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What Is Crypto Artwork | Today in Our Article We Figure Out What NFT and Crypto Art Are

23.04.2021
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bitcoin art

Crypto art definition

NFT and crypto art is currently one of the most widely popular trends and it has become such, as the price of lots began to reach simply enormous prices. People who are far from this, cannot even imagine the amounts that are given for such art, how much would you pay for a video and a picture? For works of such art, sometimes tens of thousands of dollars are given. But the most expensive lot in history is the lot that was bought at Christie’s auction for $ 70 million.

What is crypto artwork?

NFT is a form of digital art, which is the content of the recording of the creator of digital artwork, as well as all the information it has. Also on the Internet, there is another name for such art. This is a critical art. In fact, this type of digital art appeared several years ago, but its popularity began to grow when it was used to sell art objects.

NFT meaning

nft crypto art

NFT is also a record of the information entered using the blockchain. From the moment the record is entered, it becomes available to all who are participants in the blockchain; it is not served for deletion or change. All data obtained with the help of Crypto art is in the public domain, which is why NFT began to be used to fix information, or rather ownership and authorship rights to an object.

Cryptocurrency art

It is thanks to NFT crypto art that anyone can easily secure the rights to a unique digital object – a picture, video, or object in the game. In other words, NFT allows you to buy not the product itself, but the owner of it by attaching a token with information about the owner to the file.

Any artist wishing to attach a token to their work can use the OpenSea or Rarible platforms. It is noteworthy that OpenSea creates NFT tokens only after a buyer is found for them. In this case, the author does not need to pay a commission to the Ethereum blockchain. The Rarible platform, on the other hand, creates tokens immediately after uploading the work to the service and takes a commission from the author.

What is blockchain crypto-art

The total sales in the art market in 2017 amounted to $ 56.6 billion, of which online sales account for about $ 5 billion, according to The Art Market report. Of the 500 analyzed transactions for cryptocurrencies, about 95% were in Bitcoin, the remaining 5% in other cryptocurrencies, mostly Ethereal, according to Art Collecting.

One of the main problems in the art that can be solved with the help of blockchain art is the confirmation of the authenticity of an art object. The concept of a distributed registry allows you to completely digitize the provenance process – tracking the history of work from the moment of writing to its transfer to the last owner.

Deloitte Luxembourg, American startup Verisart, ArteQuest platform, and other companies have already developed solutions for online certification of paintings and their storage in a decentralized registry. The work is assigned a unique digital identifier that can be easily verified in real-time.

Art and blockchain

Also another part of the so-called “blockchain culture” is puzzle pictures. Usually, in the picture, the private key from the wallet is cryptographically encrypted, which contains a reward for the person who solved it. In February, the most famous series of such puzzles were solved, which in the crypto environment was also called “The Legend of Satoshi Nakamoto”. The 30-year-old programmer received 4.87 BTC in his possession for her solution, which at that time was approximately $ 50,000.

At the moment, the technology can work with a large number of types of content – pictures, videos, animations, and even memes.

South Carolina artist Mike Winckelman a.k.a Beeple, whom we mentioned above, auctioned a huge collage of 5,000 digital images at Christie’s, which he painted daily for 13 years. For the famous auction house, the sale of fully digital art was the first in the history of Christie’s. On March 11, the college sold for a record $ 69 million.

NFT tokens are also actively used in games with internal purchases in order to confirm the ownership of virtual items – armor sets, weapons, buildings, and skins. This is necessary, first of all, so that players can transfer items between their accounts, resell them, and also declare ownership using tokens. At the same time, the players do not have copyright for these items, they are still with the developer company, however, the NFT token confirms the undeniable ownership of the system.

Bitcoin art

It coin painting can only be compared with street art. They exist together on the periphery of the law; they are not accepted by official institutions such as art galleries, museums, banks, and academies; they are controlled and supported by independent, often anonymous creative communities.

Moniker Art Fair, street art, and urban culture fair were the first to accept Bitcoin payments in 2015. Visitors could learn something about cryptocurrencies thanks to a 15-meter interactive installation called Renaissance Today. In addition, everyone could use a bitcoin ATM.

Where is crypto art sold and bought?

nft meaning

One of the easiest ways to buy your first crypto art is as follows:

The first step is to purchase cryptocurrency. On sites like Coinbase, you can exchange currencies (such as USD) for cryptocurrencies. Once you create a Coinbase account, you will have a Coinbase wallet to which you can transfer money from your bank or PayPal account. Then you just need to exchange your USD for ETH. Finally, you need to transfer the required amount of ETH to your Metamask wallet. You can see simple instructions on how to install the Metamask wallet here. Almost all art websites will be logged in through your Metamask wallet. Your purchases will be stored on it.

Detailed and simple instructions in English using the Coinbase service and the SuperRare Crypto artwork marketplace are listed here.

In addition to SuperRare, there are sites for buying digital art such as Mintable, Makersplace, KnowOrigin, SuperRare, Mybae, Cryptoart, and others.

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