Crypto art: The latest use of blockchain is grabbing lots of headlines

3/2/21 7:00PM

What on earth is crypto art?

‍Crypto art is an emerging, but still extremely niche, segment of the digital art market which allows buyers to "own" a distinct piece of media such as an image or video, that is authenticated by blockchain to be unique. Last month on SuperRare, which is one of a few marketplaces where you can buy and sell crypto art, 1900 pieces of digital artwork were sold — a record high for the platform.

The authentication process is technically done by something called a non-fungible token (NFT). An NFT authenticates that a certain piece of media or art is the original, authentic version — no matter how many times it is copied or replicated across the internet.

A number of digital artworks have already hit the headlines:

World famous art house Christie's is auctioning off a huge collection from the digital artist known as Beeple.
NBA Top Shots lets fans own and collect blockchain authenticated highlights of their favourite NBA moments.
Music artist Grimes has just sold a collection of digital artwork for almost $6m.

We won't be buying any crypto art soon, but if someone would like to purchase a blockchain authenticated collection of all of our charts for $6m, please get in touch.

Jake Lahut

PAIN AT THE PUMP

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Gas station in front of the Gordie Howe International Bridge under construction.

Tom Jones13h

The UAE’s OPEC exit will hit the group in the barrels

After just shy of 60 years in OPEC, its membership even predating its status as a nation-state, the United Arab Emirates yesterday announced its shocking departure from the oil production group, effective May 1, as the knock-on effects of the Iran war continue to play out across the Middle East and the energy landscape.

For context, the UAE produces the third-highest amount of oil in the group, per April data and OPEC’s latest set of annual statistics.

According to the cartel’s 2025 Annual Statistical Bulletin, the OPEC group was collectively exporting some 19 million barrels of crude oil a day last year, with the United Arab Emirates accounting for some 14% of that daily output.

UAExit means UAExit

The nation, whose energy minister told Reuters yesterday that the decision was taken “after a careful look at current and future policies related to level of production” and wasn’t made following discussions with any other country, made up a healthy share of the group’s total confirmed crude oil reserves, as well.

Of the 12 nations in the core group, which was founded by just five oil superpowers back in September 1960, only two (Iraq and Saudi Arabia) exported more barrels of crude oil daily, pumping out 3.36 million and 6.05 million barrels, respectively, each day to nations around the world.

For its part, the UAE said it will “continue its responsible role by gradually and thoughtfully increasing production, in line with demand and market conditions,” per the official state news agency. Clearly, the nation now wants a little more control of just how much oil it can pump around the world, with the UAE having to eat a large proportion of lost revenues due to its healthy abundance and OPEC restrictions.