Intro to CryptoArt
This essay is one of 7 essays for The Tech Progressive Writing Challenge. Join the build_ Discord to join the conversation.
Who knows an amazing artist who's livelihood was crippled during COVID-19? My wife, kaoriphoto, specializes in adventure racing event photography and is one of the premier artists in her niche. You, too, may know an amazing and inspiring creative with a similar story. But what happens when events come to a screeching halt?
First you cry, then you pivot. You look for other opportunities. You make it happen.
Today I'm writing about the technology that's driving my optimism for the future of artists. Here are a few main definitions and links that may be valuable for creatives.
Cryptoart is art that uses blockchain technology in its creation or distribution (this simple definition is sourced from Justin Cone's "The skeptics' introduction to cryptoart and NFTs for digital artists and designers" article - highly recommended).
Blockchains are like giant databases that are great for recording transactions.
NFTs (Non-Fungible Tokens) point toward a piece of digital art. NFTs start as digital art in the form of still images, video loops, gif's, music, combinations of these, and more. Artists can then tokenize their artwork, and that token can then be listed, purchased, owned and transacted. Here are links to examples of this art:
Tyler Hobbs - generative visual artist
Deafbeef - generative audiovisual artist
OpenSea - an NFT marketplace
cryptoart.io - galleries of well-known cryptoartists
Artblocks.io - a platform for generative artists
Smart Contracts are executable programs that run on the blockchain. This matters because artists can build royalty structures into their work. Each time the artwork is transacted, they automatically earn a royalty from that transaction. This is awesome because if an artwork appreciates in value, the artist participates in that appreciation. In the future (if not already), artists can create a piece of work dedicated towards a charitable cause, and automatically distribute part of the piece's earnings toward that charity.
To read more about smart contracts, reference Ethereum.org's article on smart contracts.
Based on my research, royalties are only executable when transacted on the same platform the art was listed. This is changing, however, and here is an Ethereum Proposal that provides more detail.
This just barely scratches the surface of what is possible for cryptoartists. I can't wait to get to know, appreciate, support, and perhaps participate in creating cryptoart in the future.