Fiqh Muamalah's View of Crypto Art

Cryptocurrencies are commonly known as digital currencies that are built on cryptographic codes. This cryptographic password is similar to the serial number of fiat currency. Its existence makes crypto assets real and replica.

In fact, our knowledge is often directed at the understanding that the digital world is generally synonymous with the term copy-paste. It doesn't matter if this is the other party's job, duplication is created to achieve personal goals and facilitate access. A work can be distributed in more than one medium without a sense of responsibility.

Well, cryptocurrencies with crypto-passwords can prevent any kind of duplication. Even if there is duplication, it will still be known who created the publisher and the original owner of the cryptocurrency.

How's that? This is because in cryptocurrencies, all transactions related to cryptoassets hashes will always be recorded in a database called the blockchain. That's why cryptocurrencies will always track who issued them, where they were transferred, and then who got them. All of this is well documented in the blockchain space.

Token crypto

There are crypto assets created by the Tether platform and guaranteed in dollars. Assets - USDT. Because this asset has a fixed security value of $1, it is often used as a basis for matching transactions with other crypto assets/tokens. For example, BTC/USDT, which stands for the price of Bitcoin in US dollars.

Crypto Art

Crypto Art is also a token. However, its base value is in a different format than USDT. As the name suggests, this crypto art asset is a guaranteed asset of a work of art. This guarantee lies in the originality of the artwork. The importance of this guarantee of authenticity lies in the fact that the work cannot be reproduced, reproduced en masse. As a result, for 1 Crypto Art asset, there is 1 guarantee of originality of artwork.

Why is art presented as a crypto asset?

The reason why a work of art is presented as a crypto asset is primarily to protect the artwork from copyright infringement in the form of plagiarism.

The use of cryptocurrencies as part of the preservation of a work of art, because cryptocurrency is not an asset that can be copied (copy paste). The reason is simple, namely the circulation of cryptocurrencies occurs in the blockchain space.

Through this area, where crypto assets circulate, it will always be found in blockchain databases. A work of art, which is now used as the underlying asset of a cryptocurrency, through this block chain, its circulation and source can also be known automatically.

Doesn't this mean crypto art is a fictitious asset

A fictitious asset is an asset that does not exist but pretends to exist. Because of its absence, fikih goods are known as pure goods and have no guarantee value.

Another case with Crypto Art is guaranteed in the form of art assets. This art is very relative. Art lovers will voluntarily reach into their pockets to receive original artwork signed by its creator.

No one is saying that a work of art is worthless. However, it is the passion of collecting and peace of mind that makes art so in demand.

Cryptographic fortified art collectors

At least, artwork manifests in two things, namely physical art, and digital art. Physical art is produced by a canvas, song, or video artist. Digital art was created by the creators of digital art.

When a work has been patented into crypto code, then the party who gets the artwork basically acts like a collector of art objects. The art is already in the hands of the collectors, then the position is changed to Non-Fungible Token (NFT).

The importance of Crypto Art that is already in the hands of these collectors is that the price does not depend on market demand. The price of NFT is entirely in the hands of the audience. Therefore, those who have a hobby of hunting for digital artist collections will not hesitate to spend as much as possible.

That is why, Crypto Art is often referred to as Token Collectible or Cryptocurrency Collectible. He's here because he's based on an art collector's hobby. Since now there are digital artists, the work of digital artists can be a work that can be collected. Of course, to begin with, there is bargaining power over the work before it is reinforced with crypto ciphers. Once it becomes crypto art, the price depends on the hunter's ability. It's like a Monalisa painting with her artist's signature.