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Crypto Artists Bending Value Rules with Their Creations

Crypto Artists Bending Value Rules with Their Creations

Crypto Artists Bending Value Rules with Their Creations

Former Skype executive and venture capitalist, Michael Jackson bought a 10-foot-long neon sign last month for a whopping $400,000. The sign consisted of 42 numbers and yellow letters that form the parts of a blockchain contact address. The piece of art is titled ‘Yellow Lambo’ and is one in the long series of cryptocurrency artworks that is gaining attention globally.

The piece was designed by artist Kevin Abosch who believes that that sign is a symbol of success. He wanted to physically manifest what a digital coin would look like. He doesn’t know if the work of art will ever be worth the money for which it was sold. It is important to note that the price at which it was sold is far greater than a real Lamborghini.

Jackson, who bought the artwork says, “Crypto assets – they are so difficult to understand. A Lambo in real life is something the guys want to look up to. They are only doing it to show off, it symbolizes wealth. But a token – no one can see it.”

The total market capitalization of cryptocurrencies is US$430 billion as of now. These invisible assets are now gaining the attention of tech giants who are buying them as works of art. Bitcoin appreciation 1700{d433fa1c024495e3d30fb9a8ae174a80907308b9b8a5f0e72f30e7e693d34bc9} last year but there are people like billionaire investor Warren Buffett who call it ‘rat poison squared’. It is now up to the crypto artists to redefine how value is attributed to any artwork or a digital asset like bitcoin.

The crypto art community is finding innovative ways to rebuff the notion that digital assets do not hold any value. Earlier, Jamie Dimon, Chairman of JP Morgan Chase said that crypto is a “terrible store of value.” In response, cryptograffiti designed an artwork called “Terrible Store of Value”, a portrait of a disintegrating Dimon. The website claimed that the piece wanted to showcase the lessening trust that the public has towards traditional banking institutions. It was sold for $33,000 at an auction. More works on the website will be sold in a charity auction in New York, during the Ethereal Summit.

But it is not just young rebellious artists with faith in blockchain who are showing interest in such art. Some established names in this industry, like Christiane Paul are also willing to dab their toes in the world of digital currencies. Paul is the director of New York’s Sheila C. Johnson Design Center at the New School’s Parsons School of Design. She commented, “Artists have always been engaging with the latest technologies. It’s important that artists capture a certain kind of moment in cultural and technological evolution.”

Next month, a new treasure hunt will begin as Whitney’s website will broadcast a three-minute film. This film, made by Jennifer and Kevin McCoy has hidden clues that will offer part ownership of the artwork which will be donated to a museum. Only the first 50 people who find the clues will be able to claim this ownership.

With Yellow Lambo going for such a high price to a tech stalwart, who wants to keep it next to his pool, it can be concluded that the future of crypto art is bright.

About the author

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Sean Halverson

Sean Halverson knows an emerging opportunity when he sees one. He's gone big into cryptocurrency. He has been contributing towards ICO Advisory and Start-Up since a couple of years. With his experience, he decided to study the cause and effects of fluctuations in the cryptocurrency market and to share his knowledge with the crypto enthusiasts.

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