Digital art itself is not a new , artists have been creating art digitally for years. Since Apple released the Lisa in 1984, users have been able to “paint” works digitally with far less material and money than many traditional s had allowed. Over the past couple of decades, the art world has seen a proliferation of projects, exhibitions, institutions and sales arise around digital art.
The thing that makes blockchain revolutionary for digital art is the ability to prove authenticity and scarcity for digital artworks. Before blockchain, a digital artwork could be copied identically, making it difficult to build a market around digital art. If one could very easily make an identical copy of a digital artwork, how was the artist expected to prove his or her work was the original and sell it as a unique piece?
Blockchain’s ledger technology, which acts as a public record tracking system, makes it possible for anyone to track the history of an artwork. This allows you (the artist) to show the entirety of the artwork’s life on this publicly trackable database, therefore proving the authenticity of a digital artwork in a way that was impossible to do before. An artwork has value when it is unique or authentic, and now digital art can be measured within the same parameters as physical or traditional art.
What Are Nfts? Who Is Beeple? A Digital Art Craze Explained
Not only does tracking a digital artwork via blockchain allow you to prove a work is authentic, but it also allows you to prove its scarcity. Provable scarcity are buzzwords around digital art and blockchain, but what do they really mean? Through blockchain capability, you can create a work on a token called a non-fungible token (NFT). Only works that are tracked on the blockchain as unique tokens are the originals, meaning you can prove which works are original and therefore create scarcity for your digital pieces.
Non-fungible tokens, or ERC-721s, are tokens that represent a unique asset and therefore are not interchangeable. In the case of Codex, every Codex Record is a unique NFT. Which means every artwork you create and register on a Codex Record is provably unique, creating a much more valuable digital asset.
As we’ve established, a Codex Record is a unique token on the blockchain that can be used to prove authenticity of a digital asset. You can register your digital artworks onto Codex Records and then sell the Codex Record as it holds the artwork’s image and the entire history of the work. Just as one would buy a painting in a gallery and receive a receipt and any provenance documentation the gallery has, the same is all aggregated directly on the Codex Record.
Art And Blockchain: Revolution In Art Collecting
If you’re an artist and want to learn more about creating a gallery on Codex and securing your art digitally on the blockchain, check out this informational article or email corinne@codexprotocol.com!
Codex is the leading decentralized asset registry for the $2 trillion arts & collectibles (“A&C”) ecosystem, which includes art, fine wine, collectible cars, antiques, decorative arts, coins, watches, jewelry, and more. Codex will be adopted by the Codex Consortium, a group of major stakeholders in the A&C space who facilitate over $6 Billion in sales to millions of bidders across tens of thousands of auctions from 5, 000 auction houses in over 50 countries.
To learn more about Codex initiatives, visit our white paper. To inquire about partnerships and developing dApps using the Codex Protocol, please contact us via Telegram or Twitter
Digital Artwork And Nfts
Codex Protocol is a decentralized registry for unique assets, beginning with the $2 Trillion Art & Collectibles asset class. Supported by a large industry consortium, The Codex stores ownership and provenance while ensuring privacy for collectors.Copyright © 2023, Los Angeles Times | Terms of Service | Privacy Policy | CA Notice of Collection | Do Not Sell or Share My Personal Information
In July, the “Star Trek” actor, singer and “TekWar” author created a series of trading cards featuring images from his career — a telegram from a producer, a photo from his first modeling shoot, an X-ray of his teeth — and listed them as unique digital tokens for sale online.
Within nine minutes, the entire run of 125, 000 tokens sold out, for about $1 each. At the time, it seemed like a lot of money for digital artifacts with no real-world value.
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Known as NFTs, such tokens have taken off in recent weeks in what’s either an ecologically destructive speculative bubble or a promising new funding model for art and media, depending on whom you ask.
In the months since Shatner’s tokens hit the market, companies have sprung up to create trading cards out of popular NBA highlight clips, and artists have rushed to cash in on the craze. On Thursday, a digital collage by graphic artist Mike Winkelmann, who goes by Beeple, sold in a Christie’s auction for $69 million. The auction house declared Winkelmann “among the top three most valuable living artists, ” but the escalating value of his work — as recently as last month pieces were going for single-digit millions — reflects a wider frenzy around all things NFT.
José Delbo, an 87-year-old comic artist, sold more than $1 million worth of Wonder Woman NFTs. Sales like his got the attention of DC Comics and Marvel. The debate over NFT winners and losers.
What Is Crypto Art And How Does It Work?
The basic idea of the technology is fairly straightforward. An NFT — which stands for non-fungible token — is like a certificate of authenticity for an object, real or virtual. The unique digital file is stored on a blockchain network, with any changes in ownership verified by a worldwide network and logged in public. That means that the chain of custody is marked in the file itself permanently, and it’s practically impossible to swap in a fake.
By contrast, bitcoins and other cryptocurrencies are fungible tokens; like a U.S. dollar, any bitcoin is equal to any other, while NFTs are one-of-a-kind. Most NFT sales to date have been transacted in cryptocurrencies such as ether and registered on the associated ethereum blockchain, though that’s not a requirement of the form.
The NFT file doesn’t contain the digital piece of art, or the video clip, or the Shatner card itself. It’s just a kind of contract, saying “the owner of this NFT owns this other digital file, ” often with a link to the art file itself. NFTs could also be used as unforgeable digital tickets to events, or even ownership records for property sales — all they really are are one-of-a-kind bits of code with a verifiable chain of title attached.
Blockchain, Creativity And Arts Intertwine: Use Cases And Notable Projects
A game called CryptoKitties put this technology to use early on. Since 2017, users have been able to buy and sell collectible NFTs linked to individual virtual cats, and prices rose into the six figures by early 2018. The same company behind CryptoKitties, Dapper Labs, is also behind the booming NBA collectible clips company Top Shot, which sold $230 million in NFTs linked to basketball highlights from October to January.
The appeal of NFTs to collectors is obvious: Instead of relying on forensics or patchy document records to prove that a piece of art or a trading card is the real deal, the authentication is coded into the NFT file itself.
The appeal of the NFTs currently being bought and sold for millions is less intuitive. An NFT file is not itself a physical trading card, which someone might value for its rarity in a historical production run or want to complete a collection. Nor is it a piece of art, let alone a famous piece of art with a reputation as an object of beauty or historical interest. And in the case of the digital files typically being attached to NFTs today, anybody can watch the same basketball highlights anytime, or save a copy of the same digital image to their own hard drive. All an NFT does is authenticate and record the provenance of the NFT itself, as with a limited-edition reproduction of a photograph — but when the art object attached to the NFT is freely available, there’s no inherent reason why it would have any value at all.
Digital Art On The Blockchain
That’s where the collective imagination of the market comes in. Lacking intrinsic value, NFTs approximate the way that art and trading cards can function as financial instruments for investors.
The elite art market, though scaffolded by an industry of experts and tastemakers that ostensibly influence the value of individual works of art, has been unhinged from any material reality for decades. Many art buyers buy art because it is valuable, not because it is art, and then store it in warehouses until they see fit to liquidate it as an asset on their books and sell it to a new buyer who also values it as a financial asset.
The trading card market went wild in 2020, with auction prices for rare cards shattering records at a steady pace: $900, 000 for a card with LeBron James and Michael Jordan together in February, $1.8 million for a different LeBron card in July, and $1.81 million for a Giannis Antetokounmpo card in September. In October, a
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