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How are NFTs are spearheading a “Crypto Art” revolution

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“Cryptoart ” refers to artworks situated on a blockchain in the form of NFT. This new form of art has induced widespread disruption in a saturated sector opening a new set of opportunities for creative artists, investors as well as users.

How digital art helped in the formation of “Cryptoart”

Cryptoart hasn’t developed individually, instead, it has formed alongside digital art.
Digital art developed itself as a subgenre of contemporary art wherein any kind of artwork enhanced, or created on digital software was termed to be digital art. However digital art wasn’t saturated in itself, instead, it is an umbrella term for various artworks which are created algorithmically or animated artwork, or any kind of creative artwork which uses software to enhance its features.

Over time digital arts began to deploy on the blockchain. Digital artists started using blockchain as a core medium and employing various custom code software or decentralized applications to enhance their art. Although there are various iterations regarding what exactly Cryptoart is followed by various dynamic definitions of various terms of Cryptoart. However, a basic rule of thumb regarding Cryptoart definition is that it is an art on the blockchain which is published on the blockchain.

How did NFT art and Cryptoart dominate the art industry

Early stage projects such as Monograph and Rare Pepe introduced artworks on the blockchain. These projects helped users to register their artwork on the blockchain networks. In the year 2017, Ethereum introduced the ERC-721 token standard which brought about a revolution in the Cryptoart industry. This new standard allowed users to create NFTs on the blockchain which was different from previous existing protocols which only allowed users to register or store NFTs on the blockchain.

The introduction of the new standard resulted in an explosion of Cryptoart projects such as CryptoKitties, Curlo etc. All these various projects operated with the sole motive of bringing NFT on the Ethereum blockchain which resulted in the NFT art movement.

Is digital art going mainstream

NFT arts sounds like a primary component of an internet counterculture movement however it has gained mainstream attention due to massive widespread adoption by the art industry. The first step in mainstream adoption was triggered by Christie’s New York house registering the sale of Barney Ebsworth’s collection worth millions on a blockchain platform. Although the artwork was in physical form however the overall transaction was recorded in the form of a blockchain. Every component of the transaction was registered on a blockchain. Followed by this event NFT art gained massive adoption.

Recently an artwork of a digital artist Beeple was sold at a rate of $69 million. This sale signaled the rise of a new era of Cryptoart. Recently over themes, various new art marketplaces have developed such as Opensea, Rarible or Nifty Gateway.

How are artists benefitting from NFT marketplaces

  • Opportunities – NFT marketplaces and Cryptoart have opened up new avenues for artists. They haven’t been restricted to storefront galleries now the markets are more accessible, approachable, or equitable.
  • Royalty – NFT marketplaces allow artists to earn royalties whenever an artwork is sold. This approach is completely different from a traditional marketplace wherein the artist doesn’t get any money in case the artwork is resold. However, in Cryptoart, nearly 80% of the value can be earned by the artist. Thus Crypto art is channeling a higher profit for artists.

NFT as well as blockchain technology has been detrimental in innovating NFT art. The Cryptographic system creates a scarcity however decentralization ensures security as well as transparency in the network. This has resulted in NFT art turning out to be more secure and transparent.