ETH: A Picture Worth (2023)

Oil on canvas - 100x100cm

When I first heard about NFTs selling for astronomical prices, I was astounded. It was hard to believe that digital art could fetch millions of dollars. Ethereum, the blockchain that hosts most NFTs, became the platform for this digital gold rush. I remember seeing headlines about artists like Beeple selling digital artwork for $69 million and thinking, 'What is happening?' It was a new frontier in art and technology, merging creativity with blockchain.

Ethereum, launched in 2015, is a decentralised platform that enables smart contracts and decentralised applications (dApps). It revolutionised the crypto space by providing a versatile platform for developers to build on. The rise of NFTs on Ethereum showcased its potential, allowing artists to tokenise their work and sell it directly to collectors without intermediaries.

The prices some NFTs have reached are mind-boggling, reflecting both the hype and the potential of this technology. Critics argue about the sustainability and value of NFTs, but their impact on the art world and digital ownership is undeniable. This piece is a nod to the transformative power of Ethereum and the new era of digital art it has ushered in.

Extra Information: 

Ethereum's founder, Vitalik Buterin, was just 19 years old when he proposed the idea for Ethereum in a white paper. The platform has since become the second-largest cryptocurrency by market capitalization, after Bitcoin.