THE VALUE PROPOSITION OF CRYPTO ART

By Your Side

by Otha Davis III

Royalties for Artists In the crypto art space royalties for artists secondary sales have been built into the fabric of the marketplaces facilitating transactions. This is powerful as it allows for artists and their estates to reap the financial benefits of the cultural assets that they’ve created. Royalties also help artists sustain their careers as artists so that they can focus on what they love full-time. Provenance and Scarcity for Digital Art The blockchain serves as an immutable record keeping system. By appending art to the blockchain we now have the ability to prove and verify the origins of digital artwork as well as create true 1/1 digital artworks. The ability to be able to verify the scarcity and origins of digital artwork has unlocked the value proposition in the minds of many collectors and art fanatics. Opportunity for New Kinds of Art The advent of crypto art has expanded the possibilities for collectors to be able to collect animated artworks in the form .GIF and MP4 files. It is also possible to collect artworks with music in the background of artwork. These possibilities open the doors for artists to become even more creative and allows for collectors to expand their palette and breadth of art in their collection. Another new concept is the idea of programmable art, which is art that can be changed based on a series of algorithms either by the artist or the collector of the artwork. For example, you could have an artwork whose background changes with the weather.