Crypto art nft

Paints, brushes and a canvas are the tools typically associated with visual art, but not for Osinachi. He has become one Africa's foremost crypto-artists, using digital means to both create and sell his work. Sitting at his dining table in his comfortable yet modest home in the Nigerian city of Lagos, Osinachi flips open a laptop and launches Microsoft Word. He stares at the screen poised with his stylus pen.

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Content:

• Follow the Author
• Profession Crypto Artist
• ‘I went from having to borrow money to making $4m in a day’: how NFTs are shaking up the art world
• NFTs Weren’t Supposed to End Like This
• 10 Most Expensive NFT Projects Ever Bought Until Now
• Could JPG Become the Tumblr of the NFT Space?
• NFT Artist & Crypto Art
• NFTs, explained
• Where to Buy Affordable NFT Art
• Non-fungible token

WATCH RELATED VIDEO: TEDx - What is the future of Art on Blockchain (Crypto Art and NFTs) - Gordon Berger

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J ust a few months ago, Jazmine Boykins was posting her artwork online for free. But Boykins has recently been selling the same pieces for thousands of dollars each, thanks to an emerging technology upending the rules of digital ownership: NFTs, or non-fungible tokens.

NFTs—digital tokens tied to assets that can be bought, sold and traded—are enabling artists like Boykins to profit from their work more easily than ever. TIME is now accepting cryptocurrency for subscriptions to time. Learn more. NFTs are best understood as computer files combined with proof of ownership and authenticity, like a deed. Like cryptocurrencies such as Bitcoin, they exist on a blockchain—a tamper-resistant digital public ledger.

By contrast, NFTs have unique valuations set by the highest bidder, just like a Rembrandt or a Picasso. They can then list their piece for auction on an NFT marketplace, similar to eBay. At face value, the whole enterprise seems absurd: big-money collectors paying six to eight figures for works that can often be seen and shared online for free. The phenomenon is attracting a strange brew of not just artists and collectors, but also speculators looking to get rich off the latest fad.

A bubble it may be. But many digital artists, fed up after years of creating content that generates visits and engagement on Big Tech platforms like Facebook and Instagram while getting almost nothing in return, have lunged headlong into the craze.

To help artists create financial value for their work, NFTs add the crucial ingredient of scarcity. It can be harder to understand why digital art, or any other digital file, has value.

If nearly your whole world is virtual, it makes sense to spend money on virtual stuff. The groundwork for the digital-art boom was laid in with the launch of CryptoKitties—think digital Beanie Babies. At the same time, cryptocurrencies have been booming in value, fueled in part by celebrity enthusiasts like Elon Musk and Mark Cuban.

At the time, NFT art was just heating up in some circles, but it was difficult for newbies to buy, sell and trade pieces. Nifty Gateway prioritized accessibility and usability, helping fuel wider adoption. The past few months have been a feeding frenzy, with new highs almost daily. So-called whales are making the biggest deals in the NFT art world. These deep-pocketed investors and cryptocurrency evangelists stand to benefit financially from hyping anything remotely related to crypto.

Andrew Benson, a Los Angeles-based artist, has been experimenting with psychedelic, glitchy digital video work for years. A year and a half ago, when his plans to exhibit a new series of videos fell through, Benson was plagued with doubt about his future in the art world. Since then, Benson has sold 10 more works in the same price range. Many other artists working in groundbreaking and sometimes controversial styles are also receiving unprecedented interest from NFT collectors.

Art with whirling 3-D renderings, street-style oversaturated color schemes, and hyper-referential and often crass cartoons are thriving. These Internet-fueled aesthetics are grabbing the attention of both a younger generation raised on Instagram and a rabble-rousing crypto clientele.

These developments have left many in the conventional art world agape. In some cases, the whales and minnows are swimming in tandem. In January, the duo bought 20 Beeple artworks, placed them in a virtual museum that can be visited for free, and then fractionalized their new enterprise into tokens which are now co-owned by 5, people.

Their value has since increased sixfold as of March The duo is considering a similar move with their latest headline-grabbing purchase, which they hope to display in a cutting-edge virtual museum. Even as artists, collectors and speculators benefit from the NFT craze, the phenomenon is not without its dark side.

The barriers to entry—it costs money and requires tech savvy to sell an NFT—could prevent some creators from joining in on the action. Legal experts are scrambling to determine how existing copyright laws will interact with this new technology, as some artists have had their work copied and sold as an NFT without their permission. Then there are the environmental concerns. Creating NFTs requires an enormous amount of raw computing power, and many of the server farms where that work happens are powered by fossil fuels.

Theoretically, climate-minded artists could move to some alternative blockchain platform with less environmental impact. Taiwanese tech startup Bitmark has started an NFT-like program to give rights and royalties to music producers around the world.

And artists who join NFT-based social media sites, like Friends With Benefits, receive fractional ownership in the platform and can receive direct compensation for the work they create through the network, in sharp contrast to existing tech giants like Facebook and Instagram.

For technology evangelists, meanwhile, the NFT frenzy is just more evidence of their long-held beliefs that cryptocurrency, and blockchain platforms more broadly, has the power to change the world in profound ways. Blockchain technology has already been implemented in attempts to make voting more secure in Utah, combat insurance fraud at Nationwide Insurance, and secure the medical data of several U.

Advocates say it could also help companies ensure transparency in their supply chains, streamline mutual aid efforts and reduce biases in historically racist loan-application processes.

Contact us at letters time. Beeple, Everydays: The First Days. By Andrew R. Beeple, The First Emoji. Not listed for sale. Andrew Benson, Active Gestures Shaylin Wallace, Stellar Goddess. You May Also Like. Already a print subscriber? Go here to link your subscription.

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Profession Crypto Artist

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‘I went from having to borrow money to making $4m in a day’: how NFTs are shaking up the art world

It took me a minute to understand cryptocurrency. I mean, the Dogecoin, blah blah, Elon Musk, I get it, but I still think a non-fungible token NFT sounds more like a kind of mushroom trade run by a bridge troll than the future of odorless, tasteless currency. We lick our pennies in this house. You can use various currencies to buy NFTs, including ye olde credit card, although the most common way they're purchased is, unsurprisingly, with crypto. Turns out, there are tons of digital sellers and marketplaces for crypto art that feature rad pieces by people like you and me so, bad! JK and offer a range of themes and price ranges. All you have to do is sign up, for free, and then you can peruse the marketplace of upcoming and past drops.

NFTs Weren’t Supposed to End Like This

These tokens could change how we buy, sell and own digital media. What are they, and could they build a new creative economy? To start, check out the video above from CNBC! Most of us can make a GIF, take a picture or record a clip, but what if you could sell those and other digital media for hundreds of thousands of dollars?

10 Most Expensive NFT Projects Ever Bought Until Now

NFTs, or Non-Fungible Tokens , revolutionised the cultural sector in and had a huge influence on digital art, resulting in the creation of a brand-new discipline: cryptoart. In fact, NFT sales tripled to million dollars in Its value is in the blockchain, which removes the middleman and confirms the origins or authorship of the art. What are the benefits of this new digital art format? For cryptoartists, it has given them a space in which they can exhibit their work and sell it in real time on platforms for selling and sharing this type of art, which removes some of the obstacles they might face in the traditional market.

Could JPG Become the Tumblr of the NFT Space?

With fewer barriers than the traditional art market, it becomes easier to get your name out there, and earn some serious money too. Due to the incredible growth of crypto art , which shows no signs of slowing down, the NFT art marketplaces have boomed on Ethereum. Even the traditional auction houses have recognized this is something to capitalize on, aligning themselves right up against a potential paradigm shift. Christie's offered the above mentioned Beeple's piece EVERYDAYS - The First Days in a single-artwork auction, describing the current craze as "a moment in time where there could be a drastic shift—a demographic shift, a generational shift—when it comes to what excites younger collectors. The works from the artist's series Terminus have already been auctioned on the platform MakersPlace and NiftyGateways.

NFT Artist & Crypto Art

Alexandria Jacobson is a staff reporter covering internal operations at tech companies. An NFT is a non-fungible token, which is a unique unit of data that provides a secure record of ownership on a blockchain. NFTs are often associated with a digital asset — in this case, an illustration of different cats eating pizza, wearing sunglasses or holding a martini. After people watch the first episode, we can see what they responded to.

NFTs, explained

RELATED VIDEO: What are NFTs and Crypto Art?

In the last months, NFT talk has literally broken the internet. From platforms like TikTok and Twitter to CNN News, the trending topic has left millions wondering, what is it and how can it work for me? Its recent rise in popularity has promised to revolutionize the creative industry. If we think of it in terms of money: a dollar bill can be swapped for five 20 dollar bills and still hold the same value, which means a dollar bill is a fungible token. If this dollar bill is signed by Banksy, it becomes a totally unique product. This means a Non Fungible Token cannot be swapped for any equivalent value.

Where to Buy Affordable NFT Art

A non-fungible token NFT is a non-interchangeable unit of data stored on a blockchain , a form of digital ledger. Because each token is uniquely identifiable, NFTs differ from blockchain cryptocurrencies , such as Bitcoin. NFT ledgers claim to provide a public certificate of authenticity or proof of ownership , but the legal rights conveyed by an NFT can be uncertain. NFTs do not restrict the sharing or copying of the underlying digital files and do not prevent the creation of NFTs with identical associated files. NFTs have been used as a speculative asset, and they have drawn criticism for the energy cost and carbon footprint associated with validating blockchain transactions as well as their frequent use in art scams.

Non-fungible token

By Shanti Escalante-De Mattei. Proponents of NFTs argue that the novel technology is a radical force that will democratize art and push out gatekeepers. The truth is that NFTs remain inaccessible to many.