Trust is Required in Cryptoart

Crypto-heads value trustless systems, that’s kinda the whole point of cryptocurrency (“Be your own bank”).

However, the world of cryptoart is build on TRUST and Gentlemen’s agreements. I will describe the two major aspects of cryptoart that require trust: Authenticity and Bar on Reminting. The Reminting Bar has two flavors: Bar to remint beyond the number stated, and Bar to remint on another chain.

AUTHENTICITY

Authenticity is where blockchain shines. When you see a piece of art minted from a familiar wallet, you can be 100% sure that the owner of that wallet minted it (ignoring the possibility of a hack for a moment). If that wallet & its owner are TRUSTED, the buyer will have confidence that the piece is true original cryptoart, not a copy. In 100 years, when those collectors are trading, they will be able to SEE which wallet made the art and will judge its authenticity accordingly.

Compare this to physical art where authentication can take years and $100,000+, and you can never be 100% sure of the authenticity unless u SAW the artist painting it; it’s an expert’s best guess.

When an cryptoart NFT goes up for sale on an open platform, such as Rarible, there is no guarantee of authenticity. An art collector should “vet” a piece & the wallet that minted it thoroughly before buying. I call…