NFTs Are Creating New Value in Old Artwork (Here’s How)

TL;DR

• Towards the end of his life, Keith started experimenting with creating digital sketches on his Commodore Amiga computer.

• For the better part of three decades, these digital works were pretty much impossible to put a monetary value on, because their scarcity couldn't be verified.

• These images can now be logged in scarce amounts on the ​blockchain​, marking the difference between a digital file and a verifiably scarce digital asset.

• Christie's is auctioning off five of Haring's original digital works as NFTs, for $300-500k a piece - creating new value through verifiable digital scarcity.

Full Story

Got a friend that still can't get their head around ​NFTs​? Send them this article.

If you don't recognize the name Keith Haring, you'll almost definitely recognize his work (​it looks like this​ and it's just about everywhere nowadays).

What you need to know for this article to really hit home is this:

Keith's work is a big deal (he was a key figure in the New York art scene of the 80's). His signed prints go for thousands, while his one-offs go for millions.

Anyways, towards the end of his life, Keith started experimenting with creating digital sketches on his Commodore Amiga computer.

Which is cool - BUT!

For the better part of three decades, these digital works were pretty much impossible to put a monetary value on, because their scarcity couldn't be verified.

NFTs fix all of that.

Similar to how Keith numbered and signed his physical prints in order to note the difference between an original and a reprint (which would be pretty much identical without a signature):

These images can now be logged in scarce amounts on the ​blockchain​, marking the difference between a digital file and a verifiably scarce digital asset.

(Sure, they may look the same. But one comes with a digital 'proof of authenticity,' while the other doesn't - just like Keith's physical prints).

The cool part is, this isn't just a possibility - it's actually happening!

Christie's is auctioning off five of Haring's original digital works as NFTs, for $300-500k a piece - creating new value through verifiable digital scarcity.

(Something that couldn't have happened 10 years ago!).