Digital art blockchain
This research will look at how NFTs came to be and what artists and arts administrators should consider when utilizing this technology. Fungible cryptocurrencies are equivalent to each other, allowing them to be used for traditional commercial transactions. Figure 1: Illustration of fungible vs. Source: JingDaily.
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Content:
- Beeple’s opus
- An easy guide to becoming an NFT artist
- Crypto investor 'Metakovan' named as buyer of $70 million digital artwork
- How can you make NFT digital art and collections? What are the pros and cons?
- BLOCKCHAIN APPLICATIONS IN THE ART INDUSTRY
- NFTs or non-fungible tokens: The new kind of digital art that could prove a bonanza for creators
Beeple’s opus
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. Go here to connect your wallet.
An easy guide to becoming an NFT artist
At the time, it seemed like a lot of money for digital artifacts with no real-world value. The guy who drew her or DC Comics? Sales like his got the attention of DC Comics and Marvel. The debate over NFT winners and losers. The basic idea of the technology is fairly straightforward. An NFT — which stands for non-fungible token — is like a certificate of authenticity for an object, real or virtual. The unique digital file is stored on a blockchain network, with any changes in ownership verified by a worldwide network and logged in public.
Crypto investor 'Metakovan' named as buyer of $70 million digital artwork
Earlier this month, 18 interested buyers got into a bidding war for a large, gray disk engraved and painted with , digits of code. It's a little more than 4 feet across, features a karat gold leaf and comes with something the legendary Christie's auction house had never sold before: a piece of digital code that tracks the artwork's location. The piece of code is what's known as a nonfungible token NFT , which uses a blockchain in this case the Ethereum blockchain to create a unique identifier that can be tracked. It's one of the many applications of blockchain technology, which uses shared computing power to create secure and almost unhackable digital ledgers. Each token is generated by a smart contract, which is unique, unchangeable and forever linked to a specific work of art. Once a digital artwork is tokenized, it lives on the blockchain, where it can be purchased, traded and its provenance established. When it comes to forgery, taking a screenshot is much simpler than re-creating a one-of-a-kind work of physical art. Tokenizing digital art makes identifying the original irrefutable — it gives artists and collectors power over the value and ownership with a legitimate and immutable public record. NFTs effectively resolve copyright infringement issues, create a trustworthy ecosystem for collecting digital art and strengthen artist retail rights.
How can you make NFT digital art and collections? What are the pros and cons?
Non-fungible assets are unique, and cannot be interchanged as such. An artwork, for example, is unique, non-fungible, and thus possesses inherent value that is open to speculation. NFT art, therefore, is the meeting of cryptocurrency and the art world , made possible by blockchain technology. In what is now becoming a more accepted medium of commerce, the blockchain acts as a distributed digital ledger that indelibly records all transactions in a publicly accessible space.
BLOCKCHAIN APPLICATIONS IN THE ART INDUSTRY
Miguel Perez. A choral group in Dallas hopes to use blockchain to monetize their new recording. Instead of making pennies from streams, they can sell a single copy for thousands of dollars Blockchain has taken the art world by storm. That is the technology that powers cryptocurrencies like Bitcoin.
NFTs or non-fungible tokens: The new kind of digital art that could prove a bonanza for creators
Grimes is one of several artists using NFT non-fungible token technology to sell art. But the art in question does not have a physical presence the same way a painting or sculpture does. Instead, the token represents ownership - but not the work itself. The token is recorded on a digital ledger, and can be re-sold. The artwork can go up or down in value, but the owner of the token never possesses the original digital file. The NFT is perhaps best described as a sort of digital certificate of authenticity, and for some it's become a desirable collectible. NFTs exists on the blockchain - the same technology that underpins cryptocurrencies including Bitcoin - and that is how transactions are logged.
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NFTs or non-fungible tokens: The new kind of digital art that could prove a bonanza for creators. It's an example of the surging demand for digital artworks called NFTs, which are selling for thousands, even millions of dollars. The answer goes to the heart of this emerging digital economy, and opens up new avenues for artists to finally make more money for their work. Fungible means exchangeable. A movie ticket is fungible — you can give it to anyone else to use. A typical plane ticket, on the other hand, is non-fungible.
Heirs of Pablo Picasso, the famed 20th-century Spanish artist, are vaulting into 21st-century commerce by selling 1, digital art pieces of one of his ceramic works that has never before been seen publicly — riding a fad for " crypto " assets that have taken the art and financial worlds by storm. For an exclusive interview before the formal launch this week, Picasso's granddaughter, Marina Picasso, and her son Florian Picasso opened up their apartment — which is swimming in works from their illustrious ancestor — in an upscale Geneva neighborhood. There they offered up a glimpse, however tantalizingly slim, of the piece behind what they're billing as an unprecedented fusion of old-school fine art and digital assets. They're looking to cash in on and ride a wave of interest in non-fungible tokens, or NFTs, which have netted millions for far-less-known artists and been criticized by some as environmentally costly get rich schemes. A Picasso, his family's promoters say, would mark the entry of a Grand Master into the game. In economics jargon, a fungible token is an asset that can be exchanged on a one-for-one basis. Think of dollars or bitcoins — each one has the exact same value and can be traded freely.
An NFT, is a Blockchain-based tokenisation of a collectible item or an art piece. It is worth noting that these pieces of digital art can be modified without losing any information, with full transparency about its transactions. Like any other form of cryptocurrency, NFTs can be bought and sold. This wallet enables you to pay Blockchain gas fees, more about it later on.
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