This article examines the evolution of Digital Art and the emergence of Crypto Art, tracing roots from early computer-based practices in the 1960s to the transformative impact of NFTs as observed in 2024. It distinguishes “Digital Fine Art” from NFT collectibles, outlines key technical classifications (on-chain, off-chain, dynamic NFTs, generative art), and surveys major blockchain ecosystems (Ethereum, Polygon, Tezos, Solana, Cardano, Flow, Bitcoin Ordinals). We analyze how NFTs challenge traditional market mechanisms by increasing accessibility, transparency, and enabling direct artist–collector relationships, while reshaping intermediary roles through curation and community dynamics. We illuminate legal aspects, including the separation of token ownership from IP rights, smart contract enforceability, and fractionalization. Despite crypto market volatility, evidence suggests Crypto Art’s market dynamics are distinct, with growing institutional recognition and new collector demographics. Developments are changing rapidly; today’s conditions may shift tomorrow, and thus the field warrants continuous observation and periodic reassessment of the current state.