Flip through the latest issue of Gulf Weekly.
THE rapidly growing crypto-currency ecosystem - digital tokens known as cryptos for short - is developing a new dimension away from the financial sector and making inroads into the world of art and fashion.
The movement appears to be opening up debate into the birth of the burgeoning financial sector and the future of a potential cashless society.
One commentator, David Canellis, believes art and crypto-currency really share a certain bond: their value is just agreed upon – albeit subjectively. “Long ago, society decided gold was worth something, mostly because it is pretty and kind of hard to get,” he wrote on the nextweb.com website. “It’s only taken about a decade for us to agree that Bitcoin is, at least, worth something. We’ve had even less time to decide what constitutes blockchain art.”
There is a growing selection of crypto-currency jewellery pieces – some bold, some more subdued. “What better way to show your dedication to ‘blockchainifying’ society than by rocking custom-made rings, pendants, earrings or cufflinks that pay homage to the internet of money,” he mused. “The pendants even come in a range of sizes to match your stack.”
It’s not only established artists and jewellery-makers spotting the chance to cash in on the craze. The anti-establishment, rebellious nature of crypto-currency pairs well with street art, too. Graffiti murals are popping up around the globe, giving a certain texture to the digital money revolution.
French artist Pascal ‘PBOY’ Boyart has been adding QR codes to his street work that allow admirers to show appreciation directly by paying by digital currencies.
Others are minting physical coins of the major crypto-currencies to add an iconic twist to the tale.
Perhaps the most prominent art-piece to date has been ‘Crypto Connection - powered by Eidoo’, created by Italian contemporary artist Federico Clapis, commissioned by the multi-currency crypto wallet and hybrid exchange company.
The imposing three-metre bronze statue posed questions about the future of global financing and the impact crypto-currencies could have on future generations.
The piece encouraged onlookers to think about the current crypto hype in a new way and Eidoo had the statue erected to target a wider public outside the financial sector to contemplate what the future may look like operating with a new kind of digital currency.
The sculpture, which depicts a baby holding a tablet in its mother’s womb, is reported to be the first work of art dedicated towards crypto-currency.
It took more than three months to create and Federico explained that the sculpture was a culmination of various themes he had wanted to express for some time. “This is a subject I had in my mind for a while and when Eidoo approached me I saw a combination to represent the future in many aspects, not only cultural but also social, technology and the economy,” he said.
“I am passionate about crypto-currency and blockchain and the way I see it, the baby in the statue represents a generation being born into a world where blockchain is normal and useful for all.”
Crypto Connection was recently unveiled at the Observation Point on London’s Southbank, and was deemed one of the most ambitious marketing projects in the crypto world to date. Its permanent home is now in the city of Lugano, Switzerland, where multi-currency wallet-app creator Eidoo is based.
The use of classical sculpture in polished bronze together with a provocative futuristic topic juxtaposed perfectly to reflect the dichotomy of crypto-currency itself: a seemly fleeting trend, yet built to endure, supporters suggested.
For many, crypto-currency is a concept which lives up to its name - too cryptic to understand, to current to ignore. However, its fast-growing popularity and increased controversy is propelling the world to think how the future of finance will look.
Lars Schlichting CEO of Eidoo said: “With the crypto space developing fast we wanted to explore a way to communicate with a wider public using the hugely engaging medium of art. We have immensely enjoyed working with Federico who has managed to capture our intention through this awe-inspiring piece.”
And, Kevin Abosch is one conceptual artist pushing the boundaries of crypto-art. His work was described by David as ‘equally confusing and intimidating’.
Famous for selling a photograph of a potato for more than a million dollars, Abosch is now becoming ‘one with the blockchain’.
IAMACoin is his latest project – a set of 10 million tokens, each one of them acting as their own, standalone work of art.
To which, David said: “Why not, a token derived from a blockchain is a piece of art. If you get enough people interested in your work, each token becomes valuable and could even be traded for art more tangible.”
But here’s the hook: the artist stamps a contract address with his own blood on a fancy piece of paper – 100 of these have been created. The artist statement reads: ‘We come into the world like newly-minted coins - perfect and priceless. Yet we are constantly being ascribed a value. The most unfortunate are deemed ‘worthless’ by those who exploit human currency.
‘At times life may seem reduced to the transactional. I often have difficulty discerning where I end and the person before me begins, while photographing my various subjects. A sense of oneness staves off the call to market.
‘If I could only bleed for the blockchain, its ledger, for all to see, would reveal that I am a coin.
‘This project consists of an edition of 100 physical works whose meaningful existence is predicated by the existence of the virtual works. Through my blood, a blockchain contract-address and 10 million divisible crypto-tokens, the very nature of value shall be redefine’.
Crypto-currencies have investors in the grip of a gold rush fever, with billions being traded every day. Prices fluctuate wildly, making them high-risk investments. But could a more stable, less volatile, crypto persuade us to think of digital money less as a speculative investment and more as a mainstream ‘smart’ currency?
There are now more than 1,500 cryptos - Bitcoin, Bitcoin Cash, Ethereum, Litecoin to name just a few - being traded on about 190 exchanges around the world.
Prices have soared and crashed alarmingly. In 2017 the price of a Bitcoin rocketed to nearly BD7,500 before losing two-thirds of its value in just a few months. It’s currently worth around BD2,500.
If oil paintings are more your style of investment, the Ascension of Satoshi by Daniel Loveday might be better suited. The acrylic on canvas piece measuring 1200mm x 1000mm recently sold for around $2,500 and who knows – it might prove to be a sensible nest egg when it hits the auction rooms in 100 years’ time.
The question is … will it be bought for cash or by using a crypto-currency?
