Learn what has led crypto art to become mainstream
NFTs have enabled digital art to become provably scarce and therefore appreciate in value. Before NFTs, digital art - while a respected medium - fell short in terms of collection value as a file could too easily be copied. This new technology helps to guarantee the authenticity of a given copy, hence increasing its value considerably. In addition to the advantages provided by NFTs, smart contracts (which enable the creation of NFTs) allow artists and platforms to program perpetual royalties on secondary sales, ensuring more independence for artists. On most marketplaces, crypto artists will automatically receive a 10% to 15% share of secondary sales directly to the wallet they used to create the piece sold. Digital artists can now make a living off their art, without having to commit to client work that doesn't necessarily resonate with them.
Crypto art has obtained global recognition in the past two years. Led by Beeple's auction at Christie’s, which landed the artist $69,3m for his piece, the world has been watching this industry grow at an exceptional rate.
We have now seen many multi-million crypto art auctions, like the collaboration between Sotheby’s and Pak, which attracted more than $17m in sales, or Mad Dog Jones’ Phillips auction, which generated $4.1m in sales. As the contemporary art world opens the door to crypto art, we will see even more artists and collectors join the movement and cement its importance in the art industry.
With the evolution of the video game and movie industries, more digital artists are being trained than ever before. Major brands now rely on digital artists to create their brand identity and express it to the world. There is an exploding talent pool that now has the tools to capitalize on their art.
Last modified 5mo ago