Blockchain And Art

The intertwining of art and blockchain technology has been underway for years. But with a pandemic fallout that has dramatically Impacted Institutions and Decimated Artists’ Income, that relationship has grown and thrived in 2020 — providing digital artists a much-needed avenue to present and sell their creations, and collectors an innovative way to discover art. As our world grows increasingly virtual, this surge of the crypto art market should come as no surprise.

SuperRare, along with other crypto marketplaces like OpenSea, MakersPlace, and KnownOrigin, sell art in primary and secondary transactions and function on blockchain networks — shared, decentralized cryptographic ledgers that track assets. Works purchased in cryptocurrency like Ether (on the Ethereum blockchain), are sold as Non-Fungible Tokens (NFTs), unique digital tokens tied to blockchains that represent an asset, guaranteeing its value and scarcity.

Meanwhile, institutions have been entering the blockchain ecosystem too. After the Austrian Museum of Applied Arts became the First Museum to fork over Bitcoin for an artwork in 2015, other cultural institutions from Cleveland’s Great Lakes Science Center to Florida’s St. Petersburg Museum of History have experimented with Bitcoin Payments to enhance the visitor experience.

Is the Blockchain Here to Stay?

Blockchain Is Here To Stay And Change Many Industries, just as it has in the arts sector. The technology is likely to give artists and art collectors more control, as they can choose who sees their work and whether it should be distributed and reproduced.

As blockchain increases the affordability and affordability of artwork, it attracts many art collectors, thereby revolutionizing the art industry. This is a powerful technology that will change people’s lives by transforming the publishing industry, the music industry and cinema.