000, $1,000 to $10,000, More than $10,000, Others  
  • By Artist Type: Amateur, Professional, Independent, Commercial, Emerging, Established, Others
Companies covered:

DeviantArt, Nifty Gateway, SuperRare, Foundation, MakersPlace, KnownOrigin, Async Art, ArtBlocks, OpenSea, Rarible, NTWRK, ArtStation, Artsy, Saatchi Art, Singulart, DigitalArt4Climate, Hic et Nunc, Showtime, Verisart, Artmajeur

Growth Drivers:
  • Rising popularity of digital artforms  
  • Technological advancements in AI, ML, AR/VR, blockchain etc.
  • Growth of online art platforms and communities
  • Expanding customer base and addressable market
Restraints & Challenges:
  • Limited physical ownership and tangible art experience  
  • Overcommercialization and art fatigue
  • Lack of proper regulations and standards
  • Constraints related to traditional art industry acceptance

Digital Artwork Market Restraints

  • Limited Physical Ownership and Experience: For many traditional art collectors and enthusiasts, the lack of physical originals and tangible art experiences associated with digital art remains a key barrier to adoption. The concern around ownership rights and longevity for NFT-based digital art purchases also creates hesitancy. Even as technologies like AR/VR aim to enhance digital art experiences, the physical ownership and intimate viewing of physical artworks remains unmatched. This can constrain the addressable market size especially among conventional art buyers.
  • Art Fatigue from Overcommercialization: As digital art spaces see greater mainstream attention, there is a risk of losing some exclusivity and diluting the space through overcommercialization and hype-fuelled trends. Proliferation of minor derivative NFT works reminiscent of early Internet art and overly speculative behavior can lead to fatigue and disillusionment. Maintaining curatorial standards, fostering artists focused on the craft, and preventing exploitation will be important to build a healthy long-term market.
  • Lack of Proper Regulation and Standards: The digital art market currently lacks proper regulation, standards and governance frameworks. NFT fraud through fake identities, stolen art, and wash trading is common due to the anonymous nature of transactions. Copyright management for generative art and metaverse virtual spaces remains ambiguous. There is uncertainty around how traditional regulations apply to these new mediums. Developing effective frameworks, best practices and oversight mechanisms involving stakeholders will be critical as the market matures.

Recent Developments

New product launches

  • In November 2022, DeviantArt launched DeviantArt Protect to safeguard artists' NFT artworks using blockchain-based digital signatures. This protects against unauthorized use and proves ownership and authenticity.
  • In June 2022, Nifty Gateway partnered with Warner Bros. Consumer Products to launch official DC-branded NFT collectibles, allowing fans to own authenticated digital DC artwork.
  • In March 2022, MakersPlace introduced the 'Lazy Minting' feature to allow easy minting of NFTs without requiring cryptocurrency wallets or payment. This enhances accessibility for artists.

Acquisition and partnerships

  • In September 2022, OpenSea acquired Dharma Labs and entered the NFT lending market to allow using NFTs as collateral for loans. This unlocks liquidity for NFT owners.
  • In August 2022, Rarible partnered with luxury brand Paco Rabanne to launch a brand-owned metaverse and NFT drops of digital fashion items. It expands its presence in the metaverse.
  • In May 2022, NTWRK collaborated with leading NFT artist Beeple to offer his iconic NFTs through live-stream commerce and make digital art more accessible to mainstream audiences.

Figure 2. Global Digital Artwork Market Share (%), by Medium, 2023

 | Coherent Market Insights

Top companies in Digital Artwork Market

  • DeviantArt
  • Nifty Gateway
  • SuperRare
  • Foundation
  • MakersPlace
  • KnownOrigin
  • Async Art
  • ArtBlocks
  • OpenSea
  • Rarible
  • ArtStation
  • Artsy
  • Saatchi Art
  • Singulart
  • DigitalArt4Climate
  • Hic et Nunc
  • Showtime
  • Verisart
  • Artmajeur

*Definition: The Digital Artwork Market refers to the market for artworks that are created and displayed through digital technologies and platforms. It encompasses various genres of visual and audio-visual art like digital paintings, drawings, photography, animations, and more that are made using computers, tablets, smartphones, and other electronic devices. These artworks may incorporate traditional as well as new digitally-enabled techniques and mediums. Popular categories include digital paintings, AI/algorithmic art, pixel art, fractal art, 3D/VR art, generative art, and digital sculptures, photographs, collages, GIFs, and short videos. The market has gained significant traction over the past decade due to the proliferation of creative apps, digital platforms like DeviantArt, and the rise of NFTs allowing monetization of digital art. The market caters to individual artists, galleries, museums, art fairs, auction houses, interior designers, advertisers, gaming firms, social media platforms, and collectors across personal, commercial and investment segments.

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Frequently Asked Questions

Lack of regulations and standards, limited understanding among art collectors, security and copyright issues, environmental concerns around NFTs, high production costs for high-quality digital art, lack of physical ownership deterring traditional art collectors.

Rising popularity of digital art among mainstream audiences, technological advancements like AI, ML, AR/VR, growing demand for digital collectibles, increase in digital native artists, evolution of metaverse and NFTs.

The leading component segment in the Market is the digital paintings segment due to its unique appeal and shareability among art collectors.

DeviantArt, Nifty Gateway, SuperRare, Foundation, MakersPlace, KnownOrigin, Async Art, ArtBlocks, OpenSea, Rarible, NTWRK, ArtStation, Artsy, Saatchi Art, Singulart, DigitalArt4Climate, Hic et Nunc, Showtime, Verisart, Artmajeur.

North America is expected to lead the Market.
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