Cryptocurrency art is an umbrella term coined to represent the fusion of art and blockchain technology, and its goal as a sub-ecosystem in the cryptocurrency world is to preserve tamper-proof editions of digital art such as music albums, paintings, awards, and a wide range of memorabilia.
Cryptocurrency art is held on the blockchain in the form of non-fungible tokens, or NFTs, and is usually associated with monetary value; like traditional art forms, the value of cryptocurrency art or non-fungible tokens is heavily influenced by the creator's credibility, the rarity of the artwork, and the demand for it in the collectors' market.
As collectible items, non-fungible tokens and similar forms of digital art can be publicly verified for authenticity and ownership can be transferred; this allows each piece of art to be uniquely verifiable and to have corresponding monetary value. So let's delve into the world of cryptocurrency art.
Who are cryptocurrency artists?
The biggest drivers of the cryptocurrency art scene are the artists who create/recreate artworks to be stored on the blockchain. Although non-fungible tokens can represent many aspects of the digital world, the first step begins with creating digital artwork. Digital art can also be created using readily available software and a personal computer in the form of GIFs, JPEGs, videos, 3D images, and similar artistic formats.
While the aforementioned digital art can be easily copied and distributed online, cryptocurrency artists need to authenticate each non-fungible token and mint it so that it is linked to the authenticity of the created artwork. Once authenticated, the artwork can then be uploaded to various marketplaces and marketed to potential buyers.