Collectors can now acquire unique tokens for the artwork of Joe Muczky Jr. that come with the original painting. For many, this makes the combination more attractive in both the real and virtual world. Ownership is confirmed through a unique digital certificate that is immutable thanks to blockchain technology. To ensure the transition of ownership rights to the original painting upon further resale of the token, the original painting remains in custody of the artist. However, the ownership rights are always automatically transferred to the new owner of the art work token. This ensures that everyone who buys the token with the original certification simultaneously obtains ownership rights to the original work.
The world of art is at the same time both fascinating and shocking. A case in point is the Burnt Banksy crowd at the beginning of the digital art craze. By burning Banksy’s picture, they considerably increased the value of its digital form, which was based precisely on the uniqueness of that compelling story.
Digital art is on the rise, as also evidenced by the sale at Christie’s auction house of the digital collage by American artist Beeple, whose real name is Mike Winkelmann, which was auctioned for an unbelievable 70 million dollars (roughly 1.53 billion crowns).
In neither of these cases, however, was the digital work sold at the same time as the original. You can sit back and play with the possibilities this combination offers.
“With blockchain technology it is possible to create a single image/token, that is unique in this environment and has original, immutable, digital certification.”
Collectors can open up additional possibilities by entering the world of crypto. In addition to buying an original work, the physical ownership of which is confirmed by a certificate proving the work to be original, a client can now choose temporary ownership with the aim of increasing the value of the original work by subsequently creating a token and selling this token along with the original work to other collectors in the crypto space. Another variant for digital sales is selling the collector’s token along with the original work.
You can find the current offer of exclusive tokens and original artwork here:opensea.io/assets/muczka-art
What is an NFT?
Simply speaking, an NFT is an item on a blockchain, a kind of digital ledger that keeps the accounts of a crypto currency, like Bitcoin for example. The difference is that most bitcoins are interchangeable – one bitcoin is basically indistinguishable from another and they have the same value.
It is precisely because these unique tokens are listed on a blockchain that they are undoubtedly authentic. That is particularly important for digital formats. Since digital files can be perfectly copied many times over, it is difficult to own or sell a rare digital photograph. NTF tokens solve this problem by certifying the digital file and designating it as the genuine original. When buying an NFT token, the owner is entered into the blockchain and gains access to the digital asset purchased. This can literally be anything. Presently this primarily concerns digital art or collectors cards. Certain virtual items exist only within the given market where they are sold, others are in familiar formats like JPEG or PDF. Only a small portion are digital records of ownership of actual physical items.
What is Ethereum?
Ethereum is, just like Bitcoin, a crypto currency based on a decentralized database that stores and protects a continuously growing number of records. In computer science, this special type of database is referred to as a blockchain. At the same time, however, it is a decentralized virtual machine for running “smart contracts”.
“Blockchain is for Bitcoin what the Internet is for e-mail – a large electronic system over which you can build applications. Currency is just one of those applications.”
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