What is cryptocurrency?
Cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems. When a cryptocurrency is minted, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
The most well known type of Cryptocurrency is Bitcoin. Created in 2009 by Satoshi Nakamoto. Since its inception it has had a rollercoaster type of success with the price and use of bitcoin steadily growing with a few hickups along the way.
At the time of writing (15/3/21) the current price of 1 bitcoin is £43.390 and is expected to continue to grow, with website Bitcoinprice.com quoting the following on their website “In an exchange with Business Insider in May 2017, Liew said that the Bitcoin price can “realistically” reach $500,000 by 2030.”
How to get bitcoin?
There are three primary ways to obtain bitcoins: buying on an exchange, accepting them for goods and services, and mining new ones. “Mining” is the term for the discovery of new bitcoins—just like finding gold.
Example of a bitcoin mining rig
NFT
NFT stands for non fungible token. Which more or less means that its unique and cant be replaced with something else. NFTs are part of the Ethereum blockchain, Ethereum is a type of cryptocurrency like Bitcoin. NFTs can be added to almost anything digitally to give it a level of certification and ownership. Whilst it can be used can be added to anything it has grown significantly in recent months to sell digital art. Using the NFT to validate the art turns regular owning of these digital arts and transforms it into a more modernised version of collecting fine art paintings.
NFTs are designed to give you something that can’t be copied: ownership of the work (though the artist can still retain the copyright and reproduction rights, just like with physical artwork). To put it in terms of physical art collecting: anyone can buy a Monet print. But only one person can own the original
Deadmau5 x Mad Dog Jones - sold for $700
Crypto Art
With anything digitally being able to get the NFT certification this opens almost anything to be added as crypto art. From things like video clips from Youtuber Logan Paul to animated stickers from Deadmau5. These works of art range in value depending on what it is and who createdit.
Logan Paul trap card - sold for $17000
Beeples big art sale
Artist Mike Winkelmann also known as Beeple had a recording breaking sale of his art. The piece “Everydays - The First 5000 Days” a collage of daily art work he has created for over 14 years sold at The famous Christies Auction House for $69 Million.
Another one of his pieces “Crossroad” was originally sold for $66,666 and then resold to another person 4 months later for $6.6 million, 100 times more than originally sold for.
Will Crypto art continue to grow and sell for these high monetary values? Only time will tell but for now it is an interesting venture worth exploring for digital artists and art lovers.
Beeples "5000 days" collage which sold for $69 Million
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