in that light i would say it's something that pushes the boundries of our current tech understanding and provides a new benchmark for people to aim for.
like how every outdoor scene is judged against crysis, even though that game is nearly 5 years old. or how portal is seen as utterly stylish but never really goes out of it's way to try and "wow" you in the same way that say, modern warfare does (big explosions and semen everywhere).
"what is art" is going a little bit deep for the baftas and tbh they probably just want you to pick some shitty british studio that made something that wasn't complete shit - which is probably going to be the hardest part of the deal.