Crypto Art, or just cryptographic art, is making a big change in the arts market. Since the second half of 2020, the concept has become increasingly popular and has attracted public attention.
Seen as a digital revolution, several artists are adopting this new way of selling art over the internet. Next, understand how this model and relationship with the blockchain works.
What is Crypto Art?
In short, crypto art is a digital art with a unique code attached to the work, allowing it to become exclusive as a physical art. Something similar to Picasso’s original paintings, which have his signature to prove authenticity.
In digital art, this verification occurs through an NFT – a non-fungible token. Ensuring originality, it is a “cryptographic seal” linked to a piece and cannot be replicated.
The artist can attach an NFT to anything: an image, a video or a song. Then, the token information is stored on the blockchain, a permanent “ledger” that can be accessed on any computer in the world.
What is the relationship between blockchain and cryptographic art?
Despite being related to cryptocurrencies, blockchain is a technology that expands to other areas. Simply put, for laypeople, it works like copying a spreadsheet to which anyone can add a new line of information.
It is possible to register the NFT data that prove the authenticity of a digital piece. Thus, anyone can access this “large spreadsheet” to check if the code for a particular art is active.
Without external interference, it is almost impossible to falsify the information that has been registered on the blockchain. This is because there is a large computer network that constantly checks the data included in the system.
In this way, from the registration of the NFT, the blockchain performs the function of a specialist in fine arts. For example, it will verify the authenticity of a piece, investigate the history and information about it.
How did cryptographic art become so valued?
Crypto art is helping digital art to move closer to traditional art. In this case, the pieces with the non-fungible token rescue the feeling of collectors of having a unique work – even if it is only a digital file.
In this way, “scarcity” is the key to the enhancement of cryptographic arts. In recent months, there has been an increase in the public willing to pay large sums to have original works by their favorite artists.
Although the crypto art market has existed since 2018, its growth began in the second half of 2020. However, the big jump occurred in February 2021 with the volume of works exceeding 80 million, according to CryptoArt.io.
In addition, digital arts with the token are registered on a blockchain called Ethereum and can be traded through cryptocurrencies. Today, virtual currencies are on the rise and have high values when converting to real currencies.
Who are the Crypto Art artists?
With the growth of crypto art, artists from different areas started to produce content with NFT. For example, pop singer Grimes drew attention to this market by selling a single piece for $ 5.2 million.
Today, designer Mike Winkelmann, also known as Beeple, is one of the movement’s leading names. The piece “Everydays – The First 5000 Days”, a JPEG that brings together the artist’s drawings in a single image, was auctioned for $ 69.3 million.
The NFT also facilitated the sale of video art. For example, musician Mike Shinoda of the band Linkin Park sold 10 short clips with animations that contained excerpts from the song “Happy Endings”. Each piece was worth about $ 18,000.
It is worth mentioning that it is not just art that is being sold with non-fungible tokens. Jack Dorsey, Twitter’s CEO, sold his first tweet on the social network for $ 2.5 million at a charity auction.
Finally, many see crypto art as a bubble or fleeting euphoria related to the growth of cryptocurrencies. In the meantime, experts believe that the technology still needs to be improved, but it is a great way to value fully digital art.