Beeple

Wondering what exactly crypto arts are? Why are they making a lot of noise these days? What are some of the popular digital artworks? Well, this article has got you covered.

What Exactly Crypto Art Is All About?
Delving Deeper Into Crypto Art
Nyan Cat’ Flying Pop-Tart meme sells for nearly $600,000
Nyan Cat Isn’t the First Piece of Crypto Art: Other Popular Digital Artworks
Concluding Lines

What Exactly Crypto Art Is All About?

While there isn’t one agreed-upon definition for the term, let’s explore how most people define it. Basically, Crypto art is a category of art that is related to distributed ledger technology, Blockchain. In other words, we can say that Crypto art offers a way to make digital art unique and valuable at the same time. It is a type of digital artwork that is published on a Blockchain network in the form of a non-fungible token (NFT), making artwork’s ownership, transference, and sale possible in a cryptographically secure manner.
Talking about its history, Monegraph launched the first marketplace to register art on the Bitcoin blockchain in 2014, and since then, crypto art has gained momentum.

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Delving Deeper Into Crypto Art

If anyone wants to make a digital file one-of-a-kind, crypto art is a way to do that. These arts are something that are linked to the piece of art, called a Non-Fungible Token, which can be considered as a unique ID number assigned to the art. It’s worth noting that while digital arts can be infinitely duplicated, it’s almost difficult to deter people from copying a digital file after they’ve obtained it.

As crypto art has a unique id number, this number is checked against a distributed database, known as a “Blockchain.” ” When we speak about the Blockchain, we’re talking about a peer-to-peer, decentralized distributed ledger technology that keeps an immutable record of any transaction.

Now, whenever an NFT transaction takes place, the data is timestamped and has to be validated across the entire Blockchain. Blockchain ensures that it contains a history of every transaction ever made with that specific NFT, and data remains unalterable. It verifies that there is only one unique account capable of owning the NFT at a given instant of time. For instance, if user A sells an image or a video to user B, then user A cannot sell to any other user, and if in case he attempts to sell, Blockchain will mark the transaction as invalid.

Nyan Cat’ Flying Pop-Tart Meme Sells for $600,000

NFTs are gaining popularity from the start of 2021 and are exploding as the hot new tech thing.
Last week in February 2021, an announcement was made which stated that Nyan Cat’s flying Pop-Tart meme sells for approximately $600,000 as one-of-a-kind crypto art. According to stats, Crypto art represents a $US100 million market and allows digital artists to monetize memes.

When interviewed, Chris Torres, the creator of Nyan Cat, stated that the NFT sale represents his first foray into crypto art. He further mentioned that he is overwhelmed with success and glad to have opened the gateway to a complete new meme economy in the crypto space.

Initially, it was reported that bids began at 3 Ether and finally closed at 300 ETH; however, the buyer was anonymous. Although Nyan Cat sells out, its GIF and video will continue to be available for online distribution.

Nyan Cat Isn’t the First Piece of Crypto Art: Other Popular Digital Artworks

Nyan Cat isn’t the first piece of crypto art to fetch a high price. In February 2021, it was announced that the batch of 34 NFTs was purchased by a whale that paid around $1 million. Also, last year in December 2020, Mike Winkelmann, the legendary digital artist best known as Beeple, sold the most valuable NFT collection at $3.5 million that attracted more artists to the fast-growing NFT space. The auction included 21 single edition pieces where three pieces were sold as open editions. Tom Hanks beating the hell out of coronavirus” was one of the most expensive items, bringing $107,000. Another, dubbed “Mario 2020,” sold for $115,000 on eBay.

The latest artist to get on the NFT gold rush is Grimes that sold $6 million worth of digital artworks, including images and short videos set to music. It was mentioned that the highest-selling piece was a one-of-a-kind video called “Death of the Old”, and the bulk of the sales came from two pieces with thousands of copies available that sold for $7,500 each.

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There is no denying the fact that crypto arts are bringing communities of artists together from all around the world. Its era has just begun. As it is an incredibly exciting new industry, soon, the world will be going to get more into collecting crypto art for sure.

What’s your thoughts on crypto arts? Let us know in the comment section below.

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A Comprehensive Guide on Crypto Art

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The mysterious buyer of Beeple’s ‘Everyday: The First 5000 Days’ has been revealed to be an entrepreneur and angel investor, Vignesh Sundaresan.

No Regrets For Spending $69 Million On NFTs

In his first television interview on CNBC SquawkBox, Sundaresan, who goes by the pseudonym MetaKovan said that he was ready to make a much larger bid for digital art, given that it will be pivotal in the subsequent growth of the non-fungible token (NFT) space.

According to the coder, he has no second thoughts about paying so much for what many say is easily accessible on the internet. To him, NFTs presented a pathway through which digital artists and art collectors could trade art easily and efficiently.

Sundaresan also noted that the $69 million NFT was a significant piece of art history. It may take some time for people to recognize what potential there is in the NFT artwork, but he considers it a privilege to bring the art into global focus.

Beeple, whose real name is Mike Winklemann, has become somewhat of a pop culture digital artist since the explosion of tokenized digital arts. His Crossroads digital depiction of past US president Donald Trump was reportedly resold for $6.6 million. He has gone on to sell his NFTs at outrageous sums, and he says this has been a blessing following the pandemic drying up revenue sources.

But Beeple is not the only one making something out of a growing fantasy. NFT has changed so many sectors like real estate (Decentraland), quotes, video highlights, collectibles, and a whole business line is quickly emerging.

The NBA partnered with Dapper Labs’ Top Shot in 2019 to move into the NFT space. The partnership has been hugely successful as the NBA Top Shot sells video highlights of NBA players. A LeBron James slamdunk video highlight went for $200,000. So far, the NBA Top Shot is thriving, making as much as $500 million in NFT sales.

NFTs And Crypto Here To Stay

Sundaresan said he started in the crypto industry with no money. To invest in this burgeoning industry, he worked for cryptocurrency companies and invested in fast-growth companies focusing on digital assets in 2013.

Although he declined to state how much he owns in crypto, Sundaresan said he has holdings in Bitcoin, Ethereum, Polkadot, and Flow. He also noted that NFTs and crypto’s all-encompassing feature would see it override any ban by regulators.

“If regulators were tighter in previous years, that would have stifled innovation. I think we’re at a point where they see the positive impacts of crypto around the world,” he said.

This is following growing concerns in India that the government is set to outlaw private crypto ownership. The Asian nation has been a checkered history with crypto going as far back as the 2018 blanket ban overturned in 2020. Now, the government is revisiting, and it seems everything will go according to plan.

The government has repeatedly pointed to all the disadvantages surrounding crypto, saying its continued use could harm the global economy.

Beeple’s $69 Million NFT Buyer Says NFTs Could Democratize Digital Arts