$1 Million Dollars for a Crypto-Artwork

Ten collectors split the cost when they purchased a digital photo of a red rose for a record high selling price of one million dollars. Thought to be the highest price for a piece of digital art, it is a landmark of the crypto-art market today.

Most Expensive Piece of Digital Art

What is the crypto art market? You cannot touch the art or hang it in your home. Forever Rose is the project name of the crypto rose piece of art that sold for one million dollars. The artist believes they are highlighting how people are starting to appreciate the idea and not just the physical artwork. He hopes to underline the ways that art can relate to the blockchain technology that is now so familiar to people through crypto currency.

Virtual Artist

Forever Rose is the work of Kevin Abosch who also sold a physical photo of a potato for one million dollars in 2016. His cutting-edge thinking about the art industry has brought him to his newest project called IAMA Coin where he makes 100 physical pieces and 10 million virtual works.

Digital Ownership

It wasn’t just the ten collectors who bought the digital photo that were interested. Over 150 buyers interested in this piece of crypto artwork. What does this mean for digital art? Will it become monetized in the art in industry as well as the world of crypto currency? The ownership of a digital artwork is more unique than those of physical pieces. In the crypto art world, owners can either sell their tenth of the crypto piece of art of gift it to a friend.

Is crypto currency worth anything? It is only worth something if people continue to place value on it. That seems relatively similar to the art industry itself.