On September 23, auction giant Christie’s plans to sell its first non-financial token, or NFT, at an auction. This came just one week after a record $ 100,000 sale at a digital art auction, which also used a blockchain-based token to transfer new property to a collector.
Meanwhile, Anthony Pomplano, co-founder and partner at Morgan Creek Digital, wrote on September 21: “Personally, I believe the capitalization of the digital art market will grow beyond the physical art market. It might sound silly today.”
The digital art market is clearly gaining momentum. Duncan Cock Foster, co-founder of the Nifty Gateway Digital Gallery, told Cointelegraph, “The digital art movement is growing at an amazing pace. I think the growth we’ve seen has surprised everyone involved.”
Much of this can be attributed to the coronavirus pandemic, which has reduced travel and closed art museums. “Digital art allows people to create artworks from home, on their computers and on their phones, and easily send photos / videos back and forth, making digital art particularly suitable for this time in history.” – Blake Finucane, co-author of the position paper on NFT-based art titled “The Art of Coding: A Decentralized View,” Cointelegraph told Cointelegraph. But something else could happen. Finucane said one of the historical problems with digital art is that it “is almost impossible to make money,” adding:
If something is only in digital form – say a GIF, meme, digital photo, or digital video – it’s easy to take, copy, paste, or play a screenshot. Digital artwork is depreciated when it comes to selling it commercially because it is so easy to copy – and hard to keep track of what the original artwork is actually. ”
But on the other hand, if a work of digital art is encoded, the asset can always be traced in code, ”making realizing commercial value much easier, as someone could“ own ”the asset, she said.
“This is very important for digital art,” Giovanni Colaveza, assistant professor of digital humanities at the University of Amsterdam, told Cointelegraph, adding that coding “allows us to exchange and create value from previously problematic art forms.”
On September 18, NonFungible.com, a site that tracks NFT sales data, reported a record volume of art-related NFTs ($ 162,385), followed by the second-highest daily reading on September 22 ($ 123,205). ). Since June, there has been a significant increase in sales of US dollar blockchain-based digital art.
Digital art + blockchain = the 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 Ethereum immutable code ERC-721, used in many digital galleries, was not developed until early 2018.
The traditional art world often dismisses electronic art and asks: Why create digital art when you can make copies of it? – explained Vladislav Ginsburg, Blockparty CEO. However, “I can use [NFT] technology to prove that I have the original digital asset.” Ginsburg compared digital art to e-books, which, like digital art, had been around for decades without much concern before reading devices like the Kindle and iPad came along. “Digital art is now enjoying an ignition and iPad moment,” he said at the CADAF Online Arts Festival.
“The art world has longed for a way to collect digital art, and NFT is the perfect solution to this problem,” Cock Foster said, adding that everyone should distinguish between digital art and crypto art, where the latter is coded or blockchain enabled. A copy of the previous one. According to the aforementioned “Crypto Art” position, co-author of Colavizza’s book, the theory goes as follows:
“When an artist-created digital asset is added to a digital gallery, a token is created using a smart contract and placed in the artist’s portfolio. The mark is permanently associated with an artwork and is a unique and unique asset that represents the ownership and authenticity of the underlying artwork. Once created, it begins. Artwork lives on a particular blockchain, where it can be purchased by a fan or collector, and where it can then be exchanged, sold, or stored by the group.