Sélectionnez la langue
Use Arthive in the language you prefer
Create an account
Register to use Arthive functionality to the maximum
BLACK FRIDAY: Up to 30% discount on PRO accounts and websites for artists and galleries with BLACKHIVE21 promo code

NFT Madness: How the Art World Uses a New Digital Phenomenon

Thanks to NFT, singer Grimes earned almost $ 6 million in 20 minutes, and artist Beeple raised $ 69 million for one picture. According to Forbes, in February 2021 alone, sales of digital objects using NFT amounted to $ 500 million. In the same year, Christie’s auction house held the first sale of a fully digital collection of works by renowned NFT artist Beeple, offering the buyers to pay their bills with cryptocurrency. All this may seem like news, far from the daily tasks of most artists, but it is not the case. All you need is a basic understanding of how NFT works and a few digital tools.
NFT Madness: How the Art World Uses a New Digital Phenomenon
The .ART domain zone will help to start the way in art

The name of the website with the .ART extension quickly identifies your belonging to the art world in any language, the community of like-minded platforms will provide inspiration, and the digital hub will provide access to a number of tools that will make certification, promotion and even NFT minting much easier.

What is NFT?

Non Fungible Token is a part of a blockchain or a chain of blocks. Non-fungible tokens contain identifying information recorded in their smart contracts. This information distinguishes each NFT, and therefore it cannot be directly replaced by another token. Another very important feature of NFT is that they are indivisible. This means that you cannot send someone a part of a non-fungible token (unlike Bitcoin).

The technology allows you to digitize any virtual and physical object, making it unique.
In May 2021, the Uffizi Gallery in Florence sold a digital print of Tondo Doni, a work by Michelange
In May 2021, the Uffizi Gallery in Florence sold a digital print of Tondo Doni, a work by Michelangelo depicting the Holy Family, for 140 thousand euro.

How did NFT come about?

It all started with 10,000 artificial intelligence-created CryptoPunks LarvaLabs, followed in late 2017 by the CryptoKitties project, which became very popular. CryptoKitties is an Ethereum blockchain game that allows participants to buy, sell and breed virtual cats of different types. Each token is a unique cat created with a smart contract. The legacy of CryptoKitties is undeniable: the project has raised awareness of the concept of non-fungible tokens.
Chris Torres sold his famous Nyan Cat gif for 300 ETH (Ethereum cryptocurrency units, about $ 590,00
Chris Torres sold his famous Nyan Cat gif for 300 ETH (Ethereum cryptocurrency units, about $ 590,000 at the exchange rate at the time of sale).

What is art here?

Thanks to NFT tokens, content authors (artists, musicians, video makers, bloggers) can make money without intermediaries, receiving funds directly from the audience. As you know, they all have a lot of difficulty when it comes to protecting their copyright on the Internet.
Non-fungible tokens and their smart contracts allow you to add detailed attributes such as the owner’s identity, extensive metadata or secure file links — all of which help artists retain and protect the copyright of their work.
The scope is not limited to paintings (the most famous case occurred with Banksy: his work was burned and turned into a token). You can translate anything into a blockchain: music, video, gif, text, game items and even a tweet (Twitter creator Jack Dorsey sold his first post for $ 2.9 million, the money was spent to charity).
Screenshot of the video of the Banksy’s work burning
Screenshot of the video of the Banksy’s work burning

How artists use their .ART domain to run NFT

In April, we witnessed digital artist Pak sell his NFT work, The Fungible Collection, in collaboration with Sotheby’s on the popular NFT Nifty Gateway site. The total value of the collection was 16.8 million dollars. Cubes raised $ 14 million, which was spent by 3,080 unique buyers on 23,598 individual cubes.
In parallel with the sale, Pak launched a crypto-token called ASH. Users can get it by "burning", that is, effectively destroying NFT on the BURN. ART platform. The objective is that in the future, only ASH will be accepted as a payment method for Pak NFT collections! BURN. ART asks NFT owners, which one is more expensive for them: digital images or relevant tokens? On the site, Pak describes it as an experiment for "destroying the creation".
One of Pak’s Cubes objects. Photo source: Sotheby’s
One of Pak’s Cubes objects. Photo source: Sotheby’s
Pak is one of hundreds of names registered daily in the .ART domain zone.
Among the 120,000 active users of the digital hub are the Louvre, the TATE Gallery, the Pompidou Center, the Museum of Art of the District of Los Angeles LACMA, the National Museum of Art of the 21st century MAXXI, Pushkon Moscow State Museum, the State Tretyakov Gallery and its educational project lavrus. art, Tavrida Art Cluster, Marina Abramović Institute, Bayler Foundation, Sotheby’s auction house, Cartier Foundation, Rolex, BMW, Apple, Google and hundreds of thousands of artists, designers and creative personalities .

NFT Madness: How the Art World Uses a New Digital Phenomenon
Among the tools offered by .ART are the ability to use .ART domains with any cryptocurrency wallets, the replacement of a long Blockchain address with a memorable .ART domain name, and the expected launch of .ART Digital Twin, a new level electronic certificate. With the help of the .ART Digital Twin product, which exists in the beta version, it is possible to easily "mint" tokens and access the largest sites for the sale of NFT art, including OpenSea and Rarible.

.ART domains are used for different purposes: to create a collection point for all project information, for individual projects or as an electronic business card with all the necessary social links in one place under a professional web address.

Find your own .ART name right here