A super-short guide to cryptoart & NFTs
Rare. Unique. Indivisible. The future digital art has been waiting for.
We are amidst a huge transformation and a new world of possibilities for art, and if you don’t know about it yet, then let me welcome you to the world of NFTs (non-fungible tokens), a revolutionary and an evolutionary leap for digital artists and collectors.
Before I dive into NFTs, what they are, and their impact on digital art, it’s worth mentioning that NFTs are what got me interested in digital assets as well as cryptocurrencies, and I believe this will be the case for millions of people. Cryptocurrencies can sound very intimidating to most of us at first, but NFTs are fun, trendy and entertaining to exchange and a great way to enter the world of crypto.
There are many different types of NFTs other than cryptoart, such as crypto collectibles, an in-game item, an item in a virtual universe, or tokens which can be exchanged for a real-world asset such as a ticket to an event.
So back to NFTs and digital art…have you ever saved, copied and pasted cool digital art? I’m sure we’ve all done it. And did you ever wonder where it came from or who the owner is? As the consumer, maybe you didn’t, maybe you did. But as a digital creator, you’ve probably been looking for ways to patent your artwork online and make it valuable so that you can sell your digital creations.
We know that physical art has never had this problem because it derives much of its value from its scarcity, after all there is only one original Mona Lisa. Up until recently, digital art could be replicated many times over without any proof of which copy is the original one. And now, for the first time ever, digital art has the potential to accumulate immense value because what is known as ‘blockchain’ technology has created the principle of ‘scarcity’ in the digital art world.
Artists can sell their art online by uploading their artwork through platforms such as Opensea, Rarible or Makersplace, and collectors can buy the artwork as an investment knowing that it’s original and valuable. So what makes it valuable?
Digital art can be ‘tokenized’ through blockchain technology to become a non-fungible token (NFT). An NFT derives its value from being rare, unique and indivisible. Just like you can’t replace one plane ticket with another, you can’t replace one NFT token with another. Each token has its own unique metadata which can never be replicated or replaced for another. And so when a digital artwork is tokenized this creates value as it is possible to prove its authenticity and ownership, which also means it can be bought and sold many times over.
The crypto world is in some ways a whole new world to many people, and yes, many are skeptical when it comes to investing in cryptocurrencies or other digital assets. But we can’t deny that technology plays a huge part in our lives and it will continue to advance and merge with our physical lives. So why not use the potential and possibilities?
One of the best parts of cryptoart is that it’s a win-win situation for both artists and collectors. Right now the cryptoart space is still young but growing at a rapid pace, more and more people are joining the space on a daily basis, and cryptoart is becoming one of the best mediums for trading, collecting and investing in digital assets.
PS: Even though I have only posted examples of visionary/psychedelic/abstract art, it isn’t the only type of cryptoart, but it’s my favourite style of art :-)
If you’d like to participate in my blockchain project for visionary/psychedelic/abstract artists, drop me a line on email@example.com