A Comprehensive Guide on Crypto Art

• Anshika Bhalla
• May 13, 2021

Wondering what exactly crypto arts are? Why are they making a lot of noise these days? What are some of the popular digital artworks? Well, this article has got you covered.

Table of Contents

• What Exactly Crypto Art Is All About?
• Delving Deeper Into Crypto Art
• Nyan Cat’ Flying Pop-Tart meme sells for nearly $600,000
• Nyan Cat Isn’t the First Piece of Crypto Art: Other Popular Digital Artworks
• Concluding Lines

What Exactly Crypto Art Is All About?

While there isn’t one agreed-upon definition for the term, let’s explore how most people define it. Basically, Crypto art is a category of art that is related to distributed ledger technology, Blockchain. In other words, we can say that Crypto art offers a way to make digital art unique and valuable at the same time. It is a type of digital artwork that is published on a Blockchain network in the form of a non-fungible token (NFT), making artwork’s ownership, transference, and sale possible in a cryptographically secure manner.
Talking about its history, Monegraph launched the first marketplace to register art on the Bitcoin blockchain in 2014, and since then, crypto art has gained momentum.

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Delving Deeper Into Crypto Art

If anyone wants to make a digital file one-of-a-kind, crypto art is a way to do that. These arts are something that are linked to the piece of art, called a Non-Fungible Token, which can be considered as a unique ID number assigned to the art. It’s worth noting that while digital arts can be infinitely duplicated, it’s almost difficult to deter people from copying a digital file after they’ve obtained it.

As crypto art has a unique id number, this number is checked against a distributed database, known as a “Blockchain.” ” When we speak about the Blockchain, we’re talking about a peer-to-peer, decentralized distributed ledger technology that keeps an immutable record of any transaction.

Now, whenever an NFT transaction takes place, the data is timestamped and has to be validated across the entire Blockchain. Blockchain ensures that it contains a history of every transaction ever made with that specific NFT, and data remains unalterable. It verifies that there is only one unique account capable of owning the NFT at a given instant of time. For instance, if user A sells an image or a video to user B, then user A cannot sell to any other user, and if in case he attempts to sell, Blockchain will mark the transaction as invalid.

Nyan Cat’ Flying Pop-Tart Meme Sells for $600,000

NFTs are gaining popularity from the start of 2021 and are exploding as the hot new tech thing.
Last week in February 2021, an announcement was made which stated that Nyan Cat’s flying Pop-Tart meme sells for approximately $600,000 as one-of-a-kind crypto art. According to stats, Crypto art represents a $US100 million market and allows digital artists to monetize memes.

When interviewed, Chris Torres, the creator of Nyan Cat, stated that the NFT sale represents his first foray into crypto art. He further mentioned that he is overwhelmed with success and glad to have opened the gateway to a complete new meme economy in the crypto space.

Initially, it was reported that bids began at 3 Ether and finally closed at 300 ETH; however, the buyer was anonymous. Although Nyan Cat sells out, its GIF and video will continue to be available for online distribution.

Nyan Cat Isn’t the First Piece of Crypto Art: Other Popular Digital Artworks

Nyan Cat isn’t the first piece of crypto art to fetch a high price. In February 2021, it was announced that the batch of 34 NFTs was purchased by a whale that paid around $1 million. Also, last year in December 2020, Mike Winkelmann, the legendary digital artist best known as Beeple, sold the most valuable NFT collection at $3.5 million that attracted more artists to the fast-growing NFT space. The auction included 21 single edition pieces where three pieces were sold as open editions. Tom Hanks beating the hell out of coronavirus” was one of the most expensive items, bringing $107,000. Another, dubbed “Mario 2020,” sold for $115,000 on eBay.

The latest artist to get on the NFT gold rush is Grimes that sold $6 million worth of digital artworks, including images and short videos set to music. It was mentioned that the highest-selling piece was a one-of-a-kind video called “Death of the Old”, and the bulk of the sales came from two pieces with thousands of copies available that sold for $7,500 each.

Concluding Lines

There is no denying the fact that crypto arts are bringing communities of artists together from all around the world. Its era has just begun. As it is an incredibly exciting new industry, soon, the world will be going to get more into collecting crypto art for sure.

What’s your thoughts on crypto arts? Let us know in the comment section below.

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