digital art has become a form of currency of sorts. A painting is worth millions, or even billions, of dollars, and people are willing to pay a high price for it, especially when it is signed by the artist. But is this trend a fad or a future of art?
While digital art has been gaining popularity, there are a lot of artists who have been creating digital art for a while. At the same time, there are a lot of new artists who are now creating digital art as well. As usual, the digital art community is overreacting and taking it too seriously. So, what’s the future of digital art?
As the cryptocurrency market continues to be inflated by the uncritical hype, it has become harder and harder to separate the real innovations from the hype. The best way to evaluate the potential impact of a new technology is to look at its underlying purpose and examine its potential impact. Bitcoin was invented to exist as a peer-to-peer payment network, so an obvious place to start is to examine the current value of that purpose. If we consider the value of the Bitcoin network to be $120 billion, then there can be no doubt that Bitcoin has already succeeded in its primary purpose.. Read more about digital art crypto and let us know what you think.As the non-erasable token (NFT) sector continues to evolve, a new trend is quickly emerging: physical NFT galleries featuring unique, non-digitally erasable artwork. Recently at the largest Bitcoin (BTC) event in history, the Bitcoin 2021 conference, there was a pop-up NFT peer-to-peer art gallery featuring works from over 30 different crypto artists.
Theodora Atanasova, head of VIP relations and member of the founding team of Nexo – the company behind the Bitcoin Art Gallery – told Cointelegraph that more than 100 artworks were sold during the two-day conference: This demonstrates the impact that physical NFT galleries can have on both the traditional art world and the crypto industry. She added: We need to bring cryptocurrencies to people so they can see and touch them.
Popular crypto-currency-friendly cities like Miami aren’t the only places where NFT galleries are popping up. Earlier this month, an NFT art gallery opened for the first time in Dallas, Texas. The event, organized by Dallas-based Artist Uprising, showcased several individual works by NFT artists that have generated more than $1 million in online digital art sales in the past month alone.
Merrick Porcheddu, CEO of Artist Uprising, told Cointelegraph that the event attracted more than 200 attendees and that the public auction sale of NFT is still underway:
Many prints were sold, as well as two canvases of artwork. There was also a documentary called Making the NFT Gallery IRL (which hopefully explains a lot about what NFT art is and why it’s here to stay). In addition, three neighborhoods are already interested in hosting an NFT gallery.Bitcoin works by artist Do What You Love. Source: Sergei Gordienko
The art of NFT and the importance of blockchain
While it is important to recognize the need for physical NFT galleries, Billings also noted that blockchain technology plays an important role in the overall ecosystem: Through blockchain, the hard work of individual community members can be recognized and compensated accordingly.
In fact, blockchain is one of the most important features of NFTs as a whole, as it has created a completely new financial model for these assets. This allows creators to receive a larger share of the profits when value is exchanged on the blockchain network. In addition, for collectors, proof of ownership is achieved as all transactions are made and recorded on the blockchain.
Goode explained that NFT art allowed him to make a profit in real time, rather than waiting for galleries to accept the product, price it, and then sell it:
The eternal problem of the artist is to know his value, to ask for it and to get it. If NFTs are simply the utility of blockchain, the creative world has a chance to be one of the first vehicles or use cases, since NFTs are essentially a direct exchange of value.
Moreover, the decentralized financial protocol (DeFi) Aave is currently building a platform to use NFTs as collateral. Jordan Lazaro Gustav, Aave’s chief operating officer, told Cointelegraph that the company sees NFTs as repositories of value, usually in the form of works of art. He noted that Aave intends to use NFT art as collateral, much like a bank offers a line of credit to someone who wants to buy a piece of art.
Related: Digital becomes physical: The best NFT galleries to visit in person in 2021
Although Lazaro Gustav was unable to disclose all the details of the platform under development, he noted that theFi space traditionally uses redeemable assets like Stabelcoins as collateral. However, he stressed that NFTs are not volatile and that Aave has developed a way to use NFTs as collateral across the country.
Will NFT art galleries become a permanent trend?
While the benefits of physical NFT galleries are clear, it is unclear whether these specialized spaces will continue to appear around the world – or whether they will decline as the NFT art craze wears off.
Porcheddu explained that initially he thought NFT art was a bubble that would burst soon, but now believes it is a trend that will develop and persist, adding: People become incredibly innovative and approach things in unique ways and offer solutions to problems.
Billings also noted that no traditional gallery can compete with the technological innovation coming out of the NFT art space. Following Billings, Eldridge noted that NFT art is not a revolution, but an evolution of an older art form: digital art. He said:
The reason why digital art hasn’t emerged sooner in recent decades is that it’s impossible to keep up. The NFT is merely an indication of where a work of art is stored and is intended to enhance its value by confirming its limited or rare nature. NFTs are very important to learn and many enthusiasts are passionate about this innovation.
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