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Why crypto art could possibly be the future of the art industry

In the age of information, in which technology is always evolving digital artists are figuring out new ways to show and sell their works. Digital art can be more expensive to purchase than traditional art, and “crypto art” was first offered in 2014 to address the issue, however simultaneously, it created new problems. In simple terms,…
Digital artists are constantly finding new ways to market and show their work in the digital age. It’s harder to acquire digital art than traditional artwork. Crypto art was first offered for sale in 2014 however it also brought new issues.

In simple terms, as described on Medium the term “crypto art” refers to digital art that is connected to Blockchain technology which allows consumers to purchase, sell and trade artworks like they are physical ones. A NFT token (non-fungible token) can verify crypto art. The NFT token is a unique ID associated with a particular piece of crypto art and cannot be replicated. According The Verge, it is used to confirm ownership of the piece of art.

Blockchain is a kind of database used for the exchange of cryptocurrency such as bitcoin. There are many kinds of information that can be saved on the blockchain but the most popular application of the blockchain has been transactions. The benefits of trading digital artwork on the blockchain are the same as exchanging cryptocurrency.

The most commonly held misconception about crypto art is that anyone would be willing to pay for it if they can save it or download it on the internet. The image anyone can download online is worthless however the original work that is NFT linked can raise in value over time.

The value of art is determined by the scarcity of it, and crypto art is not replicable due to the NFT, according to The Conversation. This is because of the fact that it is scarce. Collectors also place value on it. Some people buy crypto art solely to increase in value while others buy works because they feel a strong connection to it or they want to show support to the artist.

According to Business Insider, Beeple is the artist who sold the highest-value crypto art piece for nearly $70 million. He is one of the most famous artists in this community and has stated that when he saw the auction price: “It probably means digital art is here to stay.”

The advantages of crypto art

The art of cryptography has a significant impact on the lives of consumers, investors and artists. It’s an exciting and new idea, with many possibilities. Crypto art has numerous positive aspects. Every piece of crypto art that is created will be recorded in the blockchain. This eliminates doubts about the authenticity and ownership. Collectors want to be sure that they have the “one of unique” piece of art, which is rare.

A lot of times in the world of fine art artists rely on auction galleries, auction houses and expensive advisor coordinations but crypto art is able to be transferred from buyer and creator in a matter of minutes, mostly through cryptocurrency art marketplaces. The ability to place works on multiple marketplaces at once gives crypto artists more visibility and more opportunities.

Artists also benefit of being able acquire 80% instead of 50 percent of the initial amount. They also proceed to get their first sale, plus 10 to 15 percent of their secondary sales.

A further benefit that has come out of crypto art is the capacity for artists to be creative without limits. Digital art has provided an entirely new creative avenue which is not widely appreciated by the fine art world.

Crypto art is also very futuristic. Digital art is becoming more mainstream because VR and AR become more common. Crypto art could very possibly be the future of digital art.

The disadvantages of crypto art:

French philosopher Paul Virilio has been quoted as saying: “When you invent the ship, you also create the wreck.” In accordance with this notion, each invention of technology has its own downside. There are a number of ethical concerns associated with crypto art.

Blockchain technology already consumes an enormous amount of energy due to the fact that crypto art lives on Ethereum blockchain. This is extremely hazardous for the natural environment.

The energy required for crypto art is high due to the fact that major cryptocurrency utilize an algorithm to determine their value. The carbon footprint of an individual piece of crypto art is about double a person’s annual carbon footprint, according to Bar and Line.

There is however work underway to move the Ethereum blockchain on more sustainable levels, referred to as Ethereum 2.0. This would decrease energy consumption by about 99% according to the Ethereum website. Technological advancements are bound to happen. So in this case it’s better to embrace it rather than fight against it.

In the end, nobody can say for certain if blockchain will become an important aspect in digital art, however for the moment cryptocurrency art is relatively fresh and a fascinating medium for people who are creative to explore.