Art on the Blockchain

The development of blockchain technology over the last decade has had a far-reaching impact on the creation, ownership and trading of artwork, especially digital art. In an accessibly written text aimed at a broad audience of art-world readers, Valérie C. Whitacre demonstrates how the blockchain (a decentralised, distributed and public digital ledger used to permanently record transactions) continues to revolutionise our understanding of what can be considered a work of art as well as how art can be traded and consumed. Tracing the heritage of so-called 'Crypto Art' (digital art recorded on the blockchain) to earlier fine-art movements such as Fluxus, Conceptual art, photography and performance, the book shows that different collecting and ownership tools (such as the Certificate of Authenticity) were already established prior to the invention of the blockchain. The breakthrough achieved by blockchain technology, via NFTs (non-fungible tokens), lies both in its power to verify the authenticity, ownership, provenance and value of digital artwork and as a medium on which digital art might be transcribed. Moreover, innovators have begun creating solutions for the technology to further enable the same possibilities for the verification and valuation of physical pieces, challenging some of the most basic precepts of the traditional art market. This book provides insight and inspiration for those working both inside and outside the Crypto Art community, drawing on the innovations of creators, curators and institutions testing the boundaries of the technology.