Non-fungible tokens are digital art pieces that are created and sold by artists online in return for one-of-a-kind trading card. These asset properties can be bought and resold, and is a kind of investment which can increase in value just as any art physical art piece. Crypto art is a niche genre of artwork that follow networks such as Bitcoin and Ethereum. World Economic Forum highlights 5 things you probably didn’t know about Crypto arts.
Crypto art is unique, but it is mostly digital unlike physical art. It has a digital signature recorded on a NFT or non-fungible token. While everyone has access to view the artwork, only the buyer is the official owner.
Crypto art is not a bubble as stated by a Sotheby’s expert and is quite expensive. A set of cartoon apes was sold $24.4 million on the internet. Christie’s is aiming to host the world’s first art auction where people can bid in Ether Crypto tokens.
The art pays royalties to its creators through secondary sales in perpetuity, which is not the case for physical art when it resells or is auctioned. Lathabo Huma, an artist thinks that the creators are getting paid for their art in real time in their prime when they are still alive. She believes this art will last for generations.
The more people discuss crypto art the more it is valued. Micah Johnson sold NFTs of his character “Aku”, a boy who dreams of becoming an astronaut. He sold 1400 Akus, which the buyers see as an investment they can sell in a secondary market. The more engagement the art piece will get when people talk about it in real or social media, the more it will increase in its value and be worth more.
Crypto art world is more accessible to black artists because they are no gatekeepers racially discriminating artists from displaying their work online for auction. Cryto art removes the blockchain and provides easy access to the black community to promote themselves and put their art out there.