![]() In addition to the sales platforms that charge a commission, the artists also have a clear interest in selling their work on the platforms since unlike in traditional art, NFT sales are conducted through a smart contract which determines that the artists get a royalty payment every time the artwork is subsequently resold. There are currently 10 primary platforms for the sale of crypto art and they usually operate on the ‘drop’ method - an open auction that starts at a predetermined time and ends a short while later. ![]() The Token can be sold to the highest bidder, usually only in exchange for cryptocurrencies such as Ether. ![]() The token is essentially a line of code on the blockchain network that includes all the information about the artwork including its creator, and ownership history, akin to an artwork registry listing. ![]() How does it work? Just like when issuing a new coin, an artist can upload an image file on a blockchain platform and issue it as a Non-Fungible Token (NFT) or a “nifty” which is marked as being one of its kind and nontransferable. But hold on a minute, what is an original gif file? How can a file that was created on a computer, can be perfectly duplicated, and has been shared millions of times suddenly be recognized as an original work of art as if it was Leonardo de Vinci’s original Mona Lisa hanging in the Louvre? The answer is blockchain, the technology behind cryptocurrencies like Bitcoin, which has revolutionized the art world by allowing for the first time ever for a file of a digital artwork to be marked as an original and coded with the artist’s “signature,” granting it something that digital artists and art collectors have been long yearning for - commercial value. ![]()
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