NFT ArtSource: Is Digital Art Better Than Traditional Art?
We investigate the interdependence of digital and traditional art and what that means to the future the art world.
Welcome art enthusiasts!
This seems to be a perfect topic to launch our first newsletter, as last week a ground-breaking event occurred. Christie’s, a major auction house, offered a purely digital NFT artwork up for sale. They are representing Mike Winkelmann, aka the digital artist Beeple, who posted a new digital picture every day for 13 and a half years or 5000 days. The piece is a culmination of all those art works seamed together in one unique tableau. In its first day on auction, the piece already acquired a bid of $2.2M and it keeps climbing; the online auction will end on March 11. This is a groundbreaking event, as it lays the foundation for all digital artists to follow in his footsteps.
Thus, the question remains, is digital art a better option than traditional art? Digital art provides a new and direct way to communicate and sell to consumers and art collectors all over the world. Digital art is backed by the blockchain so that each piece is tokenized by an NFT or non-fungible token that identifies and verifies the digital asset as an original. It is also linked to the artist indefinitely, allowing the artist the receipt of royalties throughout the lifespan of the art. Every time the art changes hands, the artist benefits.
Prior to this revolution, artists had a challenging time getting their work noticed. It was expensive for them to market themselves, find galleries to represent them, and gain recognition and exposure to global markets. For those that do gain success, they are limited, as once their art pieces sell, they no longer can receive any gains from the resale market. Thus, having this new option with countless platforms for exposure, the digital artists are redefining old structures.
However, traditional artworks will always be sought after and acclaimed. Art collecting continues to grow and art works become more valuable each year. Digital artists are providing a boost to traditional artists and both are collaborating to produce more meaningful and dynamic pieces that will ultimately reshape the art culture and possibly impact the social structure as well. This digital art revolution is redefining how all creators will sell their art, providing greater leverage and tracking abilities for the full life of their art works. This is truly an exciting time as we witness the changes before our very own eyes.