Digital Art in the realm of Blockchain : NFTs
For millennia, human beings have been using different forms of art to escape their mundane reality and express their cultural perspective of the world. From River Basin pottery to Michelangelo’s David all the way to the Mona Lisa, artists notably created masterpieces engraved in history.
With the prosperous rise of computerization and digital technologies, a new wave of art has surfaced with epic chef-d’oeuvre of dynamic paintings, digital photography and computer graphics. “That’s interesting”, you would remark, “but how can they make money when their artworks are available free of charge on the internet?”. A very pertinent question, I would respond, art has never been a work of charity anyway.
Since its rise with the creation of Bitcoin, Blockchain technology has been opening new horizons for numerous industries. Digital art is no exception. The Ethereum blockchain is the first to introduce the notion of NFT or Non-Fungible Token.
In Layman’s terms, an NFT is a one of a kind irreplaceable token, it can be traded with other unique NFTs but can not, under any circumstance, be replicated. Unlike NFTs, cryptocurrencies are one example of fungible tokens. They can be replicated and exchanged at the same value. An NFT can be anything, literally. It can be a GIF of a cute kitten, a youtube video, a song or a digital artwork. “Who would buy that?”. People who want to support artists and help them grow. As NFTs allow for digital legal ownership of the artwork through smart contracts on the Ethereum blockchain, trading digital masterpieces may become the new modern way of art collection.
In the following, I will provide you with actual transactions as proof that these mythical creatures (art collectors) do exist. Remember that video of Trump lying naked on the pavement with a bunch of tattoos on his body? Yes? That was sold for $6.6 Million. Beeple has recently sold a collection of artworks for $69 Million.
The trend of NFT art collection is spreading like wildfire as it sets a new standard for art galleries and auctions.
