Digital Art has an Art Form that has existed for a long time now but only just now has it been getting attention from the world. From Harold Cohen to Christian Marclay, artists have chosen to work hand in hand with technology time and again. Digital art allows the artist to give their viewers a distinctive experience every single time due to its innovative nature, which is probably why it has become so popular nowadays. The Digital Art as an Industry’s most publicized triumph so far is the recent acquisition of Beeple’s Everyday: The First 5000 Days, for a staggering $69,346,250 in a Christie’s online-only sale. The news made headlines across the world for many firsts. This was the third-highest price paid at an auction for work by a living artist. The work is an NFT, or non-fungible token, meaning it is a unique digital file on the blockchain. And, the 255-year-old auction house accepted payment in Ether, a cryptocurrency. So why are people interested in buying Artworks that are probably only going to be on your screen?
Basilica Art House being at the forefront of bringing the Digital Art revolution has the answer for this. Basilica believes that Digital Art has more significance and area of usage as compared to traditional art and the advent of blockchain based platforms only makes it easier to trade in Art and actually profiting from it.
High Growth Possibilities
While modern paintings are still the most acquired artistic asset classes Digital Art is picking up and will potentially cross the traditional art in terms of sales. Platforms like NFT’s with the innovativeness and ease of Digital Art it’s more likely to deliver good returns. Furthermore, Digital Art Works are pocket-friendly and start at extremely accessible price values for emerging artists. Once the popularity of an artist increases so does its price.
It definitely has value!
Digital Art Pieces are collectible and it will accrue in value (depending on two factors). First, by including the valid certification of authenticity by the artist, and second by creating limited editions of the work to ensure it can only be printed a restricted number of times. Every digital work includes these two important factors, making each piece retain and increase in value over time. Currently, NFTs are beginning to shape the role of authenticity and tokenization of digital work which continues to be exciting to watch as we enter the new art age.
There will be Bubbles
Like any other new investment classes there will be abundant speculation at first and there will be bubbles but all of this will lead to weed out the bad and bring out the good. Such use of Art and Technology is inevitable and nothing can stop its growth. Additionally, Digital Art is no less than traditional art and artists don’t just get lucky even in this new format there will be overvalued and undervalued artists but eventually their performance in the long term will determine their real value to the word.