Digital Art is having its iPhone/App Store moment. For the first time artists can easily sell digital art online with the power of blockchain technology.
Artwork credit: xxxthorxxx
What is CryptoArt?
CryptoArt/NFTs are a revolutionary new way to buy and sell digital art online in limited editions with the power of blockchain technology.
Is CryptoArt evil?
Cryptocurrencies and CryptoArt are often criticized in mainstream media for their energy expenditure. However, such reports are often one-sided, don't ask how the energy is generated (mostly renewables) and don't provide a reference how much energy the traditional monetary system requires to operate. This comparison alone would dwarf Bitcoin's energy consumption.
Additionally, Bitcoin invests heavily in renewable energy and you have to consider that not all blockchains rely on mining to secure their network in the first place.
NFTs such as the one in this post can already be minted in an energy-efficient way on the Hive Blockchain, which uses an environmental-friendly (delegated) Proof Of Stake algorithm.
Ethereum on the other side is also upgrading its system to transition from Proof Of Work (PoW) to Proof Of Stake (PoS), which will drastically cut its energy usage.
Thanks to crypto and blockchain technology digital art is having its iPhone/App Store moment.
Similar like app stores advanced the distribution of software and eliminated piracy, CryptoArt empowers artists to sell digital art online in limited editions without relying on big galleries and cumbersome workarounds (like printing certificates of authenticity alongside printed photos).
Satan Lover NFT (1/5 editions) by crypto artist and Son of Odin, Thor. 3 editions are still on sale on NFT Showroom.