Blockchain Art Market - The Future Of Art

Posted by Owity L on

Blockchain Art Market - The Future Of Art

What is blockchain art? 

    The artwork is uploaded as a digital file protected by a cryptographic certificate of authenticity, with a unique entry on the Ascribe platform. Thats what blockchain art is, in its simplistic form. The recording of the transaction and artwork can be accessed via the blockchain URL of the artwork, where you can see all the artworks that have changed hands and easily trace them back to the artist. When a work of art is sold, artists transfer tokens to a new owner, and the transactions of those tokens are recorded digitally on the blockchain.

    If you're thinking of the ethereum phenomena that happened back in 2017 called Crypto Kitties, get that out of your head right now! Blockchain art is digital art that is offered in limited quantities. I know what you may be thinking, but it's digital art .. anyone can own it or look at it. Can't I just copy or screenshot the art and claim I own it? No, you cannot, first you must understand how the blockchain side of things works. When you own a specific cryptographic form of keys on a blockchain, you're the only one who has access to these keys. The authentication of the art is verified on the blockchain, so you don't have to worry about whether what you're buying is the real thing or not. The digital art will have a set amount of say for example 50 cryptographic keys attached to this specific version of this art. The blockchain is public, so you can see what addresses own it, who's transferring what to who and you can see if the seller is in fact selling an authenticated version of said digital art. I hope I explained that well, if you'd like to look into it more .. search Blockchain Art to better understand it. 

    Blockchain technology drives innovation in the art world, from decentralized title registers to blockchain art. Blockchain Art Provenience is a technology that reinvents the provenance of art and adapts it to the needs of the digital age, not only for art, but also for business, education and government.

 

How will blockchain change the art market?

    Blockchain technology allows artists to verify, certify and certify the engagement between the artist and the artwork for sale. Blockchain's ability to capture the authenticity and provenance of works of art could be used to secure pharmaceutical supply chains.

    We have already talked about how blockchain is being used to authenticate art and its increasing influence on the art world, but it is exciting to have the opportunity to learn and inform about what is happening now and to look forward to shaping what cryptoart will look like in the years to come. Although cryptography is still in its infancy, like the currency, we can already see that it surpasses the polished average logo of a traditional artwork in terms of value. This is evident in a series of artworks by artists such as David Hockney, David Guggenheim, and Andy Warhol, which have been exhibited at the Museum of Modern Art in New York and the Museum of Art in London, respectively.

    Other art industry companies that use blockchain technology include Artory, Blockchain Art Collective and Verisart. Looney also uses the back-end of the Counterparty, but many art companies have already begun to use the system for their certified artworks and collectibles with bitcoin and blockchain. There is a Bitcoin blockchain database for registering physical art and a platform for artists to tap. It is designed to provide a directory to see art that can be collected on the Bitcoin blockchain. The artwork is uploaded as a digital file protected by a cryptographic certificate of authenticity, with a unique entry on the Ascribe platform. The recording of the transaction and artwork can be accessed via the blockchain URL of the artwork, where you can see all the artworks that have changed hands and easily trace them back to the artist. When a work of art is sold, artists transfer tokens to a new owner, and the transactions of those tokens are recorded digitally on the blockchain.

 

Celebrities getting in on the blockchain art trend

    As with anything in America, when the celebrities follow, the public then flocks like sheep following the trend. Within the last two weeks, here's two notable Hollywood celebrities who've got in on the crypto blockchain art craze.     

    The ‘Two and a Half Men’ star adds his star power to crypto-art creators, including Paris Hilton, Skeet Ulrich and David Arquette. He has picked two charities, Global Wildlife Conservation and Oxygen Seven, to receive a portion of the sale. Kutcher’s video on the blockchain-based art market demonstrates a new concept where the physical original is destroyed to assure the digital copy of a unique existence as a cryptograph. Actor and venture capitalist Ashton Kutcher’s first attempt at digital art, an odd piece titled “The Eye of the Beholder”, is auctioning at Cryptograph. At the time of writing, the highest bid stood at 13.26 ethereum, or about $6,300, with a day to go before  the sale ends.

blockchain-art-market

 Kutcher with his masterpiece. Courtesy of Cryptograph.

 

    Paris Hilton, a famous heiress of the eponymous hotel network, has auctioned off a digital painting of her cat for 40 ETH—worth around $17,000—on recently launched Ethereum-based auction platform Cryptograph.“Paris’ Cryptograph is a hand drawn portrait of one of her cats named Munchkin,” Cryptograph explained, adding that “This is Paris’ first ever NFT and so the fact that it is a portrait of a Kitty is some would say rather appropriate given how NFTs and Crypto Kitties are so synonymous.”

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Paris made this on her iPad

 

How to create blockchain art? 

    Digital artworks are created, stored and traded directly on blockchain platforms such as Ethereum and Counterparty. For example, an artist or group can register and symbolize a physical painting, vase or flower. The developers claim that blockchain-style asset tokenization will add liquidity to the market by encouraging more people to invest in smaller units. In addition, Monart will offer art investors the opportunity to acquire shares in the art collection through blockchain smart contracts. 

    In this way, those who bring blockchain into art are trying to reverse the process by reintroducing the concept of ownership, ownership of art, and ownership in the form of a digital asset. Artists can refer to the artist who created the art and harbors blockchain property in a tokenized form, allowing users to pay for and easily exchange property using cryptocurrencies. 

 

Cited Sources:

https://news.bitcoin.com/hollywood-royalty-flexes-crypto-art-goals-ashton-kutcher-auctions-nft-digital-art-for-eth/

https://decrypt.co/38969/paris-hilton-sells-ethereum-based-artwork-for-17000

Art Market Blockchain Crypto

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