September 26, 2021

Actionists reinventing art: As it ever was, so shall it ever be (even in crypto)

1200 aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvNmVlOTU4OTYtOTRlMS00ZTA2LWEzODQtMmQxNGNiMWQyNGZlLmpwZw

Art trumps money. Always. It is important to remember this amid the current crypto art hype. Nonfungible tokens have given digital art the benefit of provable ownership, scarcity and programmability, allowing digital creators to promote and sell their work in ways never before possible.

With the blockchain industry growing and markets becoming more liquid, crypto art has seen a flurry of incredible primary market sales. The ICO-like fear of missing out has inspired collectors and artists to chase scarcity, and even destroy art in the process, as was the case with the creation and auction of the Banksy print NFT.

Still, what may seem like a marketing ploy may be one of the greatest actionist performances the art world has seen to date.

Chasing scarcity

The rarer something is, the more it is coveted. That seems to be the basic principle of any collectible items and applies to crypto art as well. A quick look at single vs. multiple-edition sales shows that the market favors uniqueness.

This chase for scarcity has taken on many forms, from limiting Title: Actionists reinventing art: As it ever was, so shall it ever be (even in crypto)
Sourced From: cointelegraph.com/news/actionists-reinventing-art-as-it-ever-was-so-shall-it-ever-be-even-in-crypto
Published Date: Sun, 21 Mar 2021 16:13:00 +0000