With the irreplaceable token market nearing its bubble point, it may be time to relax and ask, “What’s going on here?” After all, $ 750,000 could be paid in proceeds from CypherPunk NFT’s last sale for a reasonably sized home.
The cryptocurrency world as a whole is only 12 years old, entering its teens, but the art of cryptography – art on the blockchain – and intangible tokens have just emerged from the terrible two.The launch of CryptoKitties defining the era dates back to 2017 and 2018, and the Ethereum token was never developed and released Indispensable, ERC-721, which is used by many digital galleries as well as non-fictional NFTs, until early 2018. Discussed here is still very new.
Moreover, Bitcoin (BTC), the world’s first blockchain project, was originally just a more efficient way to transfer money, but quickly evolved into something more – a kind of social movement. Likewise, the art of cryptography can develop into more than just another collection. Proponents say the technology behind this could make everyone on the planet, not just the top 1%, own unique pieces of art. Or, as the winner of an art cryptocurrency auction in December said, “I really want the cryptocurrency to be seen as a liberalizing technology.
However, there is no doubt that art – physical or digital – is also about money. The aforementioned ‘editor’ art owner offered $ 777 777 to artist Beeple (also known as Mike Winkelmann) cryptocurrency, and in light of such events, it seems fair to ask whether the digital art market is overheating.
An emerging culture?
“This is a bubble in the sense that capital is flowing rapidly into the NFT market, and most of the capital is coming from people who might use that capital to invest and / or exchange cryptocurrencies,” – Vladislav Ginsburg, CEO of Digital Arts and Blockparty Collector’s Market, Cointelegraph said. But he added that something else is happening: “A true collecting culture emerges around digital art and the cultural property that NFT supports.”
“I think we’re in full-price discovery, mixed with the rapid growth of collectible NFT space,” Giovanni Colaveza, Associate Professor of Digital Humanities at the University of Amsterdam, told Cointelegraph. In addition, he added, the more wealthy people enter the market, the more “creative people will understand how this space can allow them to generate income from their work.”
According to Ginsburg, the coding art world in its current form is twofold, encompassing artists who created digital art from the start but struggled to monetize and distribute their work – and for whom coding is a blessing – as well as traditional and material. Artists. Many of them have significant following but are looking for a larger global audience.
The first group includes, for example, Justin Roiland, who just sold crypto art for $ 150,000 at a silent auction on an art platform owned by Gemini. “He’s an animator – a form of digital art – who monetized his characters and animations through commercial means on a popular TV show,” Ginsburg explained, adding:
“Entering the NFT space has allowed it to remain digital in the first place, while selling truly unique pieces of art that can be owned without having to learn new media such as printing.”
For traditional artists looking to use NFT, “the path is less clear,” added Ginsburg, whose company is studying with artists like NFT “that could support their physical work as a” superstructure “or perhaps digital extension.”
A niche in a niche market
Colavizza said the traditional art world, with more than $ 60 billion in annual transactions, outperforms digital art, but it remains a niche market “riddled with information asymmetries and all kinds of arbitrary entry barriers that make it artificially small.” The NFT space, in comparison, is completely transparent and open to everyone, so it should come as no surprise that some established artists will want to test the waters, and this may have something to do with their recent NFT activity.
Colavizza said, citing Beeple, who auctioned off his entire NFT collection for $ 3.2 million, including the only work mentioned above: that was for $ 777 777, which broke Trevor Jones’ previous record for cryptographic art 14 times.
Another reason for the recent activity, Kulavisa said, was definitely “a new boom in cryptocurrency.”