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What is Crypto Art?

What is Crypto Art?

Remember about Non-Fungible Tokens (NFT)? Believe it or not, an NFT with the painting of Vitalik Buterin, the founder of Ethereum, was sold for 260 ETH.

The masterpiece was a collaboration between two crypto artists, Jones Trevor and Alotta Money. The digital painting named EthBoy, representing Vitalik Buterin dressed in medieval harlequin, sitting on a chair looking happy with the green nature-like wallpaper as the backdrop.

How is it possible a digital painting can be valuable? How cryptocurrency and blockchain technology changed the world of the art moving forward?

What is Crypto Art?

Crypto arts refers to real or digital cryptocurrency-related artwork and physical artwork tokenized in a blockchain platform. Both are acceptable.

According to Jason Bailey of Artnome, crypto arts are rare digital artworks associated with unique and rare tokens that exist on the blockchain.

Through NFT, the idea of ownership, uniqueness, collectibles, and digital scarcity allows the art to be considered valuable. Of course, NFT is tradable and a form of digital asset nonetheless.

Where it all started?

In 2014, Monegraph the earliest platform to allow artists to create unique keys associated with their arts and stored in a blockchain. Artists then can sell the rights to the arts created if they choose to do so.

Then, there is the Rare Pepe introduced in 2016 using a blockchain platform called Counterparty after the increase of demand for rare Pepe memes. Though, it has a history of its own.

In 2018, Rare Art Fest, a festival dedicated to crypto art and rare digital art held in New York City. During the fest, a Homer Pepe sold for $39,200.

From there, the crypto art community does not show any signs of stopping and attracting more attention.

Can everyone steal or copy the art?

The main concern and probably the common question about crypto art is ownership. When a buyer purchased a crypto art, the buyer is the only owner of the NFT tied to the art. The NFT can’t be reproduced, forged, or copied by anyone. Therefore, making the buyer the sole owner of the NFT and the real owner of the art.

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Let’s take the Mona Lisa painting as an example. There is only one original work painted by Leonardo da Vincci. Throughout the years, there are countless fakes and copies created around the world. Even if a person owns a copy of the painting, it doesn’t mean it is original and real.

It is possible for the digital image of the arts saved, screenshot, or copied. However, proof-of-ownership and authenticity are unquestionable.

The Showroom

If you are thinking, do people spend their money to buy crypto art? Of course! There are several showrooms or marketplace used to trade crypto arts.

You can explore crypto art by visiting SuperRareKnownOriginOpenSea, and Async.Art. There are also crypto arts and showrooms available inside the Virtual Reality (VR) worlds like Decentraland and Cryptovoxels.

It is fascinating how civilizations have transformed for the past thousand years. If the ancient civilizations used to carve caves and stones telling their histories and arts, the modern world has it on the cloud. That is a different thought to ponder.

Can you imagine having your art collection in your house without the need for extra rooms? Of course, you can still print it and hang it on the wall.

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