Fuelarts - an investment platform, specializing in the Art+Tech industry - in late March 2022 published the first edition of the Art+Tech & NFT Startups Report. Now we are happy to share with you its new edition - FUELARTS ART+TECH & NFT STARTUPS REPORT 2023.
In 2019 Fuelarts was founded in New York by serial entrepreneur Denis Belkevich and former COO of Christie's Americas, ex-Senior VP of Artnet Roxanna Zarnegar. Its mission is to support the development of an emerging Web3 ecosystem, backing daring entrepreneurs, while they are building a more efficient, transparent, and accessible art market. It provides mentorship from the professionals experienced in finance, development, supply chain and go-to-market strategy.
"We — entrepreneurs, startups, developers, creators, analysts, investors, and end-users — have maintained the market and are prepared it for growth in 2023."

— Denis Belkevich
The Report presents the market overview and top investors with geographic spread and investment analysis by stages and segments. It overviews trends and opportunities in both the Physical Art+Tech market and the Digital & NFT space, revealing the growing points of these fast-changing markets.

The Report includes case studies and interviews with leaders in Art Market and Web3 space including Anders Petterson (ArtTactic), Mason Edwards (The Tezos Foundation), Bernadine Bröcker Wieder (Arcual), Vitomir Jevremovic (ALL.ART), Paul Viktor Schmidt (fx(hash), Valérie C. Whitacre (TriliTech), and Sandy Carter (Unstoppable Domains). The insights shared by the aforementioned market practitioners offer valuable insights into the Art+Tech ecosystem. By considering their challenges and solutions, we can gain a deeper understanding of this industry and anticipate future developments. The Report provides an outlook on investment trends in the Art+Tech sector for 2023, drawing from the perspectives of startups, strategists, and the Fuelarts platform itself.
  • In 2022, 249 Art+Tech startups received funding: 14 startups in "physical" Art Market and 235 companies in Digital Art & NFT Market.
  • The total funding for 249 Art+Tech startups amounted to $3.480 billion in 2022, which compound to 70.8% of the total funding received by these startups since their launch, and 49.3% of the cumulative investments in Art+Tech industry since 2000.
  • Startups in the "physical" Art Market received $104.6 million (3.0% from the total funding), while startups, developing the Digital Art & NFT Market — $3.375 billion (97.0%).
  • In Digital Art Market segment, R&D (content production) startups received the highest number of investments in 2022, that amounted to $1.647 billion for 81 companies. Startups in GameFi received $790.4 million for 37 companies. Less investments received Trade ($565.7 million, 41 companies), asset management ($212.8 million, 39 companies) and data analytics startups ($141.7 million, 25 companies).
  • Among the countries with incorporation of Art+Tech & NFT startups (that received investments in 2022), the United States leads with 92 companies. Second place take Decentral startups (46 companies), while Singapore takes third place (16 companies).
  • Art+Tech & NFT startups, founded in 2022, received a total funding of $167.8 million, which amounted to 4.8% of the 2022 funding of all companies in this sector created in different years. All of them represented Digital & NFT Market.
  • Art+Tech & NFT startups that received highest investments in 2022 are in Seed Stage (142 companies, $1.289 billion), followed by 4 companies in Series C ($893.9 million) and 31 companies in Series A ($689.6 million).
  • 2022 has added 170 new startups (+24%) to the ecosystem of 702 Art+Tech & NFT startups indicated in our 2022 report.
  • Only 6 startups that received funding both in 2022 and before 2022 represent the physical market (13%), and the remaining 40 startups (87%) represent Digital Art and NFT sector.

As an added benefit to professionals in the market who rely on retrospective analyses, the Report provides an analysis of the Art+Tech ecosystem from 2018 to 2022. This analysis includes a comparison chart of industry investments over the past 5 years, which is presented for the first time in the Report.
Founder and Managing Director of ArtTactic
Since 2001, he has been building an art market intelligence network of thousands of knowledgeable and talented individuals. Through ArtTactic, he continue to gather and analyse global art buying trends, art investment trends and the evolution around the rapidly changing digital and online art market.
- As an art economist, professor, and art strategist, what are the main challenges that the art market can have on its way to Web3?
- I believe that there are early movements towards Web3 in the art market today compared to 12-24 months ago. There are a few pioneers who are exploring this space, and are likely to pave the way for others to follow. After the correction in the NFT market, we see more traditional artists and art market players working with some of these entities that are exploring Web3. The main challenge the art market is facing, is the general slow adoption of new technology, and although this changed during the Covid-pandemic, it is lagging other industries.
CCO at the Tezos Foundation
Mason is a Cambridge University Engineering Graduate, serial entrepreneur, SVC2UK member, Mozilla's WebFWD fellow, a public speaker and mentor. Mason's interests are within the application of technology innovation with a specialization in digital transformation across industry verticals.
- What are the most exciting NFT use cases you are looking forward to?
- One area that has seen significant growth is the use of Tezos for digital art ownership. While some may see it as a simple use case, for art collectors it is a meaningful way to enjoy their collection. The ability to own digital art has become increasingly important, and the use of NFTs has made it possible to own digital artwork just as one would own a physical piece.

But it's not just digital art that has the potential for growth on Tezos. Gaming use cases are also gaining popularity. Tezos' emphasis on creativity and design has attracted artists and developers who are working together to create polished and usable experiences.

In analyzing the Tezos ecosystem, I draw parallels to the success of Apple. While there are numerous reasons for Apple's triumph, their ability to create a world that nurtures and facilitates designers and creatives to create exceptional products is certainly noteworthy. In a similar fashion, the Tezos ecosystem has fostered a community of talented artists and creatives who will undoubtedly drive the development of top-notch products. These individuals will collaborate with competent engineers and teams to ensure that usability and polish are priorities in everything they build within the ecosystem. The overlap between the gaming and artistic communities within Tezos is particularly intriguing, and it is likely that future games within the ecosystem will benefit from the talents of the current artists and creators.
CEO at Arcual
Experience in the art and tech world based in New York and London. A firm believer in the power of art and exhibitions to improve international relations, share our common experience and bring people together - and the potential for technology to enable this.
- What is your perspective on the development of the Art+Tech sector? How will it change the art market?
- I predict that technology will become more integral to businesses in general. We have already seen that with the usage of digital tools for sales and social media. These technologies became part of the art market's very infrastructure, and I believe this trend will continue in different aspects and sectors.

The art market is one of the few sectors where digitization has been slow. I foresee that major innovations will come mostly from the industry itself, but this will rely on the expertise of external parties. So I look forward to seeing more collaborations between the art industry and external expertise to develop it.

The art and technology space is one which has a lot of green fields waiting to be changed. Many limitations up to now were related to the scalability of the software and the hardware. A lot more will develop over the next ten years, because the software and the hardware are getting much better.
Founder and CEO at ALL.ART
Founder and CEO of VR-All-Art, the first platform for artists, galleries, and museums to exhibit and trade art on a blockchain through virtual, mixed and augmented reality. Vitomir has been running a development company Digital Mind, creating VR, AR, web and mobile applications in the fields of marketing, culture, and education. He has been involved in marketing, digital production and development for more than 20 years, working on various projects from software tools in archeology to interactive 3D reconstructions of ancient sites, computer and mobile games, interactive installations, animated movies and now Virtual Reality projects. He has a degree in archeology and a passion for digital museums and arts. Author of the first virtual reality museum of Nikola Tesla. Cryptoenthusiast with faith in disruption.
- What would be your advice for aspiring Art+Tech founders?
- My advice is to be in touch with reality, meaning that one should clearly understand the needs of his/her potential customers. I would also like to highlight the importance of feedback and accepting it professionally. I would also advise using trends and hype for the needs of your own company, but not as the only driver of success - you need to be aware of where the party is, but also you need to know when the party's over, and to follow closely where the next party is starting. For example, the NFT boom was a great time for ALL.ART and VR-All-Art that brought a lot of oppor- tunities and visibility.
Part of the core team at (fx)hash
Currently building fxhash.xyz
Previously at Banking & Finance at Frankfurt School
- How do you see generative art develop in the future?
- I would like to see more institutional support for generative art. This includes more museums and galleries featuring generative art, as well as more grants and funding opportunities for generative artists. This support can help legitimize generative art as a recognized form of art.

In addition, I hope to see continued advancements in technology that will push the boundaries of what is possible with generative art. As technology improves, I believe that generative art will become even more complex, immersive, and interactive, allowing for even more creative expression. Overall, I see a bright future for generative art, and I hope to see it continue to grow and evolve over the next five years and beyond.
- What would be your top 3 recommendations for aspiring founders in the Art+Tech & NFT space?
- First of all, be product driven and listen to what is needed in the community. Second one, avoid hype and stay grounded — this is crucial to maintain a sustainable and long-lasting business. Engaging with people and being visible in the community can also help build trust and credibility. And when it comes to marketing, focusing on one channel and doing it well is often more effective than spreading yourself too thin across multiple channels.

The team of analysts led by Denis Belkevich continues to work. The next report covering the first half of this year (H1) will be released in September, and a special Miami Edition is scheduled for December with the Web3 Art+Tech ecosystem from the capital of the crypto world.