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Crypto investors are entering the art industry

August 12, 2020

The crypto ecosystem has expanded by leaps and bounds. In every area of ​​daily life today, disruptive technologies such as blockchain and The use of cryptography in the arts is no exception.

Artists go to great lengths to encourage investor willingness to venture into the art industry. Hence, crypto is now a new way to do business in this sector.

In this issue we bring you a platform that has caused quite a stir, Nifty Gateway. A platform that introduced important changes in the artistic field. Actually, A digital art work of art and NFT (Non-fungible Token) were auctioned for fifty-six thousand dollars.

Crypto investors are entering the art industryCrypto investors are entering the art industry

Nifty Gateway is a platform that collects artistic creations and arranges exhibits that are available on the platform for a limited time. and once the exhibition is over, the artworks published by the creators can no longer be accessed.

In this industry, non-fungible tokens play a predominant role, which is why the development was so important. More and more investors are entering the sector.

The ability to immortalize a work of art in time is an attractive attraction for those who take the risk of purchasing these works of art. The peculiarity of having a unique and non-counterfeitable object is somewhat tempting.

Although traditional art has an important history and represents cultures, times, and modes of thought that marked a milestone in pre-Columbian, contemporary, and modern human history, now is the time to move on to a new breed of non-dispensable art develop.

Sometimes the NFT is often confused with just a digital asset, and the truth is that it can basically be a digital representation of a real-world object, or it can certainly be a 100% digital asset.

Investors trust the immutability, transparency and security of the blockchain. It is for this reason that the artistic sector solves author problems, counterfeiting and doubts about the origin of the items received in traditional shops.

The idea emerged that in these cases part of the property is a matter of course. So far, however, it has not been an approach that has gained enough resonance to support him. What has been widely accepted by the community is the use of NFTs in the industry.

Another example of the use of non-fungible tokens was recently when a crypto activist sold his work “I Can’t Breath” for the price of 7 ETH It was worth a little over $ 1,703 at the time. This is another way to use non-fungible tokens.

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These types of digital assets have caught the attention of everyone in the crypto world and their employees. Because of this, space has been created to commercialize these non-fungible tokens. Some of these are Opensea, Known Origin, Rarible and Makersplace, which have invested in the best technology and user experience in the industry.

Communities like Crypto Art are one of the best staged examples of what users can achieve on a network of common interest. This community used this method to efficiently offer their art through these tokens. The way this sub-community sells their art is something that gets community attention.

As we have already made progress in Cointelegraph, the use of tokens is currently always going unnoticed. Its diversity and ease of use have played a pretty important role in the crypto community.

There have been many examples of project tokenization. According to surveys, there are a number of crypto investors interested in the NFT sector. Hence, it is expected that there will continue to be news from the sector that will have a positive impact on the industry.

Another benefit that has made investors interested in cryptographic art is the low commission for buying and selling the piece. An art auction organizer charges a commission of at least 20%, and only a 2% commission is paid for virtual auctions where these works of art are purchased.

Since the beginning of the use of blockchain in the arts, auctions, individual property registers, and security in payment methods have enabled the industry to continue to grow positively.

With decentralized spaces such as Opensea, Maecenas and Known Origin, which have emerged over the years, sufficient space can be created for investors to take the initiative in this partially used market.

There are many examples of the uses artists have given the crypto community and as a result investors are now showing a much greater interest in these digital assets.

That a cryptographic work of art has sold for more than fifty thousand dollars is a signal of acceptance and expectation. Acceptable for investors and forerunners of this type of art.

And a token of anticipation to all members of the industry, painters, developers, creators, and ultimately to all who manage to create a unique piece and mark it, know that they have a more open market.

Not only is the use of blockchain in the industry for personal benefit, but charity platforms have been created based on this technology, with items up for auction also include fashion. What is a different kind of art, the designer ventures into this area of ​​the blockchain as well to empower his customers.

In this era of coronavirus, great designers have remotely assembled the shows and marked the clothing items to ensure that there is no way to tamper with the exclusive pieces in the collection being shown. The versatility of this technology has enabled everyone to improve, venture and innovate every day to offer better products and services.

The views and opinions expressed here are solely those of author and do not necessarily reflect the views of Cointelegraph. Every investment and trade movement is associated with risks. You should do your own research when making a decision.

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