Post by account_disabled on Mar 5, 2024 22:31:03 GMT -5
On March 11, 2021 at Christie's , an iconic auction house, one of the most revolutionary and impactful auctions in recent years took place. Digital artist Beeple sold his digital artwork “First 5000 Days” for almost 60 million euros. Since then, crypto art and Non Fungible Token (NFT) have revolutionized the world thanks to blockchain and cryptocurrencies. But what really is crypto art? Do digital works really have that much value or is it a passing fad? If you want to know more about this new way of collecting art, in this article, you can delve into the revolutionary and exciting world of crypto art. cta text What is crypto art and NFTs? Crypto art is a new way of collecting works of art . Generally, static illustrations made digitally are considered crypto art, but any type of digital file can be considered crypto art: a video, a song, an ebook, or even a tweet. In fact, the first tweet in history recently sold for $2.9 million . This concept is born from the need to protect the authenticity of digital art and the ease that exists when it comes to duplicating any digital file , because the value of a digital work of art lies in the same characteristics as a traditional work of art: its authenticity, exclusivity and ownership.
Preserve these three aspects in digital art, Non Fungible Tokens (NFT) have emerged, digital assets that represent an amount of money, which is stored in a blockchain architecture , and which contain all the information regarding the work of digital art. in a completely secure and transparent way, so that it cannot be exchanged. With NFTs, digital works of art can be sold as unique objects , since, although their file can be duplicated, its originality and ownership can be verified thanks Europe Mobile Number List to the blockchain. For this reason, the identity of the original artist, the current owner, the original value or transactions over time, among others, are saved. crypto art How does the technology behind crypto art work? Crypto art is closely related to cryptocurrencies . In crypto art markets, euros or dollars are not used, but rather virtual currencies, such as Ethereum (ETH) or Solana (SOL), are paid in exchange for unique and authentic digital works.
Something that is done through auctions. The truth is that all this would not be possible without the blockchain , a distributed database that is commonly used for the purchase and sale of cryptocurrencies, but which, however, has many more applications, such as digital contracts or smart contracts, which are based on the legality offered by a traditional contract. In this case, when a digital artist sells their work, a digital contract is created that links the NFT token to the work in question, as well as the cryptocurrency transaction and the parties involved. Likewise, this digital contract is stored within the blockchain ecosystem, so it is impossible for all of this to be modified fraudulently. On the contrary, it is very easy to check whether the works are authentic or not. Featured NFT artists and collections in the world of crypto art Trading volumes in the non-fungible token (NFT) market, peer-to-peer OpenSea, the largest crypto art marketplace on the web, have increased by more than 12% in 2021. And there are more and more people who are encouraged to collect digital art, either to support the digital artists they like the most or in the hope that the works will appreciate in value over time, just as happens with traditional works of art.