Ten billion dollars market! How does blockchain empower digital art?

The ever-popular "Ethereum Crypto Cat" has sold a staggering millions of dollars. Nowadays, the digital art market that has attracted much attention is growing, and millions of dollars are no longer scarce. Where is it going?

Digital art market

From Paris to New York, art shrines around the world have been attracting global art collectors for many years. They seek to buy from creative artists and create a limited number of valuable artworks.

The relationship between supply and demand has always had a profound impact in the art world. With the rise of "digital art" supported by blockchain, the relationship between supply and demand is now more common. Now, artists are turning to a new medium for expressing art crafts more conveniently and creatively through RARE (a blockchain-based "digital art" market).

"Separating the art market and all of its components, RARE and other digital art markets serve independent artists who create in new digital media formats," said John Zettler, RARE's CEO.

It is worth noting that it also conveys the role of the platform for artists who do not support large galleries . "Our attitude is to find ways to serve these artists while using the blockchain to provide them with a new mechanism and sell art Market. "

The limited-edition "digital art" works that you want to store in your computer files are uploaded by artists who want to sell their digital works online, and each work is tagged, and if sold, it will receive 60% of the revenue, Currently, blockchain and IPFS (Interplanetary File System) are mainly used to save artworks to confirm the ownership and ownership of the artists who created the works.

Collectors securely buy "digital art" through cryptographic techniques like Ethereum, and choose to sell or trade the work when the art is in high demand. If a work is sold or traded, the artist still has authorship for each work to ensure that all credit goes to them.

"As a digital artist, there are a lot of things on my computer that don't necessarily print out, and they don't necessarily output to paintings, sculptures, or other physical works for collection," said Naturel, an artist in Washington, DC. In an interview with RARE, he stated that he used the market to sell his "digital art" works, while also explaining the ability of the blockchain to make art valuable because they are scarce or limited.

Speaking about the impact of blockchain on art, Zettler said: "I think using blockchain to verify artwork is still the first step in the first stage. In the long run, I see a whole new world and life is full Digital interfaces, whether augmented reality, virtual reality, OLED wallpapers, or some other technology that blurs the line between the physical and digital worlds, are booming. "

Experiencing "digital art" on the blockchain is not just staring at a smartphone screen or computer monitor, as Zettler said, RARE is "turning every screen into a canvas" because the company has its own app that can be used at Apple Transfer artwork on TV or Google Chromecast.

And you can also display multiple "digital arts" on a smart digital photo frame (such as a Meural canvas) at the same time, so you can easily display multiple "digital arts" at different times of the day under the control of an art collector.

As long as demand persists, collectors will continue to look for new rare works to add to their digital collection. A study by Statista shows that art sales in the online market reached US $ 4.64 billion in 2018 and are expected to grow to US $ 9.32 billion by 2024. demand.

Although some artists may continue to paint with brushes and framed canvases, the rise of "digital art" can now attract new collectors interested in different media arts. For example, a famous digital art work called "Eternal Rose" was sold for $ 1 million in 2018, which stimulated interest in the blockchain art market.

With the development of technology, art will continue to flourish in various ways, but the "digital art" market allows artists to sell their works freely and conveniently and attract more collectors through the blockchain.

postscript

During the Valentine's Day in 2018, a digital photo of a red rose was sold for a million dollars to a group of 10 collectors who evenly distributed the cost with cryptocurrency, which is considered to be the history of digital art The highest price.

This project named "Eternal Rose" was produced by artists Kevin Abosch and GIFTO. GIFTO is a virtual gift platform on the blockchain. It supports cryptocurrency technologies such as Bitcoin.

The 10 collectors who buy art include leaders and investors in the cryptocurrency space, such as ORCA Fund, Future Money and Ink and TLDR Capital.

The original text is from the English version of Forbes, with additions and changes, compiled by the Bluemountain Labs team. The English copyright belongs to the original author. For reprinting in Chinese, please contact the compiler.