Crypto art can refer to one of two things. The first being works of art that are influenced by political, economic, and social developments as a result of blockchain or cryptocurrency technology.
More commonly, crypto art is used to describe digital artwork that is stored on the Ethereum blockchain in the form of a non-fungible token (NFT). These works of art range from paintings and photographs to music and even sound clips.
Digital ownership
Before NFTs were introduced, it was next to impossible to determine the ownership of a piece of digital art.
That’s because art stored on a digital medium can be continuously duplicated to create a set of perfect copies. Hence making it pointless to own an “original” piece of digital art.
But with the introduction of NFTs, it is now possible for collectors to actually “own” the true original media.
And that’s because crypto art is stored on a decentralized ledger known as the blockchain where information such as proof of originality and transaction history can be accessed.
Where others are able to create their own copies of said media, the owner of the NFT holds the one true original.
And this is why NFTs have become so valuable in recent times.
Why are NFTs valued?
NFTs allow an individual to connect with artists on a whole new level.
Just as a connoisseur would pay top dollar for an original Rembrandt, a new generation of art collectors have taken to snapping up NFTs.
For example, Beeple’s collage, Everydays – The First 5000 Days sold for a whopping $69 million at a Christie’s auction.
Many believe that NFTs capture the spirit of modern-day art in today’s digital world. Amongst some of the most expensive NFTs that have been sold include the first-ever Twitter tweet and one of the world’s most recognizable memes.
Because of this, it has been posited that NFTs could actually overtake cryptocurrency as a valuable store of value. And that’s because NFTs make it possible to actually own a digital asset.
Investing in crypto art
So, the question is – should you actually invest in crypto art?
Well for starters, crypto art is something of a niche investment. From the perspective of an outsider, investing in something that can easily be duplicated seems crazy.
But with so much money being thrown around, there is understandably a lot of attention being focused on the NFT market. And it would be foolish to ignore the potential for profit.
The answer is most definitely yes.
Given the rise of digitalization, NFTs have made it possible to invest in digital assets. But before you get investing, there are a few things you need to take into account.
1. The NFT market is decentralized and unregulated
Just like cryptocurrencies, the NFT market is decentralized and unregulated. This is why it’s important that you only buy from trusted sources. Because the last thing you want to do is to end up falling victim to a scammer.
2. Ethereum (ETH) is the medium of exchange for most NFTs
As NFTs are based on the Ethereum blockchain, it should come as no surprise that NFTs are bought and sold with Ethereum (ETH). So if you’re looking to get into the market, be sure that you’ve got some Ethereum cryptocurrency on hand.
With that out of the way, let’s take a look at the best online sites that you can use to buy crypto art.
1. SuperRare
US-based platform SuperRare acts as both a trading house and social media platform for digital art fans. Browse the latest offerings from SuperRare’s hand-curated artists and brands or trade NFTs from the comfort of home.
And with clients such as Time magazine, you can rest easy knowing that SuperRare has some excellent pieces for sale.
SuperRare features a slick web design reminiscent of high-end design magazines and arthouse features. So even if you’re not looking to invest in NFTs, there’s plenty to see on the website.
2. Foundation
Foundation was first launched in February 2021, but don’t let the relatively young age of this site put you off.
The team at Foundation boasts a portfolio of some of the most eclectic and innovative designers in the world. Foundation rose to popularity when they hosted the sale of the Nyan Cat meme for $580,000.
Besides that, the site also features the works of Pussy Riot’s Nadya Tolokonnikova, Aphex Twin, and Edward Snowden. Hence making Foundation a great source of indie inspired crypto artwork.
3. Portion
Portion or Portion.io is an online auction house that specializes in premier crypto art from a custom-picked roster of artists.
On the site, punters can enjoy the artwork on display or auction for pieces of art that are on sale. Besides that, Portion also invites budding artists to create and display their own pieces on the site.
4. Sorare
Paris-based Sorare features NFT collectibles in the form of football player trading cards. The site features 140 licensed soccer clubs and allows collectors to participate in a fantasy football league.
If you’re a fan of football, you most definitely want to check out Sorare and their assortment of player cards.
5. OpenSea
OpenSea.io offers a wide selection of NFTs for the discerning buyer. From art to music and even domain names, whatever you want, chances are good that OpenSea has it for sale.
Users can create their own collections, buy, sell, trade, and even create their own NFTs on the site. Foundation’s flexibility makes it one of the more interesting NFT trading platforms on this list.
6. Crypto.com
Hong Kong’s Crypto.com features artwork by some of the most interesting creators out there. From Aston Martin’s racing team to Snoop Dogg, the team at Crypto.com claim to have assembled some of the best artists in the world.
Given the artwork on display, there is certainly some weight to this claim.
So, there you have it, a collection of the best online apps to buy crypto art. You can find some other interesting marketplaces, on this list of the best crypto art marketplaces by Tezro.
Whether you’re into sports collectibles or looking to build an art collection, there’s surely something for everyone.