Thread by @AndrewSteinwold

What is crypto art (sometimes called NFT art) and why is it exciting?

Crypto art is just art that has been tokenized on a blockchain.

It can take the form of:
- Image
- GIF
- Video
- Whatever you want it to be, its art!

“Digital art isn't art, I can screenshot it and that means I own it”

Sure, I guess, you can download that file but that does not make it valuable. Value comes from a collective story we all tell ourselves.

Why is gold valuable? Well, cause we all think it is.

What gives art value?

According to the legendary art house @Sothebys, things like:

1. Authenticity - The piece is not a fake
2. Rarity - Self-explanatory
3. Provence - Historical ownership record (“Vitalik used to own this NFT!!”)

What makes the crypto art market so exciting from the artist’s PoV? They now have total control.

Before the internet, galleries controlled the marketing and financial rails of art. They had all the connections and you had to sell through the galleries (which took 50% fees!!)

With the rise of social media, an artist took control of their marketing via Instagram, Twitter, etc but the gallery still owned the financial rails.

Blockchain allowed artists to control their financial rails so for the first time ever, they are in complete control.

Why is crypto art exciting from a collector’s PoV?

- Those key factors that drive value to art? Solved

- The ability to share the creations easily on the internet to other interested buyers? Solved

- A market traded on a global 24/7 uncensorable financial system? Solved

I have long said that NFTs, especially crypto art, is the new social media

On your Instagram, you display pictures that showcase your personality.

Your NFT wallet is the new Instagram. I can get a feel for if someone loves art or is into strategy games or virtual worlds, etc

Blockchain has enabled the single largest paradigm shift in favor of the creative we have ever seen.

Crypto art opens up the art market to the entire world and it will never be the same.