Digital Art is More Profitable than Traditional Art can ever be: Basilica Art House
People from the beginning of times tried to represent their ideas, thoughts, stories, emotions and the world around them in a form of art. We used everything from rocks, to clay, to paint and now we use technology.Even though we are so used to seeing digital art all around the web some consider it “cheating” or “fast and easy”. And yet just recently the crypto world is on a rampage for tokenizing and trading digital Art Works. The numbers are increasing almost every moment and will soon cross the marks of traditional art.
A lot of arguments are made by people on both sides but it only ends in one way: Usability. The Art Form that’s more durable and flexible in terms of how it can benefit the world other than just being able to put it up somewhere wins. Digital Art is moldable in various different forms and can be used quite extensively for commercial purposes which traditional art can. Additionally, new software makes it simpler for artists to create almost anything they can imagine without spending a lot of time learning new skills for recreational purposes. Blockchain technology has taken the propensity of Digital Art to new heights. The world has never seen anyone other than the super-rich buying and selling art but for the first time, the stage is open for almost anyone with formidable capital. Blockchain, or distributed ledger technology, enables digital things to be scarce. A regular digital item can be copied and replicated unlimited times at no cost, but a digital item on a blockchain cannot.
Supply: The artist can add code into their digital work to indicate the number of copies that will be created.
Ownership: Blockchains allow users to truly own their digital assets. For regular digital items, the creator or developer has the power to delete it at any time.
Authentication: Knowing the authenticity of artwork is extremely important and can massively impact a work’s value. A blockchain records the time and date of an asset’s creation and when it’s traded. It’s nearly impossible to determine these details with traditional physical artwork.
Native Commerce Integration: Instead of needing to set up an online store and integrate a payment processor like Stripe, a blockchain like Ethereum already has commerce integrated into its platform. Ethereum has a cryptocurrency called Ether (ETH) which is used to power the platform. An artist can create the artwork on the Ethereum blockchain and sell it for ETH, Ethereum’s native currency.
Commissions: After an artist sells their original physical work, they usually do not receive commissions from secondary sales. If the artwork is created on a blockchain, the artist can code directly into the piece to enable them to receive a small portion of the secondary sale.
The digitized structure is providing far more potential for value in the future. The values of digital art assets are most likely to grow. This doesn’t mean all artists will succeed but similar to the freehand concept of Adam Smith the market will ultimately decide what is worth and what isn’t.
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