Digital art is gaining widespread popularity with increase in demand. Now, it is making its debut in the high-ranking auction circuit.
American artist Mike Winkelmann’s work at a Christie’s online auction is taking place from February 25 to March 11. This is also the first time a major auction house will accept cryptocurrency as a form of payment.
Non-fungible tokens (NFTs) are digital tokens tied to an artwork using blockchain technology, including details regarding provenance and authenticity of artwork.
Blockchain introduces what is termed as “digital scarcity”, involving issuing a limited number of copies of an artwork with a unique token (a unique string of numbers that can be used as a digital representation of a physical asset).
The blockchain art movement includes a vast gambit, from bitcoin graffiti art to artworks such as The Last Bitcoin Supper by French artist Youl, which sold for nearly $3,000 on eBay in 2014.
Several digital marketplaces such as Zora, SuperRare, Foundation and Nifty Gateway have emerged in the last few years, where collectors can trade digital works.
The total value of the crypto art market today has reached $80 million, with over 60,000 artworks sold so far.
While Beeple is estimated to have sold artwork worth over $7 million, other popular digital artists include Pak, Trevor Jones and José Delbo.