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Crypto art marketplaces, NFTs, blockchain, rarible. Surely you must have heard some of these words by now. But what do they mean, really? What is this thing called crypto art, how does it work, who is it for, what is it trying to achieve?

Digital artworks and monetization#

Non fungible tokens#

The essence of crypto art#

Some very bright minds of the Silicon valley decided to fix our first problem — monetization of digital art — with the latter solution — NFTs. So how does it work? A crypto art marketplace — superrare, rarible, foundation — lets artists create a new token for any given piece. Then, these tokens are put to auction on these diverse platforms.

Now, some would want you to believe that tokens actually hold the file of the associated piece. But storing data on a blockchain is very expensive, so that would be unreasonnable.

Something Something1 and even more references.

Other resources (unbiased)#

  1. Sotheby’s partnership with Pak and Nifty Giveaway led to a sale of around $17 Million USD.↩︎