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Post by Faniry on Mar 3, 2023 8:12:28 GMT
On-chain Art Revolution – Still In Its Early Stages
“The beauty of this digital world is everything is on-chain and online”, Cozomo de’ Medici told digital art-focused website Artnet News in a call. “You can see other works from the artists you are interested in, who owns them, where they’ve been, and the prices—versus the contemporary art world, where it’s really tough to get access to that data as an outsider,” he added.
Medici told the digital art news website that his hope is that the superior accessibility of on-chain digital art and NFTs versus the traditional art world will encourage more people to become collectors. That may in turn increase the number of digital artists able to make a living off of their work, he said.
Medici currently owns 1,124 digital art NFTs according to Open Sea. The exact value of the collection is unknown but is likely to be in the tens of millions. But that’s only a small fraction of the of the market capitalization of digital art, according to NFT Price Floor. The website, which currently tracks the top 559 NFT art collections, currently indicates a total NFT market capitalization of nearly $7.2 billion. Two collections, the Bored Ape Yatch Club and CryptoPunks collections, account for more than $2.0 billion of this market cap.
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