Cryptocurrencies have been a much discussed topic lately. Who would have thought, however, that this type of digital decentralized currency, of which Bitcoin is the oldest and most famous example, could have a major impact on the development of contemporary modern art. Have you heard about the new NFT phenomenon?
On Society, we often discuss polymer art. We are happy to introduce you to artists from different kinds of the art world and we also have a bit of a duty to inform you about current trends and news that are important to catch in time before the world moves on again.
We suspect that you are now wondering: What on earth is NFT?
Imagine that in the early days of a talented painter, you invest your money in buying one of his paintings. Decades later, his artwork's value will increase. Since the painting you purchased is a unique work that was created only once, its value keeps increasing.
The same works in the online environment. In short, NFT is based on the term Non-Fungible Token. You can think of a token as a digital thing that is the only one in the world. Thanks to the Internet, it is possible to record its complete history from its start and in this way sell the NFT in the form of a piece of art, a song, a video clip, a game item, a collectible virtual card or any other form of content you can find in the online environment.
Where the Internet was in 1999, the NFT is today. At the very beginning.
Still, the sale of art in the form of NFT is happening every day. In the last three years, this market has grown by a staggering 705%. Let's visualize what it looks like with a few concrete examples.
One of the world-renowned NFT artists is Beeple, a.k.a. Mike Winkelmann, whose work we covered in a previous article. For example, even Banksy himself has stepped into the world of virtual art with his performance called Burnt Banksy, which you can watch on YouTube.
The connection between the world of cryptocurrencies and the world of art is becoming more and more closer, which is probably why the virtual gallery 100 Creators was recently created within the Crypto Stock Market Binance. The name itself suggests that this gallery features the works of 100 carefully selected artists from different parts of the world.
One of them is the Czech artist Julius Reichel, who is not a newbie in the world of cryptocurrencies. He was even one of the first Czech artists to be paid for his paintings in the form of cryptocurrencies instead of real money. It is this Czech painter who is offering to buy colorful NFTs on Binance in the form of a series of six 190 cm x 145 cm large specially digitized paintings.
What do you think about the connection between cryptocurrencies and modern art? What about the art of the old masters? Will it be gradually forgotten or will it be digitized?
There are many questions about the future of these two fields. However, we have no choice but to wait and watch what is happening on both sides and maybe even get involved.