World’s Most Expensive Artwork Launched as the Globe’s First self-pricing Crypto-Artwork
World’s Most Expensive Artwork, an artwork made by the freelance artist and illustrator Frederik F. Mettjes, launched as the very first of its kind crypto-artwork of the planet. The artwork is programmed by the blockchain-based ‘smart contract’ algorithms to be costlier than any other artworks in the globe. We have conducted an interview with Frederik.
How is the very first of its kind crypto-artwork of the planet made? What makes it the most expensive piece of art in the universe?
worldsmostexpensiveartwork.com is a combination of a unique digital painting and various so-called smart contracts running on the Ethereum Blockchain - an open-source, public, decentralised distributed computing platform and operating system. This technique makes it possible to store the original image, administer the ownership, and run self-adjusting price algorithms guaranteed to always be more expensive than any other artwork in the world. The programming code is written in 'Solidity', a contract-oriented programming language for smart contracts. It is firmly established that the selling price of the artwork can only rise and not fall.
Why is it important to understand that the artwork is not just the digital painting? If not, then what is it?
As mentioned, the "World's Most Expensive Artwork" is a combination of digital painting and Blockchain programming. It's the first artwork ever, which sets its own selling price. In addition, the artwork consists of 1 million tokens - almost a unique cryptocurrency of its own. These tokens are a very important ingredient because they represent the value (and selling price) of the artwork similarly to a stock or company share. Only the current owner has access to the digital original, the source code, and all token revenues. Therefore, it is important to always look at the picture and implemented logic together. Banksy's shredding action also points in this direction.
How relevant is Blockchain in art and this entire industry?
I think that everywhere where purely digital art is created, blockchain can also be used, at least where there is still some logic of use. The Blockchain is indeed a kind of decentralized database which is not centrally controlled (or erasable) by anyone. This can be an important aspect, especially for the immortality of arts. For the first time in the blockchain, it is possible to process money and programming logic not separated from each other, but together, which results in completely new possibilities, as the "World's Most Expensive Artwork" shows. Art and money and the art market are also inseparable, otherwise, there might not be any art - as we know it.
What actually happened that inspires you to create this innovative combination of digital painting, blockchain technology, and the commercial art market?
I paint and draw my whole life. As with any artist, it has always been my goal to be able to live from my passion. The contrast between the artist-typical struggle for survival and the development of the art market, on which more and more astronomical sums are paid, fascinated me. I then watched Bitcoin's development for a long time and at some point saw it paralleling the more commercial art market. This was the inspiration for this artwork.
What challenges are in store for you in this field? How do you intend to cope with these?
I think there are more opportunities than challenges. Ultimately, this is a social question of how we want to deal with digitization and in which areas the influence of technology and the merging with art and culture takes place - the digitization and perhaps the blockchain will take a lot of work, but certainly not the creative act.
