Although Bitcoin is currently the most common use of Blockchain, it is not the only object transacted on the platform. Digital artists are innovating in order to gain more recognition for their work and enhance their standing in respective areas. Blockchain is seen to be the future of art, and hence it's believed that artists should start taking it into consideration. You will get a broad introduction to Blockchain, cryptocurrencies, and the role that artists are playing in it by reading this article.
What is Blockchain technology?
Bitcoin is just one of many cryptocurrencies that may be exchanged on the blockchain (or the recent meme-turned-money Dogecoin). Let's start by taking a step back and trying to understand what bitcoin really is.
One of the alternative ways of paying for goods and services is using cryptocurrency. In order to get digital currency, you must acquire a fixed quantity of coins or tokens with real money. However, what's the point of trading one money for another? The answer to this question is very significant since it pertains to security. Banks and other institutions are no longer involved when you exchange cryptocurrency. Because of the initial investors in Bitcoin, who were able to gain large amounts of bitcoins when the value was low, more people are attracted to cryptocurrencies now. Some feel that cryptocurrencies represent the future of money transactions, while others believe that they are the future of financial transactions.
Art on the blockchain: why?
So, what's the connection between all of this and art? As with exchanging cryptocurrency, exchanging digital art on the Blockchain has several benefits. It is an alternative manner of art ownership—and in some people's eyes, it is even better. When digital artists can expect stronger security and a higher value for their work, their art will be guaranteed to be secure in Bitcoin's ledgers. Verisart is a Blockchain verification tool for artists.
A digital art marketplace, R.A.R.E., claims that because to Blockchain, independent artists that have no backing from galleries can grow their careers or begin new projects.
Crypto Art is “authentic” thanks to Blockchain.
That ledger we use to keep track of all our transactions? A practise that enables the tracing of digital art means that a piece of art can be monitored as it passes from hand to hand and its origin can be tracked back to the artist who made it. Also, the rate of change of the value over time can be tracked. It has been challenging to keep track of these issues while using digital material that may be easily shared or swapped online.
How blockchain adds value to crypto art
In contrast to “traditional” art, digital art is harder to possess. Shareability is once again a problem for the work's worth. Art collectors can now own digital art in an entirely new way through the blockchain. Non-fungible tokens, or NFTs, are unique pieces of information (cryptographic tokens) which cannot be broken down into smaller portions. Bitcoin is not like traditional money in which 1 unit of traditional money is equivalent to any other unit of traditional money. NFTs are used to represent individual works of art rather than entire portfolios. Non-Fungible Tokens (NFTs) are also utilised for many applications, such as intellectual property rights, digital goods, or domain names. A digital artist can sell his or her original works and gain a sense of financial value. This knowledge allows collectors to purchase original works for greater financial gain.
Presented on this are the many benefits of crypto art; all of these factors make crypto art an extremely appealing idea. As time goes on, the future status of Blockchain in digital artists' portfolios will be revealed.