The rise of blockchain art and the NFT phenomenon

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Written by nftlady

Blockchain and art may seem like two words that simply don’t belong together. As long as we’re able to perceive something, there’s bound to be someone who wants to sell it for a price. Nowadays, pieces of art can get really expensive sometimes costing millions of dollars. However, the blockchain provides us with an alternative way to value them.

So, what is blockchain art? It’s the use of smart contracts and non-fungible tokens (NFTs) to create digital works of art that can’t be reproduced or copied. Ever since the beginning of blockchain technology, people have been looking for ways to apply it outside of finance. Blockchain artists have quickly come to realise that this technology can be useful for more than just digital currency. It has enabled them to transfer the ownership of art works onto the blockchain and create unique pieces – which could even end up being worth more because of its uniqueness.

Blockchain technology is relevant for artists since it provides a new way to protect their intellectual property, distribute their art, and also create a new business model through decentralised applications. The blockchain is ideal for creating unique pieces of art since it allows artists to securely register all the changes they have made to their work in order to protect it against future alterations.

The biggest example of this is CryptoPunks , which was launched in April 2018 by an organisation called AxiomZen. Each of the virtual characters is unique, and they can be traded or sold through a smart contract. In order to put a CryptoPunk into one’s wallet, one must simply purchase them with ETH (Ethereum). They are then stored on the Ethereum blockchain as ERC-721 tokens . It provides users with an interesting way to participate in an emerging technology without having to engage in cryptocurrency mining or trading.

Other examples of blockchain art include a digital cat which is actually a NFT by the name of CryptoKitties . The idea behind this was that users could breed and trade unique, digital cats much like how people have been breeding virtual pets for decades. This has become incredibly popular with the game being responsible for nearly 15% of Ethereum’s network traffic at one point.

There are countless examples of blockchain art, some more complex than others. Simply download MetaMask , create a wallet, and explore different blockchain applications! Once you’ve had enough fun on the testnet, go ahead and play CryptoKitties, which is live on the Ethereum mainnet. Who knows you might end up with a crypto kitty worth millions!

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