Cryptoart (crypto art, rare digital art, or blockchain art) is art that has been tokenized on a blockchain and converted into a trade-able asset. The most popular blockchain for crypto art is currently Ethereum due to its smart contract functionality which allows buyers, galleries, and artists to buy sell, and trade art using its smart contract framework.
The most popular cryptoart platforms (in 2020) are Super Rare, Blockchain Art Exchange, Known Origin, Rarible, and Minbase. When an artist “tokenizes” their art, it becomes an immutable token – also called an NFT (or nifty) because that token is then associated with the art and anyone can look up and see who owns that particular piece of art (or an edition of it, if there are multiple editions). All of this is verifiable due to how blockchains function which solves one of the biggest problems in the traditional art world – which is provenance of a particular piece of art.
In the past 2 years, crypto art has become one of the biggest sectors in the blockchain space and more and more collectors are showing up to collect rare art from prominent crypto artists. (I myself started making crypto art in August of 2018 which makes me an OG in the space and also one of the most collected artists in the space).
The entire crypto art space is still in its infancy, but the fact that it is decentralized and makes art instantly tradeable across the entire world (all you need is an ETH wallet) has made it a hot topic. Some collectors have realized outsized returns in record time (4x in 3 months or 18x in 6 months) just by collecting artists who have gone on to gain more and more notoriety.
I hope to update this page and make it into a full-fledged resource about cryptoart and crypto artists – if you have any questions, please ask me on Twitter or contact me so I can write more about what people have genuine questions about. Thanks, and I hope you jump into the fray and get excited about the world of crypto art and NFT’s…