Art is more important than money. Always. It’s important to keep this in mind in the middle of the current injection of cryptography. The innate symbols gave digital art the advantage of proven ownership, scarcity, and programmability, enabling digital creators to promote and market their work in ways that were previously impossible.
With the rise of the blockchain industry and the increased agility in the markets, the art of cryptography has seen an incredible flood of sales in the primary market. The ICO-like fear of getting lost prompted collectors and artists to seek scarcity and even destroy art in the process, as was the case with the creation and auction of NFT print from Banksy.
However, what may seem like a marketing ploy could turn out to be one of the greatest works of movement the art world has seen to date.
The fewer times something is found, the more desirable it is. This appears to be the basic principle of all holdings and also applies to the art of cryptography. A quick look at sales in several issues shows that the market favors exclusivity.
This search for scarcity has taken many forms, from limiting the number of prints of a particular artwork to searching for “first time” in a sea of things – as was the case with Jack Dorsey’s tweet.
Top stars from the art and music industry are starting to experiment with NFT, which has made the six-figure fall seem popular. From a $ 17,000 Paris Hilton cat photo to the death of Old Man Graeme for $ 389,000 to Christie’s infamous Pebble auction, sales and awareness are growing.
Cap on huge sales
Despite the impressive sales in the primary market, the secondary market was generally relatively calm. If we look at the SuperRare data, we can see that the number of secondary market sales is a small fraction of the number of commodities sold.
The fact that artist drawings are handled differently on different platforms and rarely work across platforms makes both creators and business collectors focus on early sales for success in the short term.
To cover the void
The blockchain industry has seen and continues to see many attempts to bridge the gap between the physical world and the digital world. As far as art is concerned, early attempts focused on coding material art and the works of famous artists with price tags that made them very illiquid. It was hoped that segmenting expensive artwork through coding would lead to more participation from people previously excluded from the exclusive art market. This would make panels the most floating investment tool.
The trials have so far had very limited success. This may be in part due to the lack of consensus among the public: traditional collectors don’t work with cryptocurrencies, and digital natives are less attached to the physical things run by a central party.
But what if someone could take a physical artwork and make it digital? The Injective Protocol team tried to do just that. He has a screenshot of Banksy “Morons (White)” just for duplicating the physical image (while streaming the event) and extruding the image as NFT.
The apparently barbaric ritual was to turn the Banksy screenshot into the blockchain, and in the process, earn a good sum for the team. The second goal was clearly achieved. The original work was purchased for $ 95,000 and sold in OpenSea for approximately $ 400,000. However, it can be said that what happened was a transition from the physical world to the digital world.
Instead, the Injective Protocol team destroyed Banksy’s screen and created an entirely different piece of art.
Saboteurs or work?
It’s easy to write off Banksy NFT’s burn as a successful marketing campaign, but a closer look reveals a lot.
On the surface, there’s evidence of the original artist’s hat spoiling his auction work himself to create new art. However, this is only the beginning.
Remember, art has a rich tradition of hands-on events where the artwork installation has been destroyed for approval and is already creating a new work of art. The most comparable example is probably Alexander Brenner, who drew a green dollar sign on the white Casimir Malevich cross in an exhibition in the museum.
Brenner spoke against “corruption and commercialism in the art world.” Take a close look at Banksy’s screen and read what it says, “I can’t believe fools are actually buying this shit.” This cannot be an accident.
While the Beeple business sold for $ 6.6 million, while Vincent Van Gogh walked away (albeit a controversial Van Gogh) for $ 650,000, the Injective Protocol team released a statement that burned this particular piece of Ben.