Crypto art is one of the topics that has dominated the crypto space in recent months. But if you are unfamiliar with this latest trend, you are definitely not alone.
This article will decipher everything you need to know about crypto art as well as NFT and how it is related to the latter.
What is Crypto Art?
When we talk about arts, you might visualise some pieces from a painting gallery or the like. Since the beginning of time, the world has established an appreciation of aesthetics through artworks.
But as the world is evolving and as the digital era has entered the scene, the domination of virtual matters is becoming more evident. For instance, cryptocurrency as a digital asset has dominated the financial market. No matter how much it is criticised or attacked, it has already made this far, and it is undeniable that it is here to stay.
And now, here comes “crypto art”. It is basically art in a digital form; just like a physical or a real artwork, the creator or the owner have the right to intellectual property or may verify his ownership over a piece of crypto art.
However, although some crypto arts were already produced, a way to collect these pieces is still unclear.
Crypto art may come in different forms. It may be in the form of graphics, programmable arts, music and many more. They can represent some items and have collectors value, just like real art. For instance, graphic images may represent art which may also include GIFs, photography etc. Music and videos can also be categorised as digital arts.
Digital scarcity is one of the major reasons why crypto arts are given value. Just like commodities or physical goods, you can collect, sell or trade them. They may have limited quantities. The owner may give the buyer reproduction rights or partial royalty to a certain piece of art.
Although crypto art is said to be virtual, it can also be in physical form. For instance, artworks that have themes that revolve around crypto or digital culture may also be considered crypto art. The themes of crypto art may vary from blockchain economic philosophy to modern politics, and most importantly, cryptocurrencies. Authenticating physical artworks using crypto technology is now possible. Blockchain technology enables the verification of the artwork’s ownership, protecting it from theft and forgery.
Arts can be likeable to trading. In order to protect art, you must find a trustworthy agency or institution that will take care of your masterpiece. In crypto trading, finding a platform that is trustworthy and reliable can be a great help in order to protect your digital asset. Platforms like Bitcoin Motion may be of great help, especially for beginners in the crypto industry.
How genuine is crypto art?
Crypto art can be considered genuine because, just like a painting, it can be authenticated, signed and verified. NFT or non-fungible tokens play a major role in the verification of crypto art.
Crypto arts may be considered valuable. NFT-based artworks can be sold or auctioned for a significant amount, even millions of dollars.
NFTs can be used to purchase digital art. If you are familiar with cryptocurrency, NFT is run by blockchain technology.
Blockchain technology works as a public distributed ledger that records all data and transactions. It is used to secure records of every successful digital transaction.
NFT offers extra royalties to a piece of crypto art – something that is not present in a physical form of art. With NFT, a digital artist is given an opportunity to define the future price of artwork or the percentage of future sales.
Since cryptocurrencies and these forms of arts are closely related to each other, crypto arts can also be bought in crypto networks.
Before you buy a crypto artwork, you must have a basic knowledge about how cryptocurrency works, and of course, you may need to own cryptocurrency.
There are famous crypto artists that have already established their names in the said industry for a long period of time. DJ Deadmau5, Grimes, and Micah Johnson are examples of well-known artists in the crypto world. Others remain anonymous and use pseudonyms.
Mike Winkelmann, aka Beeple, is one of the greatest crypto artists in the crypto space. His work “Everyday: The First 5000 days was auctioned and sold in March 2021 for $69.3 million.
Along with the popularity of cryptocurrency is the emergence of the latest trend in the digital world – crypto art.
Crypto art is like physical art when it comes to its varieties. They can be in the form of pictures, music, digital artworks, photography, videos, etc. However, the only difference is that most crypto arts are virtual in nature.
Physical art can also be authenticated as crypto art as long as it contains crypto themes.
Nowadays, crypto arts can be sold from thousand to a million dollars.
Crypto arts dominating the news within these past few months has indeed strengthened the value of cryptocurrency as a digital asset.