B20 token up 3288% in less than a month
The digital artworks made by Beeple and the B20 token are at the center of attention as crypto art is seeing major growth. His artwork CROSSROAD sold on the secondary market for $6.6 million, as a result the B20 token has seen a tremendous value increase. At the same time NFT marketplaces like SuperRare and Rarible have grown tremendously in the past 12 months. Currently, there’s a great interest in NFTs, and with it comes a new moment for crypto art to shine.
The B20 token is one of the most interesting projects in the NFT space because it decentralizes ownership over multi-million dollar artworks that would not be available for most people. B20 is a token that fractionalized ownership over 20 digital artworks by Beeple, an American artist who’s currently one of the rising stars in modern arts.
New technologies allow users to democratize ownership over expensive digital assets on the blockchain through fractionalizing: splitting the ownership contract into smaller fragments, and therefore a bit comparable to stocks or owning a building. If everybody in that building takes excellent care of their apartment, the value might increase and all will benefit. In a similar way the B20 token gives ownership over digital artworks, and everybody can help to maintain or increase the value of the collection.
Crypto art NFT and storage
Crypto art works because each artwork is tied to an NFT on the blockchain, securing its origins and providing ownership to the token holder. Whether the actual artwork, the part that’s visual, also lasts the ages, depends on whether the graphical element has been stored on-chain or on a centralized server.
Currently, it’s very common to secure the image on The InterPlanetary File System (IPFS), which can be seen as decentralized storage for the future version of the internet. However, there are projects out there that store everything on the blockchain. This is often considered the ideal way to deal with decentralized applications and crypto art.
Incredible one-year growth of crypto art
One year ago digital art on the blockchain, often referred to as crypto art, was still very much a niche within the blockchain space. The current growth of crypto art is best described through the success of platforms like SuperRare and Rarible. The first one is curated and often seen as an A-list product, while the other allows anybody to mint, upload, and publish their artworks.
In February 2020 Rarible had a couple of dozen users per day, according to data from DappRadar. At that same time SuperRare was more established, and 200-300 transactions per day with a daily volume of 40 up to 90 ETH. Fast-forward to February 2021 and both platforms are thriving forces in the blockchain space.
In the past 7 days, SuperRare has registered over 5000 transactions from more than one thousand users. This resulted in a total volume of $10.6 million, which is 6.600 ETH. During the same period, Rarible had 7800 active users, 20 thousand transactions, and more than $5.5 million ($3.5M ETH) in volume.
Other platforms like Makers Place, Known Origins, and Nifty Gateway have seen similar growth after the past months. This incredible growth in the digital art market has created new business models.
Beeple, B20 and virtual museums
One of the current stars in the crypto art space is an American graphic designer called Mike Winkelmann, better known as Beeple. In 2020 he sold a combination of digital and physical art for a total of $3.2 million. One collector, operating under the name Metapurse, acquired all 20 unique artworks.
They decided to showcase the digital pieces in a virtual museum and built one in different virtual worlds: Cryptovoxels, Decentraland, and Somnium Space. These three museums and the twenty digital artworks have been locked away into a smart contract on the blockchain.
Metapurse then issued the B20 token as a way to share ownership over the smart contract and therefore the collection. Sixteen percent of the total B20 token supply sold through an auction for 36 cents. At the time of writing, the token is worth $11.18. This would value the entire collection at more than $75 million.
Crypto art is here to stay, and Beeple is leading it.
How to get B20?
Thanks to DappRadar you can own a share of this $75 million digital art collection by Beeple. As a B20 token holder, you own a share over one of the rarest crypto art collections in the world. As crypto art gains traction and Beeple is selling art through auction house Christie’s, demand will increase. Such demand can be reflected in the pricing of the token.