Crypto art market

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Assalamualaikum steemians

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How are you? Hope so everyone would be safe and sound just like me as I am also safe Alhamdulillah....


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Today my topic for discussion is Crypto art market going to discuss about explanation along with some of the practical examples so that the topic may be clear to you more!!




.webp)[Source](https://pixabay.com/illustrations/bitcoin-block-chain-currency-money-6285223/)



The crypto art market is revolutionary space in which digital art combines with blockchain technology. It is empowering artists for creating, selling, and monetizing unique digital assets, for giving surety of ownership and scarcity. This market has opened up unique avenues for creation and collections alike.

In crypto art market artists are able to mine non-fungible tokens which represents their digital art. Every NFT contains metadata which proves ownership and scarcity so makes it a unique digital asset. These NFT are sold and purchased at online marketplaces like OpenSea using different cryptocurrencies such as Ethereum.

The crypto art market are offering multiple benefits. Artists get control on their digital art which ensures that they are receiving fair compensation of their work. Collectors are able to buy several pieces which own exclusive digital assets.If I talk about blockchain technology behind market then it provides one of most transparent and tamper-proof records of ownership and of transactions.

If I talk about crypto art market then it has already clearly elaborated its potential. As space continued it's evolution then we could also expect to see more and more developments and growth which push boundaries of digital art and ownership.






.jpg)[Source](https://pixabay.com/photos/bitcoin-money-decentralized-2007912/)





Now let's have a look at an example;












Suppose there's an artist named Ali who created a digital artwork, "Blooming Garden" and he is mining a non-fungible token (NFT) on the SuperRare platform.He sets a price of 0.5 ETH (Ethereum).Now just imagine that there's a collector whose name is Ahmad and he is purchasing artwork for listed price and NFT is transferred to his digital wallet.



After that blockchain would records transactons which gives surety to Ahmad ownership and scarcity. Ali which is first person would receive 0.5 ETH, and Ahmad owns a unique digital asset. The crypto art market in this way would enable artists like Ali for monetizing their digital art and collectors like Ahmad in purchasing of exclusive pieces by blockchain technology.













That was all about my explanation related to Crypto art market along with one practical example for letting you understand it's concepts. Hopefully everyone understood whatever I tried my best to convey




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Thanks

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