Thanos twerking, realistic Peter Griffin “ballin”, Pikachu dancing, celebrities, and many, many cats. Crypto art is not the future, its the present. However, Its not too late for you to find out and participate in this random and lucrative world.
Wait, what is crypto art?
An NFT (A non-fungible token) is a token on a blockchain with encrypted information that certifies a digital asset to be unique and non interchangeable. It is a unit hat cannot be divided, but that can be used to represent real world objects. Thanks to the encrypted information used with the Blockchain technology (Certification of digital property) certifies who is the owner of that digital, collectible image, video or sound along with its characteristics. own, as well as sometimes the copyright of the same.
The value is based on the certification of ownership given by an NFT on the work. A metaphor in the physical world would be the Mona Lisa. When leaving the museum you can buy a replica of the work, but this replica does not have the original value. An NFT certifies the ownership of a work in the metaverse.
Right now for art consumption, collectors, artists and the world are taking a leap that has not happened in many years. For visionaries cryptocurrencies, and for now, crypto art will become a practice that will benefit new artists, challenge classical artists to change, and it is definitely here to stay.
The only way to generate this type of transaction is by exchanging blockchain currencies, mainly Ethereum and Bitcoin. Other currencies are constantly being developed.
The Nyan Cat meme, a cat half cookie, half cat popularized in 2011 was sold in 2021 for 300 ETH, a digital currency that now corresponds to $ 52,955.48 Mexican pesos per unit at the time of sale. In total, Nyan Cat was purchased for $15,886,500 Mexican pesos.
In the metaverse, which is already popular for one of its most common currencies, Bitcoin, intellectual properties are integrated: designs, music, photographs, videos.
The intellectual property certification and protection has empowered under-recognized emerging artists at auctions and classic art exhibitions, when their work has typically been digital. Recently, Beeple, an artist and illustrator who uploaded a different work every day to Instagram, was able to sell a compilation of his works called “Everydays – The First 5000 Days” for $69 million USD.
Can it be copied?
Sure. Millions of people view, share and store images constantly. For example: the work that was auctioned for $69 million USD, by artist Mike Winkelmann, better known as Beeple, has been copied and shared infinitely. But only one owner has the digital ownership certificate.
In many cases, the artist retains the copyright to their work so that they can continue to produce and sell copies.
The NFT buyer owns a token that proves that they are the owner of the “original” work. Some people liken it to the situation when in the conventional art world when you buy a signed and certified work.
These new opportunities have generated the birth of a popularization of unusual works, which have characteristics of a digital age that unifies memes with beauty, an aesthetic that corresponds to the parameters of a “meta-capitalist” society.
Intellectual property has been a concept that has been used and therefore certified by organizations such as the NBA, which sells videos of its best moments in NFT format. By March 2021, they made approximately $220 million dollars.
Social media stars such as YouTuber and boxer, Logan Paul, are among the pioneers in taking advantage of this new opportunity. Launched together with Bondly, Paul’s NFTs raised 3.54 million dollars during the first day. The sale featured 3,000 NFTs, each costing 1 ETH. Paul managed to get 1772 NFTs sold on the first day.
A new opportunity is generated for the art market and for creators, the system in which transactions are programmed in this system allows the author, even after he sold his work, to receive a certain resale percentage of every secondary sale. This specified percentage will accompany the work in all its future transactions.
Is it a good investment?
Some people think this is an economic bubble in response to the pandemic, for example, Beeple, one day before the $69 million dollar auction, commented to BBC: “I actually think there will be a bubble, to be honest. And I think we can be in that bubble right now.”
However, it has been shown that the industry is on the rise and transactions are common. At this time, there are people selling and buying, winning and losing. It is something that, like in any new market, is in the process of adaptation.
For now, while the pillars and laws of this new system of creation and purchase of assets are being created, galleries that facilitate the development, collaboration and sale of NFT’s are starting to enter the arena.
The pandemic, the decentralization of currencies and the crypto universe are catalyzing changes in large sectors of the economy. Money is about to be exchanged, someone you know will make money, participating now could be the key to having a secure future.
Reine is a contemporary, global digital art gallery that hosts exclusive events and experiences from the art world. They have a large strategic network of artists who entrust their work to them to be able to promote and sell to the world.
Its “Reine Originals” section presents original collections in collaboration with artists and brands in different formats: NFT, immersive digital experiences, high-end events and collectible products and works. You can learn more on their instagram page @reineartgallery.
By Chavelo Chavez IG: @chavelo_chavez