Posted by Paiblock
The art market has always been an interesting place to be. Blind auctions, paintings that fetch tens of millions of pounds, theft and fraud, rough dealings – these are the things that Hollywood thrillers are made of. It is often dismissed as elitist and inaccessible to owners of mediocre resources – a playground for the very wealthy, who can spend huge sums of money on works of art that they rarely display in their homes.
But like all markets, this one is constantly evolving. In terms of the impact and magnitude of the changes, the last stage could be the most profound since the emergence of auction houses in the eighteenth century: the growth of digital art and the buying and selling technology that underpins it.
The concept of digital art is very simple: it is art made with digital tools and mostly found on a digital platform. The technology that underpins the digital art market is a bit more complex. At its heart are NFTs, or non-fungible tokens. Digital artwork is printed on blockchain technology in the form of NFTs, a process known as “engraving”. These NFTs, in turn, are indelible proof of ownership. NFTs cannot be stolen, tampered with or tampered with, and they mean that digital artworks can be traded in a secure, encrypted manner. In other words, unlike Rembrandt hanging on the wall of a gallery or palace, these works cannot simply be stolen and sold on the black market.
The rise of digital art and NFTs has already propelled artists who until recently only had an online fan base to fame and made them into multi-millionaires. In March of this year, NFT artwork by artist Beeple – real name Mike Winkelmann – sold for $69 million at Christie’s, which has long traded paintings by the likes of Matisse and Van Gogh. This made him the third most expensive living artist at auction, behind David Hockney and Jeff Koons.
But work every day – the first 5,000 days – collecting
5,000 digital photos taken by Beeple since 2007 – it has a unique story. It was A .’s first digital artwork
Traditional Auction House. The sum not only reflected the emergence of a new artist, but the moment when an entirely new artistic medium came under the hammer.
See the fine print below Christie’s listing for “Wallet Address” and “Non-replaceable Token” information. No artwork sold at Christie’s has previously made these claims, and this has led many to question whether digital art and the coding technology that underpins it will one day replace physical painting at the center of the art market.
Businesses like Beeple aren’t the only tactics charging high prices. Memes have also been minted and sold to tens of thousands. CryptoPunks, a set of 10,000 cartoon-like digital characters stored on the Ethereum blockchain, all unique, was introduced in 2017 with prices ranging from $1 to $34 apiece. One sold in July for $7.5 million. Last year the average price was $207,211.
Digital art functions similarly to physical art in that public perception is an important determinant of the monetary value of a work. However, if the business is part of a group, such as B-CryptoPunks, the value is also affected by the number of people buying and selling.
One of the things that makes speculators take a closer look at the world of digital art is the fact that the price of some of the most famous digital artwork has risen faster than any other work of art in recorded history. With the explosion of virtual wealth in recent years — thanks to the popularity of Bitcoin, Ethereum, and other limited uses outside of digital commerce — it is now a market for buyers.
It is critical for the artists themselves to be able to shape and convert their work to NFT. Danish company Paiblock has been providing one of the most affordable engraving services in the industry since its inception a decade ago. With Paiblock’s blockchain platform, an artist can make 900 works for as little as $1. Also, the company only takes commission if the business is sold.
If they don’t sell, the artist loses nothing but the small cost of the engraving.
democratization of the art market
Part of the appeal of digital art, especially to younger generations, is its accessibility. Potential buyers do not have to go to fairs or auction houses. And while they may not have original artwork to hang on their walls, the scale of Generation X, Y and Z participation online means that doesn’t seem to be an obstacle. Paiblock itself offers two sets of collectibles: CryptoPops and CryptoPandas. Like CryptoPunks, which many believe started the crypto art movement, these are one-time-created figurines that can be owned by an individual or a company – and like all artwork, they function either as a commodity or a collectible.
Younger generations understand better than many that online goods, despite their advantages, are not always reliable investments. However, when minted correctly, NFTs are extremely secure, and Paiblock powers one of the most stable and user-friendly digital environments available for minting.
Platforms like Paiblock help democratize the art space and make artwork available and accessible to all.
Visit www.paiblock.app for more information
Originally Posted on Business Reporter