Stablecoins and the Digital Art Space

More and more people are getting to understand blockchain and cryptocurrencies and the disruptive effect they possess on a number of spheres. Decentralized finance (DeFi), for one, is putting lasting changes to the way we carry out finance-based transactions. Interestingly, 2020 was dubbed the year of DeFi as the space recorded remarkable price rallies, especially in 2020 Q3.

Aside from DeFi, interest in non-fungible tokens (NFTs) and digital art is also on the rise. More artists are finding blockchain and cryptocurrencies as a reliable way to express themselves. This innovative technology is also opening up new methods for artists to reach out to a wide range of audiences, driving more engagement and, subsequently, more earnings for artists.

Blockchain and NFTs

Several blockchain platforms currently stand as major players in the NFTs and digital art sphere. Some of them include MakerDAO and its Dai stablecoin, VIDT Datalinks, etc.

MakerDAO’s Dai has been referred to as the best currency for the digital art market by several schools of thought. Dai is touted as being a stable, decentralized, and universal currency. These features make it a reliable and more than sufficient link to the fast-growing Ethereum sphere.

Speaking on this notion, Jen Senhaji, Maker Foundation Business Development Associate, pointed out that more artists are looking to expand their access to audiences via Web3 tools. She further added, “It’s exciting to see how artists and others in creative industries will continue to embrace stablecoins and NFT technology as they create, trade, and sell their work on the blockchain.”

Despite the fact that the digital art sphere is still in its budding stage, more and more artists are selling their creations at amazing prices. December 2020 saw the NFT artwork market reach an ATH of $8.2 million as compared to the $2.6 million sold in November.

Artists in the Decentralized NFTs and Digital Art Space

Several top artists and creators are trying out blockchain technology with respect to their digital artwork. They include:

  • Snark.Art – A tech lab focused on connecting art and blockchain technology. The platform sold its first artwork (“Indoor Explorer”) on OpenSea in 2020. Co-founder of the platform, Misha Libman, pointed out that the platform was inspired by Lewis Carroll’s poem – “The Hunting of the Snark.” According to Libman, stablecoins make it possible for artists and other creators to try out blockchain and crypto without the problem of volatility known to plague Bitcoin and other altcoins.
  • – Another platform aimed at allowing artists to enjoy easy access into the blockchain and crypto sphere. It helps them generate, manage, and sell NFTs on its platform. According to the platform, Dai was its first choice of stablecoin.
  • Sarah Zucker – Based in Los Angeles, she is both a writer and an artist. Her works borders on mysticism, humor, psychedelia, etc. According to her, blockchain holds great potential for the art market. She believes the tech will help regulate art valuation to the “benefit of artists, collectors, and platforms alike.” Sarah currently accepts payment in xDai.
  • Bryan Brinkman – A popular animator, he moved to the decentralized NFT space because of huge gallery commission fees, amongst other expenses. His first edition NFT release was the “Mandala” on Rarible.

Other artists and organizations in the decentralized digital art space include: Kate Vass Galerie and Art Blocks

In Conclusion

Blockchain is the future of the art space. More and more artists and art-based platforms are expected to adopt blockchain technology and cryptocurrency as a means of payment for art.

Recently, blockchain startup AnRKey X raised $1.2 million to help merge DeFi, eSports, and Web 3.0 non-fungible tokens (NFTs).

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Find out more about blockchain, NFTs, and DeFi on the Altcoin Buzz YouTube channel.


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