Crypto art

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Pixel-based "VeKings" crypto art, an example of generative art VeKings.png
Pixel-based "VeKings" crypto art, an example of generative art

Crypto art (also stylized as CryptoArt or cryptoart) is a category of art related to blockchain technology.

Contents

Emerging as a niche genre of artistic work following the development of blockchain networks such as Bitcoin and Ethereum in the mid to late 2010s, crypto art quickly grew in popularity in large part because of the unprecedented ability afforded by the underlying technology for purely digital artworks to be bought, sold, or collected by anyone in a decentralized manner. [1]

Definition

While there isn't one agreed upon definition for the term, two common interpretations currently exist among crypto artists and their collectors. The first, regarding crypto-themed artworks, or those with subject matters focusing on the culture, politics, economics, or philosophy surrounding blockchain and cryptocurrency technology. [2] The second, and more popularized definition, includes digital artwork that is published directly onto a blockchain in the form of a non-fungible token (NFT), which makes the ownership, transfer, and sale of an artwork possible in a cryptographically secure and verifiable manner. [1] [3]

However, confusion can often arise when attempting to formally define crypto art since gray areas and nuance make it somewhat difficult to do so. [4] For example, blockchain technology has also been used to publicly register and authenticate preexisting physical artworks to differentiate them from forgeries and verify their ownership via physical trackers or labels. [5] [6] [ unreliable source? ] Whether or not such artworks could be classified as crypto art is unclear.

History

2014

Monegraph launched the first marketplace to register art on the Bitcoin blockchain. [7] [ unreliable source? ] [8] [ failed verification ]

2015

Artist Sarah Meyohas launched BitchCoin in February, "a cryptocurrency for Buying Art and Investing in the Artist." [9]

Ascribe launched in June, using Bitcoin’s blockchain to help artists claim ownership of their work. [10]

Verisart launched in July to "use the Blockchain to verify the authenticity of artworks" by building a worldwide authenticated ledger of works. [11] [ unreliable source? ]

2016

Rare Pepe's trading cards launched in October on the Bitcoin blockchain using Counterparty. [12] [13] [14]

2017

In June, CryptoPunks launched. [15] As early implementations of NFT contracts on the Ethereum blockchain, CryptoPunks represent a limited set of 10,000 algorithmically generated, low-resolution, portrait-style, digital figures. [16]

In December 2017, 100 EtherRocks were produced via a smart contract and published on the Ethereum Blockchain.[ citation needed ] They would not be popular till 2021. [17]

In November,[ citation needed ] Cryptokitties launched. The online game of collecting, breeding and selling virtual cats in the form of NFTs on the Ethereum blockchain had recorded more than $1 million in transaction volume within a week. [18] [ unreliable source? ]

2018

In January 2018 artist Kevin Abosch created 10,000,000 virtual artworks consisting of crypto-tokens on the Ethereum Blockchain. [19]

On 14 February 2018 artist Kevin Abosch's virtual artwork "Forever Rose", consisting of a single ERC-20 token on the Ethereum blockchain, sold to a group of ten art collectors for a record-breaking USD$1 million. [20] [21]

In January 13, the first Rare Art Fest (RareAF), an annual festival dedicated to crypto art, was held in New York City. Louis Parker and Jason Rosenstein held a rare Pepe auction at the event, in which the "Homer Pepe" card, an NFT collectible featuring the image of a Pepe-styled rendition of Homer Simpson, sold for $39,200. [15] [22]

2021

Sotheby’s hosted "Natively Digital", the first curated NFT sale at the auction house. [23] [24]

Related Research Articles

Kevin Abosch Irish conceptual artist

Kevin Abosch is an Irish conceptual artist and pioneer in cryptoart known for his works in photography, blockchain, sculpture, installation, AI and film. Abosch's work addresses the nature of identity, value and human currency and has been exhibited throughout the world, often in civic spaces, including The Hermitage Museum, The National Gallery of Ireland, The National Museum of China, The Irish Museum of Modern Art, The Museum of Contemporary Art Vojvodina, The Bogotá Museum of Modern Art, ZKM, Galerie nationale du Jeu de Paume, and Dublin Airport.

Cryptocurrency Encrypted medium of digital exchange

A cryptocurrency, crypto-currency, or crypto is a collection of binary data which is designed to work as a medium of exchange. Individual coin ownership records are stored in a ledger, which is a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. Cryptocurrencies are generally fiat currencies, as they are not backed by or convertible into a commodity. Some crypto schemes use validators to maintain the cryptocurrency. In a proof-of-stake model, owners put up their tokens as collateral. In return, they get authority over the token in proportion to the amount they stake. Generally, these token stakers get additional ownership in the token over time via network fees, newly minted tokens or other such reward mechanisms.

Coinbase Global, Inc., branded Coinbase, is an American company that operates a cryptocurrency exchange platform. Coinbase operates remote-first, and lacks an official physical headquarters. The company was founded in 2012 by Brian Armstrong and Fred Ehrsam, and as of March 2021 was the largest cryptocurrency exchange in the United States by trading volume.

Ethereum Open-source blockchain computing platform

Ethereum is a decentralized, open-source blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Amongst cryptocurrencies, Ether is second only to Bitcoin in market capitalization.

Blockchain Distributed data store for digital transactions

A blockchain is a growing list of records, called blocks, that are linked together using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

Ethereum Classic Open source blockchain computing platform

Ethereum Classic is an open source, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine (EVM).

Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, Ada.

An initial coin offering (ICO) or initial currency offering is a type of funding using cryptocurrencies. It is often a form of crowdfunding, although a private ICO which does not seek public investment is also possible. In an ICO, a quantity of cryptocurrency is sold in the form of "tokens" ("coins") to speculators or investors, in exchange for legal tender or other cryptocurrencies such as Bitcoin or Ether. The tokens are promoted as future functional units of currency if or when the ICO's funding goal is met and the project successfully launches.

<i>CryptoKitties</i> 2017 blockchain game on Ethereum

CryptoKitties is a blockchain game on Ethereum developed by Canadian studio Dapper Labs that allows players to purchase, collect, breed and sell virtual cats. It is one of the earliest attempts to deploy blockchain technology for recreation and leisure. The game's popularity in December 2017 congested the Ethereum network, causing it to reach an all-time high in the number of transactions and slowing it down significantly.

A non-fungible token (NFT) is an idiosyncratic and non-interchangeable unit of data stored on a digital ledger (blockchain). NFTs can be associated with reproducible items such as photos, videos, 3D models, audio, and other types of digital files as unique items. NFTs use blockchain technology to provide a public proof of ownership. Copies of the original file are not restricted to the owner of the NFT, and can be copied and shared like any file. The lack of interchangeability (fungibility) distinguishes NFTs from blockchain cryptocurrencies, such as Bitcoin.

Dfinity Nonprofit foundation developing cryptocurrency

The DFINITY Foundation is a nonprofit organization that develops the Internet Computer, a decentralized, open-source, general-purpose blockchain designed to host smart contracts.

Decentraland is a decentralised 3D virtual reality platform that consists of 90,601 parcels of land. Virtual estate in Decentraland are NFTs which can be bought by the cryptocurrency MANA, which is based on the Ethereum blockchain. It was opened to the public in February 2020, and is overseen by the nonprofit Decentraland Foundation.

Anthony Di Iorio is a Canadian entrepreneur primarily known as a co-founder of Ethereum and an early investor in Bitcoin. Di Iorio is the founder and CEO of the blockchain company Decentral, and the associated Jaxx wallet. He also served as the first chief digital officer of the Toronto Stock Exchange. In February 2018, Forbes estimated his net worth at $750 million–$1 billion.

Paxos Trust Company is a New York-based financial institution and technology company specializing in blockchain. The company's product offerings include a cryptocurrency brokerage service, asset tokenization services, and settlement services. ItBit, a bitcoin exchange run by Paxos, was the first bitcoin exchange to be licensed by the New York State Department of Financial Services, granting the company the ability to be the custodian and exchange for customers in the United States.

Bancor Protocol is a standard for decentralized exchange networks used to allow for the automated conversion of cryptocurrency tokens into other tokens, including across blockchains, without the need for an order book or counterparty to facilitate the exchange. Bancor invented the world’s first blockchain-based automated liquidity pool, or automated market maker (AMM) called a Smart Token, a digital currency with an embedded converter that allows it to be issued or exchanged automatically for any token in its network. Bancor Network consists of all the different tokens utilizing the Bancor Protocol and connected through BNT, the Bancor Network Token, which serves as the hub token for the network through which any token can be converted into any other token.

<i>CryptoPunks</i> First non-fungible token on Ethereum

CryptoPunks is a non-fungible token (NFT) collection on the Ethereum blockchain. The project was launched in June 2017 by the Larva Labs studio, a two-person team consisting of Canadian software developers Matt Hall and John Watkinson. The experimental project was inspired by the London punk scenes, the cyberpunk movement and electronic music artists Daft Punk. The crypto art blockchain project was an inspiration for the ERC-721 standard for NFTs and the modern crypto art movement, which has since become a part of the cryptocurrency and decentralized finance ecosystems on multiple blockchains.

Prince Jacon "Osinachi" Igwe is a Nigerian visual artist and non-fungible token creator. He is known for using Microsoft Word as his medium. He is the Chief Creative Officer for SocialStack, a social token protocol on Ethereum and Celo. He launched his own social currency $OSINA. He has been described as “Africa’s foremost crypto artist.”

A rare Pepe or RarePepe is a type of crypto art created by various artists world wide between 2016 and 2018, based on Pepe the Frog and traded as non-fungible tokens (NFTs) recorded on the CounterParty platform.

Curio Cards are collectible digital artworks located on the Ethereum blockchain. Created in 2017, Curio Cards are commonly viewed as the first digital art collectibles on the Ethereum blockchain. In October 2021, a complete collection of Curio Cards, including the card "17b" misprint, was sold for ETH393 ($1,267,320) at the Christie's Post-War to Present auction.

References

  1. 1 2 "How blockchain technology reached Christie's and changed the art world along the way". NBC News. Retrieved 2020-11-30.
  2. ↑ Canellis, David (2018-08-06). "Welcome to the weirdly wonderful world of crypto-art". Hard Fork | The Next Web. Retrieved 2020-10-12.
  3. ↑ Yurieff, Kaya (2018-02-14). "Crypto-artwork of a rose sells for record $1 million". CNNMoney. Retrieved 2020-11-30.
  4. ↑ Haigney, Sophie (2018-06-05). "When Crypto Meets Conceptual Art, Things Get Weird (Published 2018)". The New York Times. ISSN   0362-4331 . Retrieved 2020-12-23.
  5. ↑ "Could Blockchain Put an End to Stolen Art Sales?". Observer. 2018-10-11. Retrieved 2020-12-23.
  6. ↑ "Verisart Plans To Use The Blockchain To Verify The Authenticity Of Artworks". TechCrunch. Retrieved 2020-12-23.
  7. ↑ Constine, Josh. "Monegraph Uses Bitcoin Tech So Internet Artists Can Establish "Original" Copies Of Their Work". TechCrunch.
  8. ↑ Dash, Anil. "NFTs Weren't Supposed to End Like This". The Atlantic.
  9. ↑ Stinson, Liz. "BitchCoin: A New Cryptocurrency for Buying Art and Investing in the Artist". Wired.
  10. ↑ Abhimanyu, Ghoshal. "Ascribe is using Bitcoin's blockchain to help artists claim ownership of their work". TheNextWeb.
  11. ↑ Butcher, Mike. "Verisart Plans To Use The Blockchain To Verify The Authenticity Of Artworks". TechCrunch.
  12. ↑ Hathaway, Jay. "The Rare Pepe economy is real, and there's serious money behind it". Daily Dot.
  13. ↑ Roeder, Oliver. "People Are Paying Thousands Of Dollars To Own Pictures Of Pepe The Frog". Fivethirtyeight.com.
  14. ↑ Signoret, Perrine. "La culture Web joue à la Bourse sur le « marché aux mèmes". Le Monde.
  15. 1 2 Reyburn, Scott. "Will Cryptocurrencies Be the Art Market's Next Big Thing". The New York Times.
  16. ↑ Abbruzzese, Jason. "This ethereum-based project could change how we think about digital art". Mashable.
  17. ↑ "Free Clipart of a Cartoon Rock Is Selling for $300,000 as NFTs". www.vice.com. Retrieved 2021-08-30.
  18. ↑ Tepper, Fitz. "People have spent over $1M buying virtual cats on the Ethereum blockchain". TechCrunch.
  19. ↑ "Artist turns his blood into cryptocurrency". CNN. CNN. Retrieved 1 February 2018.
  20. ↑ CNN article - Crypto-artwork of a rose sells for $1 million
  21. ↑ "When Crypto Meets Conceptual Art, Things Get Weird - New York Times" . Retrieved 2018-09-14.
  22. ↑ Penney, Daniel. "How Much for That Pepe? Scenes from the First Rare Digital Art Auction". The Paris Review.
  23. ↑ Locke, Taylor (June 2, 2021). "Sotheby's will Auction a CryptoPunk NFT next week, and it could sell for millions of dollars". CNBC.
  24. ↑ Kinsella, Eileen (June 10, 2021). "Sotheby's 'Natively Digital' NFT Sale Lands at $17.1 Million, With More Than Half the Total Racked Up in the Final Minutes".
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