Cryptocurrency Art refers to rare digital works of art associated with a unique technology utilizing tokens created as contracts and exist on the Ethereum (ETH) blockchain platform. Similar to traditional artwork, the concept allows you to possess verifiable ownership of a digital art piece. Equivalent to an original signed Picasso, this technology not only authenticates artwork but the ownership of it as well. These tokens are referred to as “NFT’s”(non-fungible tokens); digital objects that have value, scarcity, and permanence. Leaving an immutable record of every piece ever created, purchase price, value, and history of resale.
In December 2020 Art Basel, an annual mecca for the globetrotting, art-buying elite, showcased an estimated $270 million worth of paintings, sculptures, and other fine art in a virtual viewing room magnifying the need for this modern-day art revolution. With most museums, galleries and showcases being closed, artists have now pivoted to presenting their work in the digital space using…
– This article was originally created by Tony Carvajal
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