Art Finance News – Specifically, crypto artwork is digital content whose identity is guaranteed by the blockchain block ledger system.
For sale, digital works of crypto-art are converted into NFT, a non-fusible token that guarantees the uniqueness of the work, an acronym for indivisible and indestructible digital objects.
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To better understand the benefits of NFTs in the art world, we need to know what blockchain is and how it works.
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Blockchain is a type of decentralized ledger, a massive ledger of all transactions made by solving cryptographic operations.
The main element that defines the security chain in a blockchain circuit is the verification protocol.
Algorithms that perform the verification process check that each new record meets certain criteria, thereby preventing the data from being changed, falsified, or modified.
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Because the data resides on millions of users’ computers rather than on a single physical disk, they are practically indestructible.
Just as you create a physical work in the form of a painting or a piece of music and sell it, you can create an NFT.
Once an NFT is created, it depends on the market and the willingness of the buyer to determine its value.
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At the moment, the most popular crypto works are of course images, but photos and videos are also highly sought after in the Metaverse.
Undoubtedly, in the world of video games, the birthplace of crypto art, there is no shortage of requests.
The fashion world is not far behind, so stylists and designers create unique NFTs that sell for more than the price of the physical work.
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Consider the example of Gucci selling NFT pairs of shoes at a higher price than they sell in store.
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There are many reasons to buy and sell digital artwork: to collect, to support an artist’s project, or to make a profit.
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Some people buy crypto art for the simple and pure pleasure of owning a unique digital object, so there is no future profit or resale intent.
Metaverse collectors are people who are passionate about certain niches and want to own what they consider to be unique and priceless.
Some people buy NFTs from the art world to support their favorite digital artist and help and encourage him to create new and better content.
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It is in this field that artists who are not yet famous appear and find space and funding to develop their careers.
NFTs have created a horizontal system in the world of crypto art (and beyond), allowing for the removal of extensive barriers that exist in the real world.
In Metaverse, there is no need to wait for a work to be shown in a gallery or contact a thousand intermediaries, publish the work and the market will do the rest.
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As in all industries, crypto art and its NFTs are a system of making money through investments.
A deal occurs when you can buy a piece that has become valuable over time and sell it at a higher price.
The art world is a non-digitalized world that has undergone major changes in the past two years due to the pandemic.
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Covid has pushed artists and industry professionals to embrace technological advancements by integrating social media, digital strategists and more.
With Beeple’s “Last 5000 Days” selling for 69.3 million soums, the art world realized how blockchain technology and NFTs could be a new lifeline for the entire industry.
Since then, artists, collectors and gallery owners have begun to think and ask how to buy and sell digital works, discussing how blockchain could benefit the art world.
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Once again, back to Beeple (real name Mike Winkelman), it turns out that he is not a canonical artist who is exhibited in galleries and auction houses and that blockchain and NFT technology has made him the third highest paid artist in the world.
Many artists have decided to enter the world of crypto art, although not all of them have been successful.
To enter this world, one must understand that the community is what determines the value of a digital work and whether an artist is successful.
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If valuing physical and tangible art is difficult, valuing digital work is even more complicated.
The factors that determine the price of an NFT are many and not always clear and transparent, especially when trying to estimate the price of digital art.
Many people wonder how anyone can sell a digital file that they can store and store on their computer for astronomical figures.
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The concept is easily explained if you consider that whoever buys NFTs owns a piece of the blockchain and is recognized as the sole owner of the token associated with the digital artwork.
A buyer of an NFT belonging to the world of crypto-art does not need to worry at all if he has a copy of the digital work stored on millions of computers, because he is the true owner and the blockchain guarantees this.
Art gallery owners are also trying to develop virtual worlds to display digital artworks; A metaverse is formed.
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One of the most popular places where you can buy land and build art galleries to display work is, of course, Decentraland.
Many people are investing or considering investing in NFTs, but there are also those who wonder if this is just a financial bubble.
The question is legitimate, because when the market is growing too fast and this growth seems unmotivated, it can be a financial bubble.
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Finance, like art and other fields, has certainly undergone significant changes with the advent of the Metaverse and its cryptocurrencies, but only time will tell where all this will lead to major changes.
Financial bubbles are very dangerous, think of the industry’s prime period from 1995 to 2000, when speculation about the profits and turnover prospects of the first companies in the sector ran wild, causing market crashes and losses. Most of the accumulated value.
Many people are currently investing in these types of assets for short-term speculative returns, but if the NFT frenzy fails, investors may end up holding assets that are worthless.
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Every day many works are bought and sold in NFT form, from small to great artists.
Arguably, the works that sold for millions of dollars caused the biggest buzz, and that’s why they were:
● Last 5,000 Days: A collection of 5,000 pieces of content uploaded in a few days, Biple’s work was sold by Christie’s, the world’s largest auction house, for $69 million.
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● NFT Yourself: $2 million in sales of copies of the Kings of Leon album with limited edition vinyl, artwork and digital edition.
The cryptocurrency industry has come a long way since Bitcoin was first introduced. Blockchain technology is the reason Bitcoin was built in the first place. A new type of technology that does not require human intervention for support. Then blockchain technology paved the way for all kinds of new things.
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One of the outcomes of blockchain technology is non-fungible tokens or NFTs. In this article, we will describe a specific cryptocurrency that works with NFT. NFTart Coin aims to be the NFT marketplace for users.
In this section we will look at what NFT is in NFTart. So without wasting time let’s get into it. NFT stands for Non-Fungible Tokens. Now, what exactly does the term non-fungible mean?
Non-transferable tokens are tokens that cannot be exchanged for another equivalent token. Let me give you an example of non-passing tokens and trigger tokens. Then you will fully understand what NFT is all about.
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Cryptocurrencies like Bitcoin and Ethereum are volatile tokens. That means you can exchange one bitcoin for another bitcoin. Thus, Ethereum can be traded equally for another Ethereum token. For example, if you have 2 bitcoins and your friend has 2 bitcoins, you can exchange your 2 bitcoins with your friend. Then you both have 2 bitcoins.
The same principle does not work with immutable tokens. Non-fungible tokens are usually artifacts or collectibles, and for good reason. a