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Blockchain, Cryptocurrency, Featured

The Growing Traction of Blockchain Art in 2021

Skeptics may have conventionally raised concerns about the exclusivity and authenticity of pure digital art, however, over the ages, the medium happened to creep its path into white cube areas. Presently, it happens to be making its debut within the high-ranking option circuit, including the sale of famous artist’s work at online stand-alone auctions. This is where cryptocurrency comes in. it happens to be the first time auction houses are likely to accept cryptocurrency as a payment mode. 

Artwork for Sale

Famous for developing wide-ranging digital paintings, Winklemann’s “Everyday: The First 5000 Days” happens to be a collage of pictures taken every day from 2007 concerning 5000 days straight. Offering a glimpse into the creative journey of the artist, the bidding begins at $100. Moreover, the auction houses have recorded the estimate concerning the work as unknown. Popularly recognized as Beeple, previously the artist has sold various works on blockchain-backed marketplaces. During December 2020, for example, a work that consisted of 20 pieces, acquired 3.5 million dollars. 

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Transactional Procedures

When it comes to transactional procedures for artworks, the term non-fungible tokens come into existence. The non-fungible tokens happen to be digital tokens attached to an artwork utilizing blockchain that includes details about authenticity and provenance of artwork. 

Here, blockchain technology introduces digital scarcity. It involves issuing a restricted number of artwork copies with the unique string of numbers there were utilized as a digital representation of the actual asset. The artwork mentioned earlier is likely to be transferred directly from the artist to the buyer, thereby accompanying a unique non-fungible token encrypted with the signature of the artist. 

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The Growing Popularity of Blockchain Art

The blockchain art movement incorporates a wide gambit ranging from Bitcoin Graffiti art to pieces like “The Last Bitcoin Supper” by a French artist. This piece of art by the French artist Youl was marketed for approximately three thousand dollars on eBay during 2014. 

Various digital marketplaces have developed in the past few years, where collectors can easily trade digital works. As per reports, the entire value of the cryptocurrency art market has now attained 80 million dollars with more than 60000 artworks marketed so far. While the artist is estimated to have marketed artwork more than 7 million dollars, other famous digital artists also are ready to compete. 

Digital Artists and Blockchain Technology

Over the last few years, digital artists have remained at the forefront of the innovation of blockchain technology. Utilizing it to authenticate and tokenize easily reproducible artworks, various artists have continued utilizing blockchain technology as a medium itself. Earlier in 2018, various projects inspired the cryptocurrency art movement, thereby challenging perceptions of digital artwork by developing artworks particularly for trade with the help of cryptocurrencies. 

Originally began as an experiment, they have enhanced the popularity this year. In February, various artists created virtual artworks valued at 1 million dollars and were fractionally offered for cryptocurrency. In this case, every buyer would own 10% of the artwork as a token recorded within the blockchain. If this isn’t a revolution in the art industry, what is? 

Wrapping Up

The last year certainly has shown how blockchain technology is proceeding to make waves within the art industry, however, there remains a long way to go. While huge sales and startup launches indicate that the market happens to be catching on, it is apparent that more information needs to be gathered and strategies are required to be put into place for avoiding the obvious pitfalls, thereby increasing consumer confidence. 

When purchasing art, the security concerning a face-to-face encounter with a professional happens to be hard to replace, particularly when blockchain is still in its infancy. With that being stated, blockchain innovations are gearing up to lead the technical transformation of the art market, thereby setting to progress in the upcoming years. However, this is only one part of the broader conversation regarding technology, art, and the future of investment. Many more are yet to come in the future.

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