The technology based on ‘blockchain’ that revolutionizes art
Can you imagine buying a JPG file with a value of 69.3 million dollars? Or maybe get the Cristiano Ronaldo or LeBron James digital card for more than $ 200,000?
These scenarios, although they seem unlikely, have happened and all thanks to the technology of the NFT or non-fungible tokens, a model based on the blockchain and that in recent weeks has gained great attention for its exponential growth.
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These elements are unique property identifiers related to digital elements, so an NFT can contain any type of art object or pieces in a wide variety of formats that have unique qualities.
The fact that They are not fungible is what gives it a more precious character, because unlike cryptocurrencies or physical money, these can be replaced with one that has an equal value.
“NFTs are a technology in which each one is different and that adds value, it applies mainly to art objects. They are very different from cryptocurrencies because it is a way of having the copyright of an artistic piece or that has a collectible value, ”says Bryan Benson, director of operations at Binance Latam, an expert in the crypto-asset market.
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One of the characteristics that has strengthened NFTs is the wide possibility it offers, since someone can take a digital work, be it a video, a song, an image, a meme, among others, and transform it into a token, which also includes the rights over it and the artist’s certificates.
The author of the work is the one who determines if that digital piece converted into NFT is unique or if it only has a certain number of editions.
This technology is based mainly on the cryptocurrency Ethereum, launched in 2015, which allows the development of smart contracts on its blockchain.
The person who acquires an NFT loads it inside their digital wallet, as if it were another cryptocurrency or asset, and Depending on the type of item you purchase, you can receive royalties for that piece and it can be valued over time, just like physical art.
“The people who acquire these elements not only buy them to be able to appreciate them, in many cases it is taken as an investment. In addition, it has strongly impacted the world of collectors, who see it as a trend that directly benefits artists that guarantees a greater number of sales through the crypto audience. It is a wave that will grow in the future ”, details Benson.
NFTs are a technology in which each one is different and that adds value, it applies mainly to art objects
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Although it is not new, since they have been in the market for several years, non-fungible tokens have had a shot in the last six months. This is demonstrated by the money that this sector is moving, which for just a year could move about 25 million dollars and currently reaches estimates of more than 250 million dollars, a 10-fold growth in just a couple of months.
NFTs reached their peak of popularity so far in mid-March, when the renowned auction house Christie’s sold the digital artwork of American artist Mike Winkelmann, known as Beeple, Everydays: The First 5.000 Days, which includes a collage with 5,000 digital pieces made by the designer every day for 13 years, by a value of $ 69.3 million.
This becomes Christie’s first bid for an NFT and is the third most expensive artwork auctioned for this home by an artist that is still alive. The token also has the signature of the author and his certificate of authenticity.
But this is not the only example of the use of this type of cryptoactive by well-known artists. Banksy’s Idiots work, popular for its street art, was converted into an NFT by investor group Burnt Banksy, who purchased the work last February for $ 100,000 and burned it. The token includes the digital image and video of the moment in which the painting was cremated. The digital work was later sold for $ 382,000.
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And it is not only art that has reached millionaire figures. Jack Dorsey, co-founder and CEO of Twitter’s first tweet in the form of NFT was auctioned off as a digital souvenir for $ 2 million. The post was made in 2006 and has the message “just setting up my Twitter.”
The sport has also dabbled in this technology, NBA videos are being sold for thousands of dollars. And even the digital cards of soccer player Cristiano Ronaldo and basketball player LeBron James were auctioned in token for more than $ 200,000 each.
This panorama has led to the emergence of so-called virtual museums, such as the Museum of Crypto Art and Decentraland, which sell virtual spaces where people with works in NFT can display them and set up exhibitions. “These digital spaces help curate the works and become new platforms for artists.”, Benson points out.
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Twitter: @ TecnósferaET