The short answer is: Crypto art is digital art that is prized as physical due to the ability to prove ownership of it. Check the new NFT Crypto- art goes viral and more on Switzerland based Luxury Lifestyle Magazine- Kenleaks Magazine.
The authenticity of the original work “The Ninth Wave” by IK Aivazovsky from the Russian Museum is confirmed by his signature on the raft, assessments of art critics and scientific expertise. The authenticity of the crypto-picture is confirmed in possibly even more reliable ways, using NFT (Non-Fungible Token) technology.
Let’s figure out what NFT, or non-fungible tokens, are. NFT is a type of digital asset that represents something unique. Everyone has long known tokens Bitcoin, Ethereum, Ripple and others belong to the class of fungible assets. In this they are similar to traditional money.
What is interchangeability? You can exchange any 30 CHF banknote for another banknote with the same denomination, and the value of your assets will not change. Also, any two bitcoins have the same value on the market and at the same time can be exchanged at the same rate for another currency, or you can get the same goods and services for them.
A big and perennial problem in the world of digital art is how easy it can be copied and redistributed. As soon as something is copied and replicated for free, the value of that asset drops and the whole market perspective disappears. In order for something to have value, it must be in short supply.
Blockchain is helping digital artists solve this problem by introducing the idea of a “digital scarcity”: releasing a limited number of copies of items and linking them to unique proprietary tokens.
The token in this case is a digital certificate that is stored in a secure and decentralized database – the blockchain. It confirms your right to something unique. You can attach it to anything: JPEG, GIF, MP4, even music. This token, which proves ownership of the “original” file, is stored on the blockchain.
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