The Crypto Art World
The Crypto Art World ?
If you are interested in the Crypto Art world but don’t know the basic concept? Read here!
Over the past few weeks, the Crypto Art and NFT space has been blowing up including the big platforms too — Let’s dive deep into questions for future collectors and artists wondering the absurd value that this space has.
As all things that make people money in life, there are going to be suspicions about it from every direction, I’ll go in depth to a few questions that the general population of people will ask when looking into the Crypto Art world at this time.
→ Why is the digital version more valued then the physical version?
This question is one of the main things asked by artists especially and collectors too who come from the traditional art space. Why are pixels worth more then the brush strokes on a canvas? To put it simply, its not that it holds more value — but rather, its more accessible especially with the rapid growth of tech in the recent years.
As said above in this thread, there are a lot of ways digital art is superior to physical art in terms of ease, time & protection. However, this does not mean that they both outweigh each other — this is because you can send the physical version to whoever buys your NFT if you’d like and upload a scan of the physical version to make it digital as great upcoming artist, Fewocious does.
Why do collectors see value in these?
I’m an artist and the past month, I have reinvested my profits into buying Crypto Art from some of my favourite artists. Currently, I like to flip artwork to make more money to buy more art ; this shows instant profit if you invest into the right people — This is not the only reason why people see value in Crypto Art and I spoke to one of the biggest collectors in the scene, WhaleShark, to get his thoughts.
“I collect cryptoart because firstly and fore mostly, I appreciate, enjoy and love art. Collecting digital art allows me to collect beautiful masterpieces without the limitations of physical art like physical space and time based material degradation. From an investment perspective, cryptoart, the application of tokenization (NFT) to digital art, is a needed and natural extension for the commercialization of digital art. My famous two part question that I ask people pertaining to this is:
1. Is digital art worth anything? 2. Is there any other method to prove scarcity and provenance in digital art today?
If the answer is yes to #1 and no to #2, then it is a pure certainty that the application of NFT technology to digital art (cryptoart) is inevitable.
While I know there are many collectors in the market who like me, do not trade on the secondary market and hold the art that they buy, I believe that the majority of collectors are active investors who see an extremely profitable opportunity to invest for the short to medium term. With the cryptoart asset class growing at between 300% to 400% on a quarterly basis, the increasing amount of money in the space is going to draw both long and short term investors.”
→ Can’t people just download the image without paying?
This has been asked many times especially over the past week & It’s a topic that is associated with ‘stealing’ because that's the main idea of what goes around people who ask this. However, to people who are genuinely wondering — If you have a original edition of a NFT that you have bought, the value of that is that its a NFT ( Non Fungible Token ) and is not the same as others.
Meaning that if you have a piece of art and decide to tokenize / mint it you are assigning a 1/1 value to it that makes it 1000x more valuable. This will forever live on the permanent ledger and anyone can see it, here is a thread by another amazing mind in the space who has invested into one of the best crypto artists upcoming, DCLBlogger.
These are some of the questions that people wonder about when exploring the Crypto Art world and I hope I went slightly in-depth with it and pushes you to get into the Crypto Art world more. There are a lot of platforms that I personally recommend including SuperRare & Rarible.
Before I end this article, I asked someone who I have been mentioning a lot that goes by the name of Fewocious — I asked him two questions.
1. Do you think crypto-art is changing the way of traditional art and why if yes or no?
2. What advice would you give to new, upcoming artists who have never heard of the concept of ‘crypto-art’.
“I think Crypto-Art is showing traditional artists there are new ways to support yourself off art. It’s been a joy seeing all my painter friends getting into the NFT space & see this whole new world compared to the traditional space. Before NFTS, my biggest source of income came through selling my original 1/1 painted canvas. Now, it’s 1/1 NFTS! It’s so cool to see everything changing. Crypto art is one of the dopest things I've ever encountered in my LIFE. it’s totally changed my life for sure.
Anyone new to CryptoArt should for sure get to know the community more! It’s the coolest community I’ve been a part of & I’ve learned so much from just hanging out with people. I was super nervous, I thought it would be really serious and spooky. But, it’s the total opposite! I love it. These are the kindest people I’ve ever met. Learn from everyone else doing their thing, and take notes! The same way us artists take inspiration from certain paintings, movies or drawings, try and take note of what some people are doing. I’m learning so much everyday. and it’s beautiful to see the information get passed around from the OGs to newer people & as those people get more experience they share, and the information flows! It’s beautiful.”