A Brief History of NFTs and Digital Art

I n 2014, Kevin McCoy minted 168开奖官方开奖网站查询:Quantum, the first 168开奖官方开奖网站查询:non-fungible token (NFT), heralding a decade of innovation in digital art that has reshaped traditional views on ownership, val🐷ue and artistic expression. NFTs have earned a distinguished place within the art market, evidenced by their presence in some of the world’s most esteemed collections.

Since the inception of the first NFT, innovation within the space has surged. Pivotal developments, including the launch of the Ethereum blockchain solidified its status as the undisputed home of NFTs. Among these, “168开奖官方开奖网站查询:Cryptopunks” is a seminal project renowned for introducing the concept of digital avatars or PFPs (“profile pictures”) limited to 10,000 unique images. Motivated by these advancements, artist ꦦEric “Snowfro” Calderon founded Art Blocks, a platform that empowers artists to create a𓃲nd deploy generative art through blockchain technology. As the landscape evolves, many museums and cultural institutions have begun recognizing its lasting significance and exhibiting digital artworks.

In this video, we commemorate this journey by speaking with digital art pioneers Kevin McCoy, Jennifer McCoy, Sarah Meyohas and Michael Bouhanna, Head of 168开奖官方开奖网站查询:Digital Art & NFTs at Sotheby’s.

How ‘Quantum,’ the First NFT, Revolutionized Art Ownership

The universal query, “But is it art?” resonates deeply in Kevin McCoy’s exploration of digital technology within the art world. McCoy, who has always been at the forefront of media and digital innovation, leveraged his knowledge of Bitcoin and blockchain technology to cocreate Quantum with tech entrepreneur Anil Dash. McCoy says artists are increasingly focused on “the world of images, of distributed images on screens, [so much so that it] has become a focal point.” His choice of Quantum – a multicolored, pulsating octagon set on a black background, initial🐻ly part of a longer video clip created by Jennifer McCoy – seemed almost destined. “It was providential… because it’s perfect as an opening. It has this mysterious quality, this beckoning quality.”

Kevin McCoy and Jennifer McCoy, Still from *Quantum*

Since the late nineties, Jennifer McCoy has worked within the digital art scene, closely collaborating with Kevin McCoy. Her fascination with digital art grew after Kevin “stumbled upon” cryptocurrency, which opened up new avenues for artistic inspiration. Jennifer is fascinated by digital art’s ability to demystify the inner workings of the traditionally opaque art market. For instance, she is drawn t🍰🎃o the concept of fractional ownership in digital-art projects, which deviates from the norms of conventional art collecting and allows for a more inclusive and community-oriented model of ownership. McCoy finds the fluid nature of digital ownership and its transformative effect on transactions endlessly compelling. “People really like knowing that they can have something, think about it, transfer it to someone else, buy another one. That kind of transparency is really interesting,” she says.

How to Collect Digital Art: 4 Steps to Get Started

“Bitchcoin” Popularized NFTs As an Artistic Medium

Pioneering the intersection of art and blockchain, Sarah Meyohas’s “168开奖官方开奖网站查询:Bitchcoin” (launched in 2015) predated the NFT wave. This avant-garde project introduced blockchain not just as technology but as an artistic medium, pro꧙bing notions of ownership, circulation and tꦉhe intrinsic value of digital images – themes that are now common to digital art discourse.

With a foundation in photography, Meyohas was naturally drawn to b🎐lockchain as it represented a dynamic exchange of images. Her work draws a parallel between the traditional valuation between gold and art. “Gꩲold itself is very related to art,” she says. “Gold has always existed in this feedback loop between cultural, spiritual value, and financial value.”

A crucial component of “Bitchcoin” was its backing by Meyohas’s photographic works. In her 168开奖官方开奖网站查询:Cloud of Petals, Meyohas enlisted 16 men at the former Bell Labs to photograph 100,000 individual rose petals. Meyohꦚas used the images to train an AI algorithm to create additional unique petals ad infinitum. The project established a tangible link between her digital and physical art practices – a metho♛d many artists now emulate. Her work continues to influence the trajectory of digital artworks and prompt a critical reexamination of how photography is collected and valued, challenging its historically lower market value than other forms such as paintings.

How to Collect Digital Art: A Glossary of NFT Terms

The Future of Digital Art

As Michael Bouhanna reflects on a transformative decade of digital art and NFTs, he believes we’re stepping into a nꦇew era. “It’s fascinating to see that [digital art and blockchain technology] have now def𝔉initely passed the test of time,” says Bouhanna. Blockchain technology has changed contemporary art, providing artists with new mediums to explore and drawing in collectors eager for digital works. With such a solid foundation, the enduring presence of digital art signals a bright future for digital art in the years to come.