Art

What is Digital Art? How Cryptocurrency is creating a new Market of NFT-based Digital Art.

2021 has been a year of new trends as a result of staying at home, and increased streaming and surfing of online platforms. How we consume and share content is ever-evolving, and we are in an interesting time before the digital revolution becomes more mainstream.

So….you must be wondering what is this Digital Art thing that I’ve been hearing about. Digital Art has been around for many years actually. Digital Art is an artistic composition that relies heavily on the use of technology in its creation. It’s been around since the 70’s and is used mainly for advertising and visual effects for film.

The cryptocurrency world is abuzz with talk of digital collectibles, unique virtual tokens that can represent anything from art to sports memorabilia. People have been paying hundreds of thousands of dollars for these NFTs, or non-fungible tokens. NBA Top Shot, a platform created by Dapper Labs in partnership with the basketball league, attracted $147.8 million in sales in the last seven days, according to NFT data tracker CryptoSlam. The service lets users buy and sell short clips showing match highlights from top basketball players.

Lebron James short clip available on NBATopShot.

What are NFTs?

NFTs are non-fungible tokens — meaning you couldn’t exchange one NFT for another — that run on a blockchain network, a digital ledger that records all transactions of cryptocurrencies like bitcoin.

“NFTs are here to stay,” Caty Tedman, head of partnerships at Dapper Labs, who spearheaded the NBA Top Shot project, told CNBC.

NBA Top Shot now has over 100,000 active collectors and has made $215 million in sales to date, Tedman said. It’s working on a digital collectibles game based on the UFC mixed martial arts league and has also attracted the backing of Warner Music to develop NFTs for music fans.

“The billions spent on Fortnite skins point to the importance of our online lives and personas, and how valuable they are to people,” Matt Hall, co-founder of Larva Labs, told CNBC.

In concluding, we believe NFT’s and cryptos will continue to open a market for ways to purchase and consume digital goods and collectibles!

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