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Fine art has been around for many years. It is how we describe the beauty of the mind that gets realized in the form of one or more of our five senses. Additionally, wealthy people such as the Medici family have commissioned pieces of art from the likes of Michaelangelo to display status. Fine art is still very valuable today and has taken shape in a variety of different forms and has become more mainstream. We see a blend of artists finding collaboration points between art and fashion as well as art and technology. In the digital space, we see the value of Non Fungible Tokens (NFT) come into the mainstream. What if physical fine art galleries can bridge the old world with the new? With Augier, these entities can do just that.
Augier is aiming to provide opportunities for fine art galleries to not only survive but also innovate in an increasingly digital environment. Augier helps these entities do this through a protocol that helps galleries create their own independent NFT Marketplaces where they can sell their verified physical artwork as NFTs. To give an analogy, Augier aims to be the Shopify for entities to propel them into web3. Augier not only provides art galleries with the infrastructure to move to digital means, but also provides the education on how web3 will open up the possibilities for their businesses and artists they support. Saketh Kesiraju, Augier’s founder, told me, “At the end of the day Augier aims to support the artists first and foremost. I always found it a shame that physical artists haven't been able to benefit from leveraging technology in a way that propels them to influence and success (YouTube, SoundCloud for bedroom musicians). Instagram is probably the closest medium. We are trying to change that.”
At the time of writing, the crypto industry has suffered some major blows with a couple of industry leaders going bankrupt. However, looking a little bit into the past, the digital fine art market was worth 13.6 billion dollars at the end of 2021. This market size has largely spiked due to the pandemic. According to the company, 74% of high net worth individuals who collect art purchased an NFT in 2021. This statistic shows demand from the art gallery’s traditional customer is looking for NFTs to add to their portfolio. Thus, large institutions like Sotheby’s have already begun to integrate into this market to appeal to their clients.
Art galleries have a lot of content at their disposal. Thus, the creation of a way for them to leverage this content in many different facets provides the opportunity for galleries to explore various business models. For example, the galleries could leverage the artist's content by tying it to fashion, and other industries providing more earning potential for the artists as well as the galleries. With Augier, galleries can convert their physical art into NFTs that are backed by the original piece. Augier plans to serve as a platform to allow the galleries to have their own white-label NFT. White label marketplaces will provide the galleries that work with Augier to appeal to their niche audiences. As the old saying goes, “there are riches in niches”.
Augier is more than an idea and has already gained the beginnings of traction as they have already agreed to partner with a gallery to onboard their entire collection on the platform. Additionally, Augier is working on building an NFT marketplace for this gallery which should be completed by the end of the summer. Furthermore, Augier is conducting individual private sales of notable art pieces to art investment groups and individual investors. Conducting these private sales is serving to be a proving ground for product market fit for the company, while also being a proof point of revenue generation.
The team at Augier is young and ambitious. Its founder, Saketh Kesiraju is the former designer of Vienna Hypertext, a social blogging startup. Javier Szyfer, a self-taught programmer and Urbit maxi, leads engineering for Augier. Jeff Jaffe, the founder of Pop International is an advisor for the startup, which will help Augier gain more traction in the market. Additionally, Augier has Gabriel Murjani, a student at NYU leading its social media and business development efforts.
All things considered, Augier is an ambitious project that will be very impactful in the NFT industry. They are helping to keep traditional fine art relevant in the dawn of web3 and are making it easier for galleries and art institutions to create viable experiences leveraging blockchain technology. Saketh and the rest of the Augier team have also taken an approach to focus on product market fit and revenue generation. If they can achieve strong revenue numbers, they will be in a better position to raise funds should they seek it in the future, but also they will have a loyal set of customers who will grow with the company over time. In today’s startup landscape, it is easy to see the round of venture funding being the end goal because it is very exciting. However, a business’ best investors are its customers. It will be super exciting watching Augier grow over the years as the NFT industry evolves.
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