31 Mar CryptoArt // What’s the big deal, anyway?
By noisyhype team, April 09, 2021
A close look at CryptoArt and they just look like a series of grey disks to the casual observer, so why are they so special and why are so many people talking about them?
Well, one of theme recently sold at an auction for over $130k, so that’s saying something. In fact, this makes it the first time an auctioneer sold a non-fungible token (NFT) CryptoArt at auction.
It pays to understand what CryptoArt is and why it’s become such a big deal.
What is CryptoArt?
CryptoArt has become a new way for artists to sell, showcase or distribute their work to collectors, typically in the form of video files and digital media. If you look closely, the physical aspect of the artwork is shaped like a disc. But it’s no ordinary disc – the surface is inscribed with 322,048 digits to be precise, some of which carry a gold highlight.
Upon closer inspection, you’ll find ‘Block 21’ inscribed on the inner rim, which is a reference to how scarce Bitcoin has become – owing to the fact that Bitcoin will be capped at 21 million coins. Well, that’s no coincidence. The digital part of each disc has a geo-tag containing the physical twin’s location, which can only be viewed during the twin’s daylight hours.
The big deal about CryptoArt: explained
As of late, there’s been a dramatic uptick in the CryptoArt space. NFTs in particular have seen massive growth over the last few months. SuperRare, a leading art platform, reported a 72% boost in growth in late 2020 alone, where more than $4 million in artwork was sold in just one month.
Why is all this so significant or a “big deal”, so to speak? Multiple indicators are pointing to the arts community and blockchain converging – making the intersection of verifiable scarcity and proof of authenticity a really ‘sweet match’ for both worlds – one that’s COVID-proof, it might be noted.
In short, if you’re an artist looking to sell or distribute pieces, you really might want to look at auctioning them through CryptoArt.
Cryptographic art or simply CryptoArt is certainly not going to solve any major industry issues, but what makes it quite befitting and distinctly unique from regular digital art, is its potential to verify scarcity.
You see, art valuation revolves around mostly prestige – a digital painting which can be duplicated over and over again loses this prestige and scarcity, hence, losing its value.
Opportunities in providing authentication, tracking and creating infrastructure for secondary market royalty layers is something that’s considered ground-breaking in the world of traditional art. Add to that the ability to use blockchain as a medium where artists can extend their creative expression.
While there’s too much to discuss and talk about CryptoArt, which we faithfully can’t cover in one piece, one thing is for sure: selling and distributing artwork through NFT’s could be the next big thing – a way for artists to introduce value and scarcity to digital art, rethink art economies, and bring together entire communities of artists in a pandemic world.