Artist Andy Bauch’s new series of paintings “New Money”, combines art and cryptography by hiding abstract codes in his Lego artwork, the paintings depicting the private keys of wallets containing up to $9,000 worth of crypto -currencies each, Gizmodo reported on Friday, March 23.
Purchasing this coin does not mean you own the private key, as anyone who understands the code will be able to take the money for themselves. However, Bauch told Gizmodo that he would give “a hint” to the buyer of any painting.
The exhibit, which will be on view at the Castelli Art Space in Los Angeles from March 23-25, also contains a live feed of the evolution of silver prices in each private key.
As of press time, all the crypto still seems to be in each wallet, which means no one has cracked any of the codes, or perhaps just hasn’t moved the money yet. Each painting is on sale for between $1,500 and $4,800, with the price not reflecting the value of its private key wallet.
Bauch told Gizmodo that while he got into crypto in 2013, “I wasn’t smart enough to buy enough of it to have money.” For this particular art project, Bauch started buying various cryptocurrencies, including Bitcoin (BTC) and Litecoin (LTC), in 2016. He then used their private keys to generate an abstract pattern via an algorithm, allowing his own changes. personal aesthetics as long as it kept the passcode valid.
According to Bauch, his work often attempts to “bridge that gap that often exists between new technologies and humanity.”
Blockchain, the technology behind cryptocurrencies, could help artists claim ownership of their projects, according to Daniel Zhai, CEO of the INK platform. Zhai spoke to Cointelegraph in December last year about the potential of his Blockchain-based platform to also help artists tokenize their projects, as well as provide space for crypto crowdfunding.