Metaverse art can be defined as digital assets such as videos and pictures, which exist in digital form only and do not have any physical form.
Sometimes, the metaverse art can be referred to as non-fungible tokens (NFTs). They are unique digital artwork/ assets that can be sold or bought at any time, just like any possession in a marketplace.
However, it is vital to remember that these items do not have a physical form.
The digital tokens are at times considered to be certificates that prove ownership of physical or virtual assets.
In economics, a fungible item is a commodity with units; this item is readily interchangeable like any currency.
One can easily swap a $100 bill with two $50 notes, and the individual will not lose any value.
However, when it comes to non-fungible, this is an impossible scenario because it would mean the item has unique properties. Therefore it cannot be interchanged with anything else.
For instance, a non-fungible can be a piece of art like the Mona Lisa. It is a unique painting with some level of significance.
One can take photos or attempt to repaint, but the truth is there will only is only one authentic painting.
NFTs and how they work
Traditionally, pieces of art are valuable because they are unique. However, with digital files, these can easily be duplicated, which can be a continuous process.
With NFTs, the artwork can be “tokenized” to generate a digital certificate proof of ownership. This certificate can be sold or bought at peril.
This process can be likened to cryptocurrency. There is documentation of individuals or corporations that own what asset.
This information is kept on a shared ledger called the blockchain.
The records on the blockchain cannot be falsified because multiple computers around the world maintain this ledger.
With NFTs, one can keep a smart contract that gives the artist a share of any sale that arises from the token.
Sotheby’s launching their own “metaverse” digital art display
Sotheby’s has launched their metaverse earlier this year that is solely dedicated to digital art.
This platform can be likened to an art auction where a bidder walks away with an item. Sotheby’s, however, had some help from the Time Magazine, Paris Hilton, and Pak.
The metaverse by Sotheby is aimed at digital collectors that offer a curated selection of NFTs that auction house specialists have chosen.
Sotheby’s initiative is certainly one of its kind because it is the only auction house with a proprietary custom NFT marketplace that serves as a destination for all NFT sales.
However, a venture like this is not new to Sotheby’s as, over the years, they have partnered with various crypto artists, collectors, and curators to do business.
This new venture hopes to tap into the explosion of attention towards blockchain-based assets.
Since the Sotheby’s metaverse can be likened to a digital auction, it will have bidders.
These bidders will have to create a personal profile, and with that, they will receive a unique avatar that crypto designers and digital artist Pak design.
During the debut sale of NFT by Sotheby’s, Pak was the subject of the auction.
His collection was known as “the fungible,”
It attracted over 3,000 new buyers, bringing in over $17 million worth of sales.
On Sotheby’s metaverse, buyers can purchase items in cryptocurrencies or traditional cash.
Examples of Metaverse art
Some examples of metaverse art include:
• Hackatao, the Archetype image
• The Lines of History image by Times Magazine.
• Love is in the Bin image by Banks
This painting was created in 2018. The most recent auction saw a ten-minute battle in which ten determined bidders wanted to win it. It was finally sold for $25.4 million.
This price was almost three times over the high estimate. Further, this piece was won by an Asian private collector. Over 200 guests attended the event, and it was live only on Instagram.
• I’ll have what she’s having- this is an abstract painting by Flora Yukhnovich, a London-based British artist.
This painting saw a 10-minute battle among ten contenders and was sold for $3 million. This price was twenty-eight times the high estimate and nearly tripled the artist’s previous record.
Artists creating digital art for the metaverse
Digital art auctions are being held all over the world. One of the highest-earning artists is Mike Winkelmann.
He is a famous and one of the highest-earning digital artists. Typically, his works go for six figures.
Other Sotheby’s artists include Dmitri Chemiak, Hackatao, Hideki Tsukamoto, Kevin Abosch, and others.
Mostly their work is available on Sotheby’s Metaverse and only sold during auctions that are held virtually.
One needs to register and have an avatar that is created by crypto-designers.
You may then proceed to place your bid, and if you are lucky, you may walk away with the piece of art.