Cryptocurrency and Art
CryptoGraffiti Sells Art For One MilliSatoshi
At CryptoFits, we truly believe that blockchain will change the world. One of the sectors that blockchain technology is already changing is art. This has been highlighted by the fact that apparently cryptocurrency is involved with the most inexpensive sale of artwork of all time.
In a Reddit post, a crypto-artist by the name of “cryptograffiti” revealed that he sold “tiny art” for the astonishingly low price of millisatoshi. For those who are unaware, a millisatoshi is one thousandth of a satoshi, the most-used unit with regards to Bitcoin. One millisatoshi is currently worth about currently worth about $0.000000037 (as of press time). The artwork depicted a “black swan”.
The artist was clear about his intentions, which was to point out that despite mainstream media (which he refers to as “MSM”) and their focus on the price of Bitcoin; he wanted to point out that the ability to pay for art through micropayments truly has the potential to revolutionize the art world.
“Cryptograffiti” spoke more about his mindset regarding micropayments and the context of the sale. Specifically, hestated:
“The promise of micropayments was instrumental in my becoming an artist in the space. In 2012, I first read about the idea of combatting email spam/DDOS attacks by charging negligible amounts of money to send messages/login. These were the first creative use cases I had heard for cryptocurrency. It inspired me to think of ways micropayments could benefit artists. And in 2013 I began posting street art around the San Francisco Bay Area/Pacific NW with a public facing wallet so passersby could send small amts of bitcoin if they liked the work.”
“I’m excited about a future where micropayments are omnipresent. Artists paid by the view…writers by the poem…musicians by the listen. Every day interactions complemented by positive monetary reinforcement such as tipping someone who let you merge into traffic.”
“Hopefully this micro auction inspires others to think big about the future of Bitcoin.”
For those that are unaware, Cryptograffiti is known as a cryptocurrency art pioneer. He is known for incorporating fiat currency into his artwork, to point out the fact that cryptocurrency will eventually disrupt the financial sector. In his profile for Blockchain Art Collective, he is described as “repurposing materials from industries being disrupted by the blockchain...by incorporating these soon-to-be extinct artifacts in his work he teaches others about the advantages of cryptocurrencies vs the status quo banking sector.”
Cryptograffiti was also one of the first artists to allow supporters to send Bitcoin to him in his actual art. In a November 2015 interview, he claimed that he was the first artist to do so. stating: “Yes, I was the first artist to utilise a public facing wallet to receive donations for street art. Passersby send me bits in support of the work.”
It’s also important to note that this transaction was only possible thanks to the Lightning Network, that many cryptocurrency enthusiasts believe will help scale BItcoin more than ever.
The artist has also garnered a significant Twitter following of over 15,000 users. He even tweeted about the creation of the artwork mentioned. The video in the tweet demonstrates how the artwork was made using fiat currency, and has been viewed over 50,000 times on Twitter. You can find the video below: