Art meccas around the world from Paris to New York City have attracted collectors of art for years, seeking to purchase sought after pieces from creative artists producing valued work in limited numbers.
Supply and demand has always been prevalent in the art world, even more so now with the rise of ‘digital art’ supported by blockchain. Artists now turn to new mediums of creatively expressing their artistic craft more conveniently through R.A.R.E., a blockchain powered ‘digital art’ marketplace.
“Separate in your mind the art market and all of its fractional components,” R.A.R.E.’s CEO John Zettler said, “R.A.R.E. and other digital art marketplaces serve the independent artists who create in the new digital media format,” while also relaying how the platform doesn’t serve artists backed by major galleries. “Our attitude is to find channels to serve these artists while using blockchain to give them a new mechanism and market to sell their art.”
Limited-edition ‘digital art’ pieces, stored on computer files, are uploaded by artists wanting to sell their digital work online, tokenizing each piece and if sold receiving 60% of the proceeds. Art is saved using blockchain and IPFS (InterPlanetary File System) to confirm attribution of the artist who created the piece and ensure ownership.
Collectors purchasing ‘digital art’ own the pieces securely through Ethereum cryptography, while also having the option to sell or trade the piece when art demand is high. If a piece is sold or traded, artists still have authorship attribution on each piece making sure all credit ultimately goes back to them.
“As a digital artist, I have a lot of things that are on the computer that can’t necessarily be printed or output to a painting or sculpture or something physical for somebody to collect,” said D.C. based artist Naturel, in an interview on R.A.R.E.’s website, who uses the marketplace to sell his ‘digital art’ while also explaining blockchain’s ability to make art valuable since they are “scarce” or limited.
“I think blockchain verified art is in the very first pitches of the first inning,” Zettler said further on blockchain’s impact on art, “long term I see a world where life is full of digital interfaces, whether it’s augmented reality, virtual reality, OLED wallpaper, or some other technology that blurs the line between the physical & digital worlds.”
Experiencing ‘digital art’ on the blockchain isn’t just simply staring at a smartphone screen or computer monitor, although as Zettler said that R.A.R.E. is “turning every screen into a canvas” with the company having its own app to stream art on Apple TV and Google’s Chromecast. Multiple pieces of ‘digital art’ can also be showcased in unison with one another on smart digital frames, such as the Meural Canvas, easily letting multiple pieces being showcased at different times of the day at the control of art collectors.
And collectors will continue to seek out new, rare pieces to add to their digital collections as long as the demand is alive. Art sales in the online market amounted to $4.64 billion in 2018 and is forecasted to increase to a total of $9.32 billion by 2024, according to a Statista study, opening up the need for more blockchain powered online ‘digital art’ marketplaces.
While some artists may continue to paint with a brush and framed canvas, the rise of ‘digital art’ is now able to reach new collectors interested in different mediums of art. One ‘digital art’ piece famously sold for $1 million back in 2018, sparking the blockchain art market interest.
Art will continue to be flourished in various ways with technology, but ‘digital art’ marketplaces allow artists freedom to conveniently sell their work and reach new audiences securely with blockchain.