- Scott Belsky is the chief product officer of Adobe and founder of Behance, Adobe’s social media platform.
- The following is a recent blog post, republished with permission, that originally ran on Medium.
- He discusses how crypto art cuts out the middle man and gives artists full credit and fair payment.
- Visit the Business section of Insider for more stories.
Over the last year I became the proud owner of “The Furry Lisa,” among several other one-of-a-kind digital creations often referred to as “crypto art” or “NFTs” (non-fungible tokens — a special type of cryptographic token and digital contract that represents something specific and unique as opposed to Bitcoin and other cryptocurrencies and tokens that are fungible).
But before I explain the personal significance of “The Furry Lisa” (and break down the major players in this space and the mind-blowing broader implications), let me start with a bold proclamation:
This NFT world is likely the greatest unlock of artist opportunity in 100+ years. This isn’t a suboptimal or fringe version of the real-world art economy, it is a vastly improved one.
Whether you are an artist of any kind, investor, or consumer of anything creative, you will be impacted. But before we explore the far reaching implications, let’s understand why NFTs up-level art in profound ways.
8 reasons why crypto art art
1. Crypto art cannot be counterfeited. Every piece of art that is “minted” in this world is forever chronicled on the blockchain (a permanent ledger of owners, transactions, and other information), eliminating all doubts about authenticity and rightful ownership.
2. The provenance is based in transaction, not spin. In the fine art world, the historical record of an artifact — past owners, fabled bidding wars, museum exhibitions, and an artist’s activity — are often represented by self-interested Gallery owners, art buyers, and industry insiders. In contrast, the “provenance” of an asset (the source of truth for its storied history) is memorialized in the blockchain and can be represented by novel interfaces in all kinds of creative ways.
3. More transparent and better merchandised scarcity. Let’s face it, collectors want to know they own a one-of-a-kind — or at least something rare. Look no further than the CryptoPunk phenomenon to understand the value that real-time transparent scarcity drives. While the old school fine art world is littered with impossible to audit limited editions and artist proofs, crypto art has solved for this.
4. Portability and liquidity. While the fine art world often relies on luxury shippers, insurance brokers, auction houses, and expensive art advisor coordination to achieve portability and
, crypto art can be transferred between owners in minutes and listed on various marketplaces and spaces simultaneously. Again, so long as these assets are represented on the same underlying blockchain (still some dust settling here), they have a ton of surface area…