There is merely a record in a public database saying that you own the work — really, it says you own the work at a specific URL. It might be helpful to think about crypto art in the context of why people buy original works of art.
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Some people buy art for their homes, hoping to incorporate it into their living spaces for pleasure and inspiration. But art also plays many important social roles. The art in your home communicates your interests and tastes. Buying work supports the artists and the arts. Then there are collectors. People get into collecting all sorts of things — model trains, commemorative plates, rare vinyl LPs, sports memorabilia — and, like other collectors, art collectors are passionate about trying to hunt down those rare pieces.
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Perhaps the most visible form of art collecting today, and the one that drives so much public discussion about art, is the art purchased for millions of dollars — the pieces by Picasso and Damien Hirst traded by the ultrawealthy. Finally, I think many people buy art strictly as an investment, hoping that it will appreciate in value. If you look at the reasons people buy art, only one of them — buying art for your home — has to do with the physical work. You can build your own virtual gallery online and share it with other people online. You can convey your tastes and interests through your virtual gallery and support artists by buying their work.
You can participate in a community: Some crypto artists, who have felt excluded by the mainstream art world, say they have found more support in the crypto community and can now earn a living making art. This supports a much larger community than just a select few artists.
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And some resale values have gone up. Aside from the visual pleasure of physical objects, nearly all the value art offers is, in some way, a social construct. This does not mean that art is interchangeable, or that the historical significance and technical skill of a Rembrandt is imaginary.
It means that the value we place on these attributes is a choice. And I spent a lot of money on it. Conversely, the conceptual art tradition has long separated the object itself from the value of the work. Maurizio Cattelan sold a banana taped to a wall for six figures, twice ; the value of the work was not in the banana or in the duct tape, nor in the way that the two were attached, but in the story and drama around the work. It is pure conceptual abstraction, applied to ownership. On the other hand, crypto art could be seen as reducing art to the purest form of buying and selling for conspicuous consumption.
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Buying and selling is more important than the art. This story was satire.
But crypto art takes this one step further. If the point of ownership is to be able to say you own the work, why bother with anything but a receipt? People can create all the NFTs they want about anything, over and over again. The artist makes only one of these tokens, and the one right you get when you buy crypto art is to say that you own that work. No one else can. Note, though, that this is not a legal right, nor is there any enforcement other than social mores.
Nonetheless, the value comes from the artist creating scarcity. Cuban agrees bitcoin is like gold in that it is a store of value, but because by its code the supply of bitcoin is limited, as demand fluctuates, the price will be volatile. Investable, of course, doesn't mean it's a sure bet. Though Cuban himself has previously invested in businesses built on cryptocurrency and even in bitcoin , he frequently warns against it, calling bitcoin a " gamble. In fact, Cuban previously told Wired he would "rather have bananas than bitcoin ," because at least as food, bananas have intrinsic value.
He reiterated the point to Forbes: "[Bitcoin] is what it is, something that enough people have agreed upon is an investable asset," he said.
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But "a banana has more utility, potassium, is a valuable nutrient to every person on the planet. For the investor to change his mind about bitcoin, "it would have to be so easy to use, [like] it's a no-brainer," Cuban said on "The Pomp Podcast" in April. Don't miss: Personal loans often have lower interest rates than credit cards—these are the best 5 right now.
Correction: This story has been corrected to reflect Cuban's quote that bitcoin is "a store of value.
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