ArtAuctionCointelegraph.comNonfungible TokensTokens

Actionists reinventing art: As it ever was, so shall it ever be (even in crypto)

Tokenizing art could make paintings a more liquid vehicle for investment, engaging people who don’t have access to the high-end art market.
Art trumps money. Always. It is important to remember this amid the current crypto art hype. Nonfungible tokens have given digital art the benefit of provable ownership, scarcity and programmability, allowing digital creators to promote and sell their work in ways never before possible.With the blockchain industry growing and markets becoming more liquid, crypto art has seen a flurry of incredible primary market sales. The ICO-like fear of missing out has inspired collectors and artists to chase scarcity, and even destroy art in the process, as was the case with the creation and auction of the Banksy print NFT. Still, what may seem like a marketing ploy may be one of the greatest actionist performances the art world has seen to date.Chasing scarcityThe rarer something is, the more it is coveted. That seems to be the basic principle of any collectible items and applies to crypto art as well. A quick look at single vs. multiple-edition sales shows that the market favors uniqueness.This chase for scarcity has taken on many forms, from limiting the number of editions of a particular art piece to finding “firsts” in a sea of things — as was the case with Jack Dorsey’s tweet.Major stars from the art world and music industry have started to experiment with NFTs, making six-figure drops a seemingly commonplace occurrence. From Paris Hilton’ …
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