Journalism of Courage
Advertisement
Premium

Explained: The rising popularity of Blockchain Art

The total value of the crypto art market today has reached $80 million, with over 60,000 artworks sold till now.

Christie's will accept cryptocurrency as a form of payment, in this case Ether. (Source: Pixabay)Christie's will accept cryptocurrency as a form of payment, in this case Ether. (Source: Pixabay)

Sceptics might have traditionally raised concerns regarding the authenticity and exclusivity of purely digital art, but over the years the medium has crept its way into white cube spaces. Now, it is making its debut in the high-ranking auction circuit, with the sale of popular American artist Mike Winkelmann’s work at a Christie’s online standalone auction that is taking place from February 25 to March 11. This is also the first time a major auction house will accept cryptocurrency as a form of payment, in this case Ether.

Newsletter | Click to get the day’s best explainers in your inbox

A look at the work on sale and the rising popularity of Blockchain Art:

The work on sale

Known for creating wide-ranging digital art, Winkelmann’s Everydays: The First 5000 Days is a collage of images taken everyday since 2007, for 5,000 days straight. Providing a glimpse into the artist’s creative journey, the bidding starts at $100, and the auction house has listed the estimate for the work as “unknown”.

Better known as Beeple, the artist has previously sold his works on blockchain-backed marketplaces. In December 2020, for instance, his work The Complete MF Collection, consisting of 20 pieces, fetched $3.5 million.

How are the transactions made?

Non-fungible tokens (NFTs) are digital tokens tied to an artwork using blockchain technology, including details regarding provenance and authenticity of artwork. Blockchain introduces what is termed as “digital scarcity”, involving issuing a limited number of copies of an artwork with a unique token (a unique string of numbers that can be used as a digital representation of a physical asset). Everydays: The First 5000 Days will be transferred directly from Beeple to the buyer, accompanied by a unique NFT encrypted with the artist’s signature.

Story continues below this ad

The rising popularity of Blockchain Art

The blockchain art movement includes a vast gambit, from bitcoin graffiti art to artworks such as The Last Bitcoin Supper by French artist Youl, which sold for nearly $3,000 on eBay in 2014. Several digital marketplaces such as Zora, SuperRare, Foundation and Nifty Gateway have emerged in the last few years, where collectors can trade digital works.

According to news reports, the total value of the crypto art market today has reached $80 million, with over 60,000 artworks sold so far. While Beeple is estimated to have sold artwork worth over $7 million, other popular digital artists include Pak, Trevor Jones and José Delbo.

Curated For You

Vandana Kalra is an art critic and Deputy Associate Editor with The Indian Express. She has spent more than two decades chronicling arts, culture and everyday life, with modern and contemporary art at the heart of her practice. With a sustained engagement in the arts and a deep understanding of India’s cultural ecosystem, she is regarded as a distinctive and authoritative voice in contemporary art journalism in India. Vandana Kalra's career has unfolded in step with the shifting contours of India’s cultural landscape, from the rise of the Indian art market to the growing prominence of global biennales and fairs. Closely tracking its ebbs and surges, she reports from studios, galleries, museums and exhibition spaces and has covered major Indian and international art fairs, museum exhibitions and biennales, including the Venice Biennale, Kochi-Muziris Biennale, Documenta, Islamic Arts Biennale. She has also been invited to cover landmark moments in modern Indian art, including SH Raza’s exhibition at the Centre Pompidou in Paris and the opening of the MF Husain Museum in Doha, reflecting her long engagement with the legacies of India’s modern masters. Alongside her writing, she applies a keen editorial sensibility, shaping and editing art and cultural coverage into informed, cohesive narratives. Through incisive features, interviews and critical reviews, she brings clarity to complex artistic conversations, foregrounding questions of process, patronage, craft, identity and cultural memory. The Global Art Circuit: She provides extensive coverage of major events like the Kochi-Muziris Biennale, Serendipity Arts Festival, and high-profile international auctions. Artist Spotlights: She writes in-depth features on modern masters (like M.F. Husain) and contemporary performance artists (like Marina Abramović). Art and Labor: A recurring theme in her writing is how art reflects the lives of the marginalized, including migrants, farmers, and labourers. Recent Notable Articles (Late 2025) Her recent portfolio is dominated by the coverage of the 2025 art season in India: 1. Kochi-Muziris Biennale & Serendipity Arts Festival "At Serendipity Arts Festival, a 'Shark Tank' of sorts for art and crafts startups" (Dec 20, 2025): On how a new incubator is helping artisans pitch products to investors. "Artist Birender Yadav's work gives voice to the migrant self" (Dec 17, 2025): A profile of an artist whose decade-long practice focuses on brick kiln workers. "At Kochi-Muziris Biennale, a farmer’s son from Patiala uses his art to draw attention to Delhi’s polluted air" (Dec 16, 2025). "Kochi Biennale showstopper Marina Abramović, a pioneer in performance art" (Dec 7, 2025): An interview with the world-renowned artist on the power of reinvention. 2. M.F. Husain & Modernism "Inside the new MF Husain Museum in Qatar" (Nov 29, 2025): A three-part series on the opening of Lawh Wa Qalam in Doha, exploring how a 2008 sketch became the architectural core of the museum. "Doha opens Lawh Wa Qalam: Celebrating the modernist's global legacy" (Nov 29, 2025). 3. Art Market & Records "Frida Kahlo sets record for the most expensive work by a female artist" (Nov 21, 2025): On Kahlo's canvas The Dream (The Bed) selling for $54.7 million. "All you need to know about Klimt’s canvas that is now the most expensive modern artwork" (Nov 19, 2025). "What’s special about a $12.1 million gold toilet?" (Nov 19, 2025): A quirky look at a flushable 18-karat gold artwork. 4. Art Education & History "Art as play: How process-driven activities are changing the way children learn art in India" (Nov 23, 2025). "A glimpse of Goa's layered history at Serendipity Arts Festival" (Dec 9, 2025): Exploring historical landmarks as venues for contemporary art. Signature Beats Vandana is known for her investigative approach to the art economy, having recently written about "Who funds the Kochi-Muziris Biennale?" (Dec 11, 2025), detailing the role of "Platinum Benefactors." She also explores the spiritual and geometric aspects of art, as seen in her retrospective on artist Akkitham Narayanan and the history of the Cholamandal Artists' Village (Nov 22, 2025). ... Read More

 

Tags:
  • Blockchain Art Explained Culture Express Explained
Weather
Edition
Install the Express App for
a better experience
Featured
Trending Topics
News
Multimedia
Follow Us
At Davos SummitCarney, von der Leyen take on Trump: What was common in their speeches, where they differed
X