What Is Cryptoart and Is It Worth Participating?

Ever experience seeing digital art while you’re scrolling and thought to yourself, “I want to own this?” Perhaps you also wondered if there are such things as an art market, but for digital art. However, this type of thought will never be possible, as anyone can download a digital copy, depending on the owner’s licensing. This is where cryptoart swoops in.  

Cryptoart

Cryptoart helps establish “digital scarcity” online. It proves the ownership of digital artworks. Its benefits are not limited to digital arts but also investors and collectors. Usually, collectors of digital illustrations can re-list the art available to be purchased on the “secondary market” at their own ideal cost. Here are some popular secondary markets you should be aware of: 

• National Stock Exchange, NSE
• New York Stock Exchange, NYSE 
• National Association of Securities Dealers Automated Quotations, NASDAQ
• London Stock Exchange, LSE

If executed correctly using the right factors such as: 

• Artist popularity
• Old artworks
• In-demand artworks 

An individual taking advantage of cryptoart can reap a lot of profit. Think of the traditional art market, but the digital version. Cryptoart is often sold through various online platforms using cryptocurrencies such as Ethereum or Bitcoin. Such illustrations are paired in a crypto space using non-fungible tokens or NFTs, which authenticates each digital work as unique. 

Furthermore, think of cryptoart as an art category related to blockchain technology. For those who are not aware of blockchain, it’s typically a chain of databases. It’s used for transaction recording made with cryptocurrencies. Think of blockchain as an “online ledger” for user transactions. 

Is Cryptoart Worth It

If you’re not an avid follower of the crypto market, you’ll question yourself why buyers spend thousands to millions of dollars for cryptoart. The most expensive cryptoart bought is a digital collage by Beeple that’s sold for almost $70 million in an auction, called “The First 5000 Days.”

Buyers

Enthusiasts of cryptoart think it’s impressive to have ownership of unique digital artwork. In the digital market, this “ownership” has no actual rights aside from claiming you own the copyright for a digital illustration. In short, you don’t get a physical copy. Another thing to consider is that other people can view the image online. You’ll have a public record that you own the image. 

To help us wrap our heads to the idea of spending thousands or millions on digital art, think about how enthusiasts buy original artworks. Let’s say that buyers want to collect digital art as it’s one of the fast-growing markets in the art industry. 

In the end, it’s up to the buyer’s tastes why they are willing to spend a massive amount of money on art. Let’s say their art value reflects the social constructs of this generation. In terms of crypto art, it has a contract that users are buying as a “unique” piece. We can say the “limited edition” status drives enthusiasts too big for a digital illustration. 

Artists

For digital artists, the growing cryptoart market is a huge advantage. Artists will have another source of income. It also gives artists a trusted digital marketplace to sell their crafts. However, not all sellers have the chance to earn millions overnight. Let’s use Beeple as an example. It took Beeple a decade to grow a following and practicing his art before landing the life-changing bid of $69 million. 

Different Cryptoart Companies You Should Know

Rarible

Rarible is the first-ever NFT marketplace owned by an online community around the world. It’s a software that allows digital artists to upload and sell customized crypto assets that reflects ownership in the digital world. 

Opensea

Opensea is known as the “largest marketplace” for rare digital works. It allows anyone to “mint” their NFT using the platform’s user-friendly minting dashboard. 

SuperRare

SuperRare is coined as the biggest digital art platform on Ethereum. So far, it’s a two-year-old platform that generated at least 4,000 ETH in NFT art. If we convert 4,000 ETH to USD, it’s worth more than $7 million. 

KnownOrigin

Known Origin is another Ethereum platform. So far, it’s approaching more than 1,000 ETH sales in total. On average, one digital piece is worth 0.23 ETH. 

MakersPlace

MakersPlace is the third largest Ethereum platform nearing at least 500 ETH in total. Although it’s a small platform, it has a lot of skilled digital artists.  

Cryptoart Statistics

The cryptoart market is developing at a high-speed rate. As of 2020, according to Statista, there are more than 60,000 transactions for NFT in the art category online. Furthermore, from 2018 to 2020, the market managed to generate more than $330 million worth of NFT. 

The highest bid that happened this year shows that cryptoart market value is still growing and has no sign of stopping. 

Final Note

Cryptoart’s fast-growing market is an advantage for digital artists around the world. As an enthusiast or collector, buying digital art is worth it. In the end, it all depends on our perspective of art.