Knowing what crypto art and NFTs are is key to being well-versed in the future of contemporary art.
Crypto art has been around for years. But only recently, NFTs and crypto art have been making massive waves in tech, art, and beyond. Gallerists and artists alike need to know what crypto art and NFTs are to anticipate their implications and impact in the art world.
From the cryptocurrency circle, internet and pop culture, and traditional art, the crypto art market is multifaceted and complex. It merges contrasting topics and fields and draws conflicting opinions. Knowing what crypto art and NFTs are is key to being well-versed in the future of contemporary art. Why is everyone talking about crypto art and NFTs? What does this modern movement mean for art and creators going forward?
From the cryptocurrency circle, internet and pop culture, and traditional art, the crypto art market is multifaceted and complex. It merges contrasting topics and fields and draws conflicting opinions. Knowing what crypto art and NFTs are is key to being well-versed in the future of contemporary art. Why is everyone talking about crypto art and NFTs? What does this modern movement mean for art and creators going forward?
What Is Crypto Art?
Blockchain encodes smart contracts that allow the art’s creator to receive continual compensation each time the work changes hands.
Crypto art can be any digital file. An NFT can consist of a digital image, video, audio clip, article, or any combination of digital media. Each piece of crypto digital art has a unique digital signature to identify it. Most crypto art marketplaces accept the cryptocurrency Ethereum for payment. People who own NFT’s store them in digital wallets compatible with various blockchain networks.
As with other crypto assets – cryptocurrencies such as Ethereum and Bitcoin -individual crypto art pieces are distinguished by blockchain records of timestamped transaction data. NFT stands for non-fungible token. So unlike cryptocurrency, NFT’s are not interchangeable. The blockchain technology authenticates a piece of crypto art’s ownership, origin, and transfer conditions.
Even amid the potential to create an infinite number of perfect replications of an art piece’s digital files, a crypto artwork’s original copy is definitively identifiable. Blockchain encodes smart contracts that allow the art’s creator to receive continual compensation each time the work changes hands.
Those who have achieved large-scale success in crypto art have almost exclusively been established figures and artists. Selling NFTs for huge profits usually requires a substantial internet fanbase. Various celebrities and internet icons have cashed in on the expanding blockchain art market. And for crypto art that is artistic in the more traditional sense, the artwork fetching millions has benefitted from major institutional support.
As with other crypto assets – cryptocurrencies such as Ethereum and Bitcoin -individual crypto art pieces are distinguished by blockchain records of timestamped transaction data. NFT stands for non-fungible token. So unlike cryptocurrency, NFT’s are not interchangeable. The blockchain technology authenticates a piece of crypto art’s ownership, origin, and transfer conditions.
Even amid the potential to create an infinite number of perfect replications of an art piece’s digital files, a crypto artwork’s original copy is definitively identifiable. Blockchain encodes smart contracts that allow the art’s creator to receive continual compensation each time the work changes hands.
Those who have achieved large-scale success in crypto art have almost exclusively been established figures and artists. Selling NFTs for huge profits usually requires a substantial internet fanbase. Various celebrities and internet icons have cashed in on the expanding blockchain art market. And for crypto art that is artistic in the more traditional sense, the artwork fetching millions has benefitted from major institutional support.
Some crypto digital art takes the form of cultural memorabilia such as virtual sports cards, celebrity collectibles, original copies of memes, and the first ever tweet. But as of 2021, crypto art has been turning more heads within the fine art realm. In March of this year, the prolific British art auction house Christie’s facilitated a $69 million sale of artwork by artist Mike Winkelmann, also known as Beeple.
Why Crypto Art Like NFTs Is Important
Many skeptics and critics minimize the crypto digital art and NFT boom as a fleeting trend. But so far, some reports estimate the crypto art marketplace valuing at billions of dollars by the end of 2021.
The enormous sale of Beeple’s collage NFT, Everydays: The First 5000 Days has established him as the world’s third-highest paid living artist regarding auction prices. In 2014, Monet’s Nymphéas sold for $15 less than Everydays. Financial traders bought a 2006 Banksy work for $95,000 and literally burned it on livestream video. The resulting NFT sold for $380,000.
NFT’s are expected to vastly change video games so that users are able to genuinely own, sell, and profit from virtual objects and spaces within games. A cryptopunk, a simple gaming avatar image titled CryptoPunk 7804 just sold for $7.5 million dollars. The seller has dubbed the crypto digital art piece the ‘Mona Lisa of Digital Art’ and considers it the foremost icon of crypto art. An 18-year-old Las Vegas painter gained rapid wealth and notoriety partnering with sneaker brands and selling digital ‘prints.’
Many skeptics and critics minimize the crypto digital art and NFT boom as a fleeting trend. But so far, some reports estimate the crypto art marketplace valuing at billions of dollars by the end of 2021.
Crypto art and NFTs are redefining art as a profitable asset. The fine art marketplace has been a highly exclusive place, but the ability to pay in cryptocurrency for art is attracting a revolutionary new crowd of art collectors and gallerists. Individuals within the cryptocurrency scene view the NFT and crypto art market as a new, up-and-coming source of highly lucrative investments.
Crypto art and NFT’s may be fundamentally transforming the art scene. Enthusiasts hope that the ability to digitally trade art will reduce the international travel normally involved in art collecting. Therefore, the digitalization of art trading may represent a chance to reduce the industry’s environmental impact.
The crypto art market is extremely competitive. But proponents of the crypto art movement celebrate it as a democratic and equitable pathway to success for artists and collectors alike. They say it eliminates systemic barriers that have traditionally operated to gatekeep entry into the exclusive art world.
NFT’s are expected to vastly change video games so that users are able to genuinely own, sell, and profit from virtual objects and spaces within games. A cryptopunk, a simple gaming avatar image titled CryptoPunk 7804 just sold for $7.5 million dollars. The seller has dubbed the crypto digital art piece the ‘Mona Lisa of Digital Art’ and considers it the foremost icon of crypto art. An 18-year-old Las Vegas painter gained rapid wealth and notoriety partnering with sneaker brands and selling digital ‘prints.’
Many skeptics and critics minimize the crypto digital art and NFT boom as a fleeting trend. But so far, some reports estimate the crypto art marketplace valuing at billions of dollars by the end of 2021.
Crypto art and NFTs are redefining art as a profitable asset. The fine art marketplace has been a highly exclusive place, but the ability to pay in cryptocurrency for art is attracting a revolutionary new crowd of art collectors and gallerists. Individuals within the cryptocurrency scene view the NFT and crypto art market as a new, up-and-coming source of highly lucrative investments.
Crypto art and NFT’s may be fundamentally transforming the art scene. Enthusiasts hope that the ability to digitally trade art will reduce the international travel normally involved in art collecting. Therefore, the digitalization of art trading may represent a chance to reduce the industry’s environmental impact.
The crypto art market is extremely competitive. But proponents of the crypto art movement celebrate it as a democratic and equitable pathway to success for artists and collectors alike. They say it eliminates systemic barriers that have traditionally operated to gatekeep entry into the exclusive art world.
What Crypto Art Means for Artists
This revolutionary art marketplace largely symbolizes a growing alternative art scene. In many ways, it could be the start of a less institutionalized, less formal climate for artists.
The crypto takeover is already influencing the most current artists’ media and subjects. Though many NFT sales are easy money-grabs for popular celebrities, some crypto art embodies avant-garde dada-esque artistic expression. Dot Red is a Los Angeles art platform featuring a virtual art exhibits for the Arts community.
Though many consider the crypto digital art market to be a democratizing force, the traditional art environment is yet to fully embrace crypto art. Fine art can exist in the form of NFTs, but (arguably) not all NFTs are truly classifiable as ‘art.’
The crypto art market is creating more opportunities and inroads for genuinely talented artists to gain profit and recognition for their work. But that does not mean just anyone can make millions off any random digital file. It generally still takes widespread reputation or cultural influence. What the crypto art and NFT craze highlights is the fascinating way the internet has fueled artists’ dissemination of passionate fan bases and unique communities.
This revolutionary art marketplace largely symbolizes a growing alternative art scene. In many ways, it could be the start of a less institutionalized, less formal climate for artists. More and more artists may begin to see crypto art as the best possible path to success. For them, it would be crucial to have a deep understanding of internet subcultures and attitudes.
These emerging trends are likely to increasingly inform artists’ voices in ways that resonate with their audience, including the next generation of crypto art collectors. In the crypto sphere, becoming a marketable creator and cultivating an online following will become an increasing part of the artist’s’ role.
One of the most promising outcomes of crypto art and NFTs is their ability to ensure creative rights and compensation. Artists and creators have an exciting chance to sidestep restrictive institutions and stock agencies.
Blockchain technology traces every transfer of an individual asset. Creators can receive payment every single time collectors buy and sell their work. The exchange of creative works in every medium, from visual art to music and video can benefit the original artist with unprecedented fairness, directness, comprehensiveness, and reliability.
Though many consider the crypto digital art market to be a democratizing force, the traditional art environment is yet to fully embrace crypto art. Fine art can exist in the form of NFTs, but (arguably) not all NFTs are truly classifiable as ‘art.’
The crypto art market is creating more opportunities and inroads for genuinely talented artists to gain profit and recognition for their work. But that does not mean just anyone can make millions off any random digital file. It generally still takes widespread reputation or cultural influence. What the crypto art and NFT craze highlights is the fascinating way the internet has fueled artists’ dissemination of passionate fan bases and unique communities.
This revolutionary art marketplace largely symbolizes a growing alternative art scene. In many ways, it could be the start of a less institutionalized, less formal climate for artists. More and more artists may begin to see crypto art as the best possible path to success. For them, it would be crucial to have a deep understanding of internet subcultures and attitudes.
These emerging trends are likely to increasingly inform artists’ voices in ways that resonate with their audience, including the next generation of crypto art collectors. In the crypto sphere, becoming a marketable creator and cultivating an online following will become an increasing part of the artist’s’ role.
One of the most promising outcomes of crypto art and NFTs is their ability to ensure creative rights and compensation. Artists and creators have an exciting chance to sidestep restrictive institutions and stock agencies.
Blockchain technology traces every transfer of an individual asset. Creators can receive payment every single time collectors buy and sell their work. The exchange of creative works in every medium, from visual art to music and video can benefit the original artist with unprecedented fairness, directness, comprehensiveness, and reliability.
Is Crypto Art Here to Stay?
Because blockchain is so reliable at identifying, tracking, and verifying transactions and files, it is considered the safest way to transfer digital data.
There is some debate over whether crypto art and NFT’s are a passing fad or if the changes from them will last. Dissenters question the value of owning a verifiable original copy of a digital file when the copies are exactly identical.
For the art community, the blockchain art market may solve problems surrounding ownership and authenticity. NFTs may also have long-term viability as a financial investment.
For the art community, the blockchain art market may solve problems surrounding ownership and authenticity. NFTs may also have long-term viability as a financial investment.
In traditional art, authenticity remains a troubling problem. One Fine Arts Expert Institute report revealed that more than half of the pieces they inspected were actually forgeries or credited to the wrong artist.
The benefit of crypto art is that blockchain encrypts fragmented and decentralized records across millions of devices. There is no single source where the complete version of the information lies. Therefore, it would be nearly impossible for hackers to steal, falsify, or corrupt the files.
Because blockchain is so reliable at identifying, tracking, and verifying transactions and files, it is considered the safest way to transfer digital data. Just like with a painting or a song, imitations and duplicates can appear. But crypto art, like cryptocurrencies, offer unprecedented security as an investment. Counterfeits are easily identifiable and thus useless to attempt.
The benefit of crypto art is that blockchain encrypts fragmented and decentralized records across millions of devices. There is no single source where the complete version of the information lies. Therefore, it would be nearly impossible for hackers to steal, falsify, or corrupt the files.
Because blockchain is so reliable at identifying, tracking, and verifying transactions and files, it is considered the safest way to transfer digital data. Just like with a painting or a song, imitations and duplicates can appear. But crypto art, like cryptocurrencies, offer unprecedented security as an investment. Counterfeits are easily identifiable and thus useless to attempt.
Crypto Art Marketplaces (Where to Buy & Sell)
Theoretically, crypto art marketplaces could ask for payment in whichever currency they want. But the predominant currencies for buying art with crypto are Bitcoin and Ethereum. When considering crypto marketplaces, emphasize and vet features like the security of crypto art platforms and wallets. Remember that copyright laws apply to NFTs. Profiting from someone else’s work without consent is a violation of the original creator’s legal rights to intellectual property.
1. Portion.io
Using the Ethereum Blockchain, Portion.io is known for reliably recording the ownership and transaction histories of art and collectibles. The platform offers a convenient and simple transaction process via Ethereum cryptocurrency. Creators can generate and archive work and ensure its value. Portion is accessible to anyone to collect art but also provides more cutting-edge tools for managing both crypto digital art and tangible assets.
2. ArtOlin
ArtOlin is a Bitcoin-based platform that enables permanent digital recording and registering of content in a global database. From anywhere on the planet, artists and enthusiasts can promote, monetize, verify, and trace artwork.
3. Crypto.org
Crypto.org is a highly accessible and permissionless public blockchain network. Its crypto art marketplace is affordable, processes transactions fast, and played a significant part in popularizing NFTs. Crypto.org is also one of the safest places for trading art. Its open-source platform permits ongoing improvement.
4. SuperRare
Another Ethereum crypto art marketplace is SuperRare. This is a more exclusive platform promoting hand-selected digital artists. SuperRare accepts submissions of artist portfolios in preparation for their complete launch in 2022. The site charges 15% commission, giving the artists 85% of their artwork’s purchase price. SuperRare also provides a 10% royalty to the original artist whenever the art undergoes further transactions in the market.
5. Crypto.com
The invite-only crypto art marketplace at Crypto.com is supposedly the largest crypto marketplace in the world, boasting some high-caliber clients. Crypto.com has famously hosted digital artistic collaborations, including works by mainstream artists. This Bitcoin-backed site is trusted by public figures for secure crypto art trading.
DotRed and the Future of Art
The future of art is a marriage between in-person exhibitions and virtual experiences. At DotRed, we digitize the visual and social art experience for the post-pandemic world. Learn about how you can feature your art on our platform to be shared at museums, galleries, and fairs.
