Technology has forced itself as a central player in all aspects of human life in today’s world. Within the last couple of years, a technical revolution emerged with the concept of Blockchain and cryptocurrencies. While no one would have expected that art would be under the effect of these new technologies, the results were surprising, and over time, it is taking the art world to a whole new dimension.
Introduction to cryptocurrencies
crypto is the new digital money secured by cryptography and recorded over the Blockchain. It can transfer from one party to another without having an intermediate financial institution like banks or regulating authorities like governments due to the peer-to-peer transfer technology it uses. At this moment, you might be questioning yourself; if that is the cryptocurrency, then what is a crypto exchange, and to find out more about it, we’d recommend to read a guide about what is crypto exchange.
There are a variety of cryptocurrencies like Bitcoin, Litecoin, Ethereum, and many others. The value of these cryptocurrencies keeps changing up and down, affected by the simple supply and demand basics of international trade. Tracking these momentum changes requires modern technologies and advanced apps to keep track of all the details. One of the highly advised apps is CoinStats which gives a full report in real-time about each cryptocurrency.
The relationship between art and Blockchain
Since the whole idea of Blockchain is to keep a history of transactions between parties, many industries started considering the implementation of this technology in their work for all the benefits it offers in terms of security, transparency, and autonomy.
One of these industries is digital art because once an art piece is digitized, the artist can issue a certificate of authenticity, which could be recorded over Blockchain. This way, the digital art can be sold with a whole track of ownership to eliminate any fake work and identify the actual owner of the item. All previous owners can also be determined by the Blockchain leading to the original artist who created it. Furthermore, there is no way to alter this transaction because once a block of data is added to the chain, it can’t be edited or removed.
Many artists are turning into the digital world to certify their work and protect their royalties. You had to engage multiple art houses or trade platforms to organize the buy and sell processes in the past. Things have become much easier with this new technology that doesn’t require the intervention of any medium and allows the artist to profit from their work and fame.
Buying artwork via cryptocurrencies
The widespread use of cryptocurrencies made it easier for art enthusiasts to track their preferred artists and buy their original work. While some of these artworks are being resold again for trading purposes and to generate higher profits, others are sold to collectors and art lovers worldwide.
Buyers are moving towards using different cryptocurrencies to buy these digital artworks because the purchase operation is secure and can’t be tracked. Only the buyer and the seller are involved in the transaction. This is a massive advantage for cryptocurrencies compared to traditional money because many people don’t like being financially exposed for various reasons.
The catch here is the decentralized organization of the process that guarantees to transfer the cryptocurrencies to the seller’s digital wallet and the artwork’s ownership to the new buyer. Some sellers will keep a percentage of ownership of their digital artworks based on a mutual agreement with the buyers, and this allows for a constant profit share of every transaction that would take place in the future. It saves the rights of the artists and pays them for every transfer. If this topic interests you, then check out an article about the new cryptocurrency that could change how we trade art.
Humans will always be creative because this is part of their existence, and while the world develops, some new concepts and applications are becoming part of our lives, and we have to accept them. The idea of securing artworks over Blockchain is a significant step that every artist has dreamed about, and the use of cryptocurrencies to organize safe and guaranteed trade operations enabled more creativity and appreciation for the work others did. If you are an artist and considering moving towards the future of digital technology, then take a glimpse at this story and find out how a contemporary artist digitized his work over the Blockchain, then go deeper into the details and check the values of cryptocurrencies on this tracking app.