With the growing influence of Blockchain and decentralization as its hallmark, the way we see art has fundamentally changed. It paved the way for artists to explore fresh opportunities and create new markets. Crypto art emerged as a new digital art direction and put motion designers on the pedestal of the digital art world.
There’s been a lot of stigma surrounding crypto art and disputes about whether this is the “real” art or just another innovation that drives the modern world into the bottomless abyss. In the following lines, we’ll explain what crypto art is and bring you closer to understanding how this new motion affects the world of traditional art.
Crypto Art Definition
Crypto art is a form of artistic expression that exists in the digital world. Unlike traditional art, which decorates the homes of art lovers, crypto art aficionados keep their valuables on publicly distributed ledgers in the form of non-fungible tokens (NFTs).
NFTs as the Backbone of Crypto Art
NFTs are cryptographic assets (tokens) built upon the blockchain technology. Non-fungible tokens can represent any digital format, like videos, photos, and audio files. For example, an NFT can come in the form of:
- Artwork
- Sports collectibles
- Trading cards
- Video games
- Comic books, etc.
What makes them unique is that they cannot be traded or exchanged equivalently like other crypto assets, such as Bitcoin, or traditional financial instruments like fiat money. Because of their unique properties, non-fungible tokens can neither be replaced nor interchanged. But they can be sold or bought, like any other physical asset.
Another factor contributing to the current popularity of NFTs is their distinctive IDs, setting them apart from one another, which ultimately helps streamline token transfers among owners and facilitates the verification of ownership.
The Role of NFTs in Crypto Art
Crypto artists use NFTs to verify the authenticity and ownership of their artworks using an NFT. Non-fungible tokens are used to prove the possession of the original file that is permanently stored on the Blockchain.
Like conventional artwork, where the artist’s signature represents their way of officially attributing the painting for themselves and confirming the authorship, digital artists use NFT unique IDs to establish the artwork’s history.
Is Crypto Art Valuable?
The beauty of an artwork lies in the eye of the beholder, and its value is determined by the price someone is willing to pay. For example, the 1952 Mickey Mantle baseball card might have zero value to a Led Zeppelin fan. However, for a baseball enthusiast and passionate collector, this card can have limitless value.
Crypto art is not reproducible; it’s unique and, therefore, extremely attractive to digital art collectors. Some like owning crypto art purely because of visual attractiveness and their own pleasure. Others look at this concept as a potential investment, the value of which could significantly rise in the future.
How Crypto Art Affects the Artworld
Crypto art could have a significant impact on the traditional art world in more ways than one:
- Democratizing Artwork Ownership
- Improving Transparency
- Boosting Artist Engagement
- Increasing Global Reach
- Creating Digital Galleries
Introducing ownership through tokenization could make digital art accessible to a broader range of art lovers, in contrast to traditional ownership, which is typically limited to a few.
Furthermore, blockchain technology provides an immutable record of ownership and provenance, reducing the risk of forgery and theft, which has been a long-standing issue in the traditional art world.
The most recent scenario of such played out in Canada when Garry Lamont and a few of his accomplices were accused of forging a number of Norval Morrisseau’s artworks and distributing them across Canada and beyond. Decentralized-based artwork could permanently eliminate similar scenarios.
Finally, crypto art could allow artists to reach a more global audience through digital art marketplaces and galleries, challenging the traditional gallery model and physical exhibitions.
Can I Buy Crypto Art?
The best part about crypto art is that anyone can purchase and own a digital artwork. To do that, you need to create your crypto wallet and acquire the cryptocurrency of your choice like:
- Bitcoin
- Ethereum
- Litecoin
- Tezos
- Ripple
- Dogecoin, or any other
For example, obtaining Tezos and purchasing crypto art is probably the most practical way to get your first digital artwork. If you’re wondering where to purchase Tezos to start your crypto art collection, several reputable exchanges offer a straightforward process. Conduct thorough research and make sure you make an educated decision.
Conclusion
Crypto art is a form of digital art that allows lower-tier or less famous artists to express themselves in an innovative and imaginative way. Decentralization plays a crucial role in distributing digital art by allowing artists to display their artworks on different markets and monetize them via NFTs.
In contrast to traditional art, which requires physical presence, crypto artworks are accessible to anyone with a smartphone or computer. It influences the conventional art world by democratizing ownership, enhancing transparency, expanding global reach, and introducing digital galleries. Unlike traditional art, its digital counterpart removes the need for intermediaries (galleries) when acquiring artwork and allows simplified purchasing procedures through crypto exchanges. Anyone can purchase crypto art by setting up a wallet and acquiring cryptocurrency like Tezos from reputable exchanges.