Crypto-creativity marketplace goes nuts indicating a shift in the theory of ownership
NFT trading may indicate a significant shift in how humanity quantifies value in things.
Crypto Art is not a new thing.
The digital art marketplace has been around, in some form or another, since the emergence of blockchain technology.
[BTW - Crypto art can be defined as a 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. - via]
But now, a kind of perfect storm has hit the world of creativity-linked NFTs with just about everyone who considered themselves a serious creator now publishing work via NFTs that are for sale to the highest bidder via platforms like Makersplace and KnownOrigin.
Just last week, the highest price ever paid for a digital artwork was achieved when a work by the artist Beeple, real name Mike Winkelmann, was sold for over $69million.
What does this all mean?
What it means is that just about any creative work can be captured onto a blockchain and traded; art, poetry, music, ideas.
It's worth is whatever the market is willing to pay for it. So as meaningless as some might think these artworks to be, their encrypted ownership is of value to somebody.
The recent boom in NFTs show just how digital our reality has become, but also asks interesting new questions about ownership and what we most desire to own.
Art has always been a historical symbol of culture, philosophy, creativity and emotion - its value has traditionally be offered by learned curators and auction houses.
Crypto Art alternatively trades for exactly the price an individual values something at and how badly they want their name to be associated with that creative work through ownership.
NFT trading may indicate a significant shift in how humanity quantifies value and sees meaning in the ownership of things.
It's still very early days obviously, but this development is most certainly an exciting one to keep an eye on.
Jonathan Cherry
Kat Mustatea
Chris Nuttall
Jay Peters