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Crypto Art – What Is It?

Digital artists are always finding ways to sell and show their work in this digital age. Digital art can be more difficult to own than traditional art, and “crypto art” was first offered in 2014 to solve the issue, however it also meant that it brought new challenges. In simple terms,…
Digital artists are always finding new ways to market and show their work in the digital age. Digital art is more difficult to own than traditional art and “crypto art” was first introduced in 2014 in order to resolve the issue, however in the process it brought new challenges.

Crypto art, which is described by Medium as a digital art that makes use of Blockchain technology, allows people to purchase, trade and sell works of art similar to physical works. An NFT token (non-fungible token) can be used to verify crypto art. An NFT token is a type of token that is used to verify the ownership of crypto art. It’s a unique ID which is associated with the crypto artwork, and is not able to be duplicated. According to The Verge, it is used to confirm ownership of the piece of art.

Blockchain is a type of database that can be used for the exchange of digital currencies like bitcoin. A variety of data can be stored on the blockchain, however the most common use for it has been transactions. Digital art exchange on the blockchain is similar to the exchange of cryptocurrency.

The most commonly held misconception about crypto art is that people would be willing to pay for it if they could save or download it online. The image that anyone can download online is worthless however the original work that is NFT linked can raise in value as time passes.

According to The Conversation, the value of artwork is determined by its rarity. Crypto art cannot be reproduced due to the NFT. This is because of its rarity. Collectors also place the value of it. Some people purchase crypto art in order to increase its value. Others buy it for the feeling of they are connected to or believe in the artist.

One artist, known by the name Beeple has sold the highest valued cryptocurrency art in the world to date , for an estimated 70 million dollars, according to Business Insider. He is a well-known artist within the art community. He said when he read that it was almost $70 million “It is likely to indicate that digital art will be around for the long run.”

The benefits of crypto art:

The effect of cryptocurrency art on investors, artists and consumers is immense. It’s a new and exciting idea with many possibilities. Crypto art has many positive aspects. Every piece of art created by crypto is produced will be stored in the blockchain. This removes any doubts regarding the authenticity and ownership. Collectors also want to know that they have a “one of a kind” artwork, which is extremely rare.

Fine artists often rely on gallery owners auction houses, auction houses, and costly advisor coordinations. But, art that is crypto can be transferred from creator to buyers in just a few minutes. Crypto artists can also put their work on multiple marketplaces simultaneously, allowing for greater opportunities and more visibility to the artist.

Artists also benefit of being able acquire 80% instead of 50% of the initial amount. Additionally, they can get the initial sale and 10-15 percent of the secondary sales.

The art of cryptography has also enabled artists to express themselves free of restrictions. Incorporating more digital art into the world of fine art creates an entirely new form of creative expression that has never been appreciated in its entirety before.

In addition, crypto art is to be futuristic. Digital art is becoming increasingly mainstream as VR and AR become more common. Crypto art could be the next generation of digital art.

The Drawbacks of Crypto Art:

Paul Virilio, a French philosopher, has been quoted declaring: “When inventing the ship you also make the shipwreck.” Each invention made by technology has its drawbacks. Crypto art comes with a myriad of environmental consequences.

Blockchain technology already consumes an enormous amount of energy due to the fact that crypto art relies on the Ethereum blockchain. This is very dangerous for the ecosystem.

The energy required for crypto art is high because major cryptocurrency use an algorithm to determine their value. The carbon footprint for an individual piece of crypto art averages about two times the carbon footprint of a person’s average annual footprint, as per Bar and Line.

There is however work being done to bring the Ethereum blockchain on more sustainable levels, referred to as Ethereum 2.0. This would decrease energy consumption by about 99percent, according to the Ethereum website. Technology advancements are expected to happen. Therefore, in this situation it’s better to embrace it rather than fight against it.

In reality, no one can say for certain if blockchain will ever become a major aspect in digital art, but at present, crypto art is fairly fresh and a fascinating medium for creative people to explore.