What is Crypto Art? And How Does it Work
What Is Crypto Art?
On art blogs, the art of cryptocurrency is a hot topic that has dominated investment news in recent months. But if you are unsure what crypto art is, you are definitely not alone.
It seems to have suddenly come to mind, but it is a topic that has suddenly surfaced here and there. This article explains what crypto art is, what NFTs are, how to buy them, and where to sell them.
So What Is Crypto Art?
Crypto art is digital art. It is treated as a physical collection of artwork, and the owner can verify ownership of the artwork with cryptocurrency. In the art world, there has been a system for collecting paintings and sculptures for a long time.
However, so far it has been produced, but there has been no clear way for people to collect digital art. Crypto art and NFT can do this.
Crypto art can take many forms, from digital graphics to music, virtual dreamscapes, or programmable art. These digital assets may have collectible value and may represent items including still graphics, photos, GIFs, videos, music, and more. The concept of
crypto art revolves around the concept of digital scarcity. With this mindset, digital art is treated like a real commodity, bought, sold, traded, and collected. Crypto art, like traditional art, exists in limited quantities and in some cases buyers may purchase some royalties and rights to reproductions of the work.
Crypto art is usually a work of digital art, but it can also be physical art that is tracked on a blockchain or “crypto” system. Many of the pieces available in the crypto art niche are crypto-themed art pieces with a focus on digital culture and technology.
These works often have topics related to modern politics, blockchain, cryptocurrencies, or their economics and philosophies. However, it is also possible to publicly register and authenticate works of physical art using passwords. Blockchain helps distinguish works of art from fakes and proves ownership of works of art.
Is Crypto Art Genuine?
Yes, cryptographic art can be certified and is usually genuine. Just as pictures are signed and authenticated, cryptographic art can also be verified. Validation is done using immutable tokens, commonly referred to as NFTs.
Crypto Art or "NFT-Based Artwork" has sold for thousands or millions of dollars over the past year through reputable auction houses like Christie's.
How Do You Buy Crypto Art?
The NFTs used to purchase crypto art are based on blockchain technology. If you are already familiar with cryptocurrencies or blockchains, it will be easier for you to understand how NFTs work.
Blockchain technology is also used in cryptocurrencies such as Bitcoin, Ethereum, and even DOGE Coin. Blockchain provides a secure digital record of transactions.
The blockchain acts as a “digital ledger” and serves as an incorruptible proof of ownership. With this system, works of art and their ownership can always be tracked via blockchain. Adding NFTs to the equation also adds an uncompromising proof of authenticity to this digital book.
NFT also offers something not available in currently available analog art formats. This is an additional cost. With the help of NFTs, digital artists can decide what percentage of future sales will be returned to artists and what percentage will be lower (buyers or collectors).
Crypto art and related markets use this crypto network. For NFTs, most, if not all, use the Ethereum network. In other words, all transactions are made on Ethereum. However, you don't always need to own Ethereum cryptocurrency to buy art on these sites.
As policies vary, in some cases you may need to own cryptocurrency to purchase cryptocurrency. It is important to have at least some basic knowledge of how blockchains and cryptocurrencies work. Consider it an investment and do some research before using the Ethereum you earn for Crypto Art.
Who Are the Crypto Artists?
Many of the most famous crypto artists have been known for some time in the digital art space. Some are already known, such as DJ Deadmau5, Mika Johnson or artist Grimes. Others remain anonymous, using street artist-style pseudonyms.
Some of the artists dominating the NFT scene were already well known and successful commercial artists working with brands like Apple or Nike. Others are young, up-and-coming artists who find an audience in the digital world.
The beauty of crypto art in the democratization of the art world. Technology allows more artists and digital creators to showcase their work to the world and find new fans and buyers.
One of the biggest names in the digital art market today is Mike Winkelmann, also known as Beeple. People jumped into the crypto art scene in 2020 and made $3.5 million very quickly from auctions of multiple editions of three digital artworks. His work, Every Day: First 5000 Days, sold for $69.3 million at a Christie's auction in March 2021.
Another artist making waves in the crypto art world is Pest Supply. Pest Supply is a digital artist who creates artwork inspired by street artist Banksy. His satire received media attention, generating hundreds of thousands of dollars in sales through NFTS in early 2021 alone.
Trevor Jones is a visual artist who started painting on canvas before moving on to digital art formats like QR codes and augmented reality. Since his penetration into the crypto art scene, he has topped the list of the highest percentages in the NFT market. In February 2021, his work, Bitcoin Angel, grossed $3.2 million at the time, setting the record for the most expensive NFT artwork at the time.
All crypto artists are different, but artists have something in common. Crypto artists are often digital and tech savvy. They also tend to be early adopters of CryptoPatrons or cryptocurrencies. Selling NFTs will be very difficult for crypto artists if they don't understand or fundamentally believe in cryptocurrencies as an investment.
Like other areas of modern art, such as street art or graffiti, the world of crypto art is very anonymous. Artists often use pseudonyms rather than real names.
Can Crypto Art Be Copied?
The idea of buying digital art that you can copy can be difficult to grasp. Digital files, including art sold as NFTs, can certainly be copied. In some cases, the owner may purchase the right to reproduce, but usually the artist retains this right.
NFT gives you ownership of the work but may be copied with permission or illegally. It is not very different from the replicas of traditional art that we usually see. Just as the Mona Lisa has been reproduced countless times in print and digital, so too can crypto art. But only one person can own the original of any artwork.
Crypto Art Platforms
The Ethereum blockchain is one of the most popular networks for digital artists to participate in and sell their work. Ethereum has at least 20 individual marketplaces and is currently the most extensive network for crypto art. Each Ethereum marketplace caters to its unique art style, so you can find one that fits your niche or style. Some marketplaces like
Raible and Mintable offer a full range of digital art. Others, such as Ephemera, are aimed primarily at photographers. The digital art market is an ever-changing world with new entries appearing almost every week.
Most, if not all, cryptocurrency markets require a portfolio review to enter the market. People who do this will become evident when researching the site. Therefore, for each art medium, you should work with the most reputable and specialized marketplace. The aforementioned 4,444 sites like Raible, Mintable, and Ephemera are older and more widely recognized in the cryptocurrency market, so they are highly regarded. But don't let it stop looking for other markets like the one below.
Major Crypto Art Marketplaces
- Cryto.com NFT
- VeChain Thor
It's always a good idea to look around and do some research before making any major purchases or investments. Just like when you buy art from a gallery, do your due diligence before buying a piece of art, whether analog or digital!
You may not know as much about crypto art as they say about classic art, but you do know what you like. There are many different genres of crypto art, so if you do a search, you will most likely find something that suits your taste. If you like the work of digital crypto artists, crypto art can be a good investment.