(Though, like many crypto art platforms, sales are actually made with the cryptocurrency Ether.) “There’s an explosion that’s happening right now where artists are finally being compensated for the work that they’re creating and sharing online,” Howard said. It launched just two weeks ago, and it’s already facilitated more than $410,000 in sales. Ethereum, which most crypto art platforms rely on, is much more efficient than bitcoin, but even its creator has called the system “a huge waste of resources.” Ethereum is still in the process of whittling down its energy usage to a far tinier footprint.įoundation is one of the newest entrants to the crypto art space. Like bitcoin, NFTs are powered by inefficient computer processes designed to validate data. There are some drawbacks to crypto art - particularly when it comes to energy consumption. “I think it’s cool knowing you own the only piece in existence.” That means, like so much else involving the blockchain, there’s also an element of investment and speculation when purchasing crypto art since you may be able to resell a work for profit down the road. Digital artworks can be resold, and in some cases - like on Foundation - artists continue to get a cut of future sales. Pieces of crypto art are generally sold through “non-fungible tokens,” or NFTs, which are unique digital tokens that live on a blockchain and verify ownership of a piece. “You also get to directly support an artist, and I think that is really exciting for people.” “To be able to say that I’m the collector who actually owns and is a patron of this artist carries a certain kind of prestige that is really appealing to people,” Lindsay Howard, Foundation’s head of community, told The Verge.
That means, in some ways, buyers are really just purchasing bragging rights. The artists generally maintain all intellectual and creative rights to the works.
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Artwork typically comes with a license that allows the buyer to display them for personal use on, say, a social media page, another digital marketplace, in a game world, or in a virtual museum. “You also get to directly support an artist, and I think that is really exciting for people.”īuyers of these works get the privilege of “owning” a piece of digital art - to the limited extent one can really own an endlessly reproducible image file.
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