.ART

Overnight, a sale came through of a Donald Trump-themed NFT for USD 6.6 Million on the Nifty Gateway marketplace for NFTs. The artwork was created by renown crypto artist Beeple, who’s work EVERYDAYS: THE FIRST 5000 DAYS is being auctioned at Christie’s today, 25th Feb, at 3 pm GMT. The news follow a sale earlier this month of the 2010’s infamous Nyan Cat GIF fetching almost $600k at an online auction. 

Non-fungible tokens (NFTs) are unique, digital items with blockchain-managed ownership. Artists have been utilizing the process of tokenizing their work to create an ownership chain that provides buyers with transparency and hence confidence in the uniqueness of the artwork. Art made using software tools is prone to replication due to its digital nature. Thus the use of a universally accessible ledger of the so-called provenance has come into wide acceptance among the creative community. Moreover, the price tags with which these works are currently sold are also the buyers’ signifier of confidence.

Another prominent artist in the space, FEWOCiOUS, has sold $370,000 worth of art in January on his 18th birthday. With over 80K NFT artworks sold by Feb 2021, the total crypto art value is now estimated above $120 million*. One can purchase an NFT on various platforms, including SuperRare, Rarible, Open Sea, Nifty Gateway and Async.art. However, for most of them, the buyer would need to set up a special wallet for cryptocurrency to buy and sell art collectibles.

Universally accessible ledgers of information have existed for several years now; however, the tapped potential of unlocking their true value has been hindered by the slow adoption of tech among the art world combined with a lack of easy to use tools. A perfect example of a recent rollout is the .ART Digital Twin. A common issue for creating NFTs is increasingly the cost of “gas” – a fee one needs to pay for completing transactions on the blockchain. The seller and buyers face fees reaching 200$ for a transaction in light of the recent NFT popularity, which can be a large markup if you’re an emerging artist selling works in a similar price range. In contrast, a standard .ART Digital Twin (a standard name that is not something generic like contemporary.art or buy.art) is less than 10$.

Another pain point is the third party reliance to host one’s collectibles. The artwork is only “live” as long as is the platform that was used to create it. In a recent article ‘It’s an NFT Boom. Do You Know Where Your Digital Art Lives?’ CoinDesk senior reporter Brady Dale pointed out that the content of the NFT doesn’t actually live on the blockchain. Dale notes that if the file is stored at a traditional web address, the NFT owner is in some danger if that file is ever taken offline.

Digital Twin by .ART stores information about art objects in a way that similarly provides real-time provenance tracking and increases an art object’s value. Leveraging the easy-to-understand technology of domain names, it uses the international standard for describing cultural objects developed the J. Paul Getty Trust. By filling in all the necessary information about an art object, artists and collectors can register their works to a unique domain name. The tool also offers the option of a blockchain connection – simply enter your wallet address. 

There is room to experiment with physical works, music, trading cards and even performance art. Artist Petr Davydtchenko has made an auction of the first performance art turned into an NFT to raise funding for his practice. In comparison, NBA Top Shot, a digital version of collectible trading cards, made by Dapper Labs—which is one of the key partners behind the venture and the NBA, made $32m in one day by having users trade the most memorable moments in NBA history*. 

With NFT collections now fetching millions, there’s undeniably ample growing space for digital artists to utilize online tools and create provenance ledgers. Whether you are a beginner, viral meme creator, poet or dancer – new technologies open plenty of room to document and monetize your creations. In this new economy, anything is possible, and maybe you will be the next Beeple having your art auctioned at Christie’s! 

For those interested to try the .ART Digital Twin, further information can be found here. You can email us at partners@art.art for special terms.

 

Cover image: Still from CROSSROAD #1/1 video loop by Beeple, Contract Address: 0x12f28e2106ce8fd8464885b80ea865e98b465149

 

*Based on cryptoart.io market data on 23rd Feb 2021

*Market data on 22nd Feb 2021 from Decrypt