What is #CryptoArt and what gives it value?

Some thoughts on the growing #NFT movement and what you need to know

1) Provenance

For the first time in history, we can prove ownership of a digital asset.

This is done through 'tokens' that come with hardcoded metadata and proof of the origin, current owner and primary sale (when applicable).

h/t @beeple
https://www.instagram.com/tv/CIrMctwgfJ1/?igshid=szyvvrrckgsh

2) Scarcity

Each piece has a fixed number of copies. The fewer the editions, the more valuable each becomes.

The most exclusive NFTs are 1/1's, meaning there is only one original (and owner).

This is why curation on @SuperRare is so important https://twitter.com/SuperRare/status/1330035657197170690?s=20

3) Demand

Total Crypto Art has an estimated value of ~$22M, not including @niftygateway (due to fiat txs) which sold ~$1M this weekend alone.

Every metric is absolutely soaring, best seen on these http://cryptoart.io/data  dashboards by @richardchen39

4) Utility

Crypto art can be used for:

- Token-permissioned unlocks with @dfame_app
- Collateral for a #DeFi loan on @nftfi
- Metaverse galleries in @cryptovoxels
- Avatar wearables on @DIGITALAX_
- In-game boosts in @TheSandboxGame

Art is more than an aesthetic.

5) Multi-dimensional

Unlike physical art, digital art can combine audio and visual elements for unique experiences.

Many musicians are now finding new forms of creative expression using Audio NFTs as an extension of their brand. https://twitter.com/Cooopahtroopa/status/1329534736151109632?s=20

6) Ego

Perhaps the most intangible but most relevant to art as a whole.

Beauty is in the eye of the beholder. 'Value' is in the emotional connection between the artist and collector.

NFT whales are some of the most respected investors in the space https://twitter.com/MuseumofCrypto/status/1322192684807725056?s=20

7) Permanence

Digital art lives forever. Physical art can be damaged or destroyed.

The ownership of #cryptoart can be lost, but it will exist forever.

This allows us to extend the life of a 'collection' from now to the end of time. https://www.highsnobiety.com/p/most-valuable-art-collections/

Key Takeaways:

- Crypto art is in its infancy and here to stay
- Value is subjective and determined by the owner and their admirers
- Art is just one facet of a growing NFT movement
- Creatives are breaking free of intermediaries, thanks to web3

Here are some of my favorite accounts to follow:

@dclblogger @RAC @3LAU @AndrewSteinwold @MuseumofCrypto @edition1art @FLAMINGODAO @ConnieDigital @VansDesign_ @coin_artist @WhaleShark_Pro @illestrater_ @fvckrender @beesandbombs @IamOliveAllen @fewocious @web3brett

Enjoy!