Blockchain technology leading boom in digital artwork

Published on June 14, 2021

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It’s time for the ‘World Now’, Bringing you the latest and some of the most interesting news from around the globe… I’m Choi Jeong-yoon.
Types of art and how they are traded is now more diversifed than ever.
Blockchain technology that first appeared as a way of creating and managing digital currencies….is now being used to authenticate original works of DIGITAL art.
Pieces are selling for millions of dollars.
Our Jang Tae-hyun zooms in on this phenomenon.
Six-point-six million U.S. dollars.
That’s how much this piece of online artwork costs.
Art-collector Pablo Rodriguez-Fraile spent 67-thousand dollars on this video last October,… and just a week ago, he sold it for a whopping six-point-six million dollars.
It’s a new type of digital asset called a ‘non-fungible token,’ dubbed as NFT, which uses blockchain technology to prove it is unique.
“It’s the same argument as, you know, you can go into the Louvre and take a picture of the Mona Lisa and you can have it there, but it doesn’t have any value because you don’t have the provenance or the history or the work.”
Non-fungible means that items can’t be easily exchanged, unlike fungible assets like dollars and gold.
The video titled “CROSSROAD” created by digital artist Beeple… was authenticated by blockchain to certify the owner of this work.
Huge sums of money are flowing into NFTs, and there is a risk of major losses should this be a price bubble that later bursts.
However, it could be going mainstream as auction house Christie’s has just completed its first sale of digital art a collage of five-thousand pictures by an artist called Beeple.
“So, here is the piece. Again, it’s five-thousand days. It’s one image for each five-thousand days that I’ve been doing the ‘Everydays.’ This is the first one in the upper corner here. And then in the bottom here, we have the last one that was just earlier this month.”
The blockchain technology allows the items to be authenticated as one-of-a-kind, unlike other online items that can be reproduced.
Examples of NFTs range from sports cards to land in virtual environments.
Digital trading cards like NBA ‘Top Shot’ are seeing brisk business.
“So it’s been really cool because we’ve launched the private beta, the public beta in October, and already since then we’ve processed over almost 250 million dollars in transactions in all this.”
People don’t have to carry the collection around, but every card and every trade is recorded in the marketplace.
Each collectible has a special serial number with guaranteed scarcity and protected ownership guaranteed by the blockchain technology.
Jang Tae-hyun, Arirang News.

#Blockchain #technology #artwork

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2021-03-04, 07:00 (KST)

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