Within the world of cryptocurrencies, crypto art has been created to preserve different versions of digital art such as music albums, paintings, awards, among others, as stated by Cointelegraph.
According to the publication, blockchain is used to store crypto art in the form of non-fungible tokens (NFTs) which have a monetary value. Credibility of creators influences value of crypto art or NFTs, along with factors such as rarity of art form and its demand in collector’s market.
Who are the crypto artists?
Crypto artists are those individuals who create art pieces stored in blockchain. Digital art can be created through the use of softwares such as Graphics Interchange Format (GIF), Joint Photographics Experts Group (JPEG), videos, three dimensional (3D) images, and similar art formats. A NFT is required to be created and minted by a crypto artist so that it doesn’t get replicated and distributed over the Internet. Crypto art can be subjected to copyright laws.
How much does it cost to hang the crypto art on your wall?
As crypto art can be replicated and copied through a download or a screenshot, the procedure leaves out an important feature of the art which is metadata or proof of its uniqueness. Every form of digital art should be given a unique identifier (ID) prior to it being assigned as a NFT and starts to hold a monetary value. Unique ID is responsible for confirming legitimacy of art’s value and ownership. When crypto gets sold or transferred or transferred to a separate user, metadata gets timestamped over blockchain network. A NFT can range from a couple of dollars to millions. NFT marketplaces help creators mint digital art into a NFT, which involves the use of a blockchain cryptocurrency wallet and payment.
Can crypto art be copied?
The replication of crypto art should not be possible. Artists can choose to retain copyright ownership of a NFT, which will allow artists to create and sell multiple copies of the same art. Metadata helps to ensure the differentiation of similar kinds of NFTs, with the aim to ensure credibility of the creator.
(With insights from Cointelegraph)