On September 23rd, auction giant Christie’s plans to auction the first indestructible symbol, or NFT. This came just a week after the $ 100,000 record digital artwork was sold, which also used a blockchain-based token to grant new ownership to the collector.

Meanwhile, Anthony Pomplano, co-founder and partner of Morgan Creek Digital, wrote on September 21: “Personally, I think the market value of digital art will rise and surpass the market value of physical art. This may sound silly today. ”

The digital art market is clearly lurking. “The digital art movement is growing at an incredible pace. The growth we’ve seen surprised everyone who participated, I think, ”Duncan Cock Foster, co-founder of the Nifty Gateway digital gallery, told Cointelegraph.

Much of this can be attributed to the coronavirus pandemic, which has restricted travel and closed art museums. “Digital art allows people to interact with art from home, on their computers and phones, and easily send photos / videos back and forth, making digital art especially suited to this historical period,” said co-author Blake Finucane. paper A stands for NFT-based art called “The Art of Coding: A Decentralized View,” Cointelegraph said in a post. But something else can happen. Finucane said one of the historical problems of digital art is that it is “almost impossible to generate income,” adding:

“If something is only in digital form, like a GIF, meme, digital image or digital video, it’s easy to take a screenshot, copy, paste or copy. When it comes to selling, the value of digital art goes down. Commercially, because that it’s that simple. Copy it – it’s hard to keep track of what the original work of art really is. ”

But, on the one hand, if the digital image is encoded, the asset can always be tracked using the code, which makes it easier to achieve commercial value, since someone can “own” the asset.

“This is extremely important for digital art,” Giovanni Colaveza, assistant professor of digital humanities at the University of Amsterdam, told Cointelegraph, adding that coding “allows us to share and create value from previously problematic art forms.”

On September 18, NonFungible.com, a website that tracks NFT sales data, reported a record volume of art-related NFTs ($ 162,385), followed by the second highest daily volume on record on September 22nd ($ 123,205). ). In America)). There has been a noticeable rise in blockchain-based digital art sales in USD since June.

Digital art + blockchain = art of cryptography
Digital art has been around for decades. Artists began experimenting with computers in the 1950s and 1960s, but it was only recently that digital art was encoded on the blockchain platform. For example, the non-fungal ERC-721 token for Ethereum used by many digital galleries was not developed until early 2018.

The world of traditional art often rejects electronic art and asks: why take away digital art when you can make copies? – explained Vladislav Ginzburg, CEO of Blockparty. However, “I can use [NFT] technology to prove that I have the original digital asset.” Ginsburg likened digital art to e-books, which, like digital art, existed for decades without much interest before the advent of readers like the Kindle and iPad. “Digital art has a moment of fire and now the iPad,” he said at the CADAF online arts festival.

“The art world has longed for a way to collect digital art, and NFTs are the perfect solution to that problem,” said Cook Foster, adding that everyone must distinguish between digital art and crypto art, the latter being symbolic or blockchain. an activated copy of the old one. According to the above-mentioned position paper “CryptoArt”, which was also co-authored by Colavizza, the theory reads as follows:

When a digital asset created by an artist is added to a digital gallery, a smart contract token is generated and placed in the artist’s portfolio. The marker is permanently attached to the artwork and is a unique asset that reflects ownership and authenticity of the underlying artwork. Once created, a piece of art begins life on a specific blockchain where it can be purchased by a fan or collector, and then coin collectors can exchange, sell, or keep like all other rare items.

Source: CoinTelegraph