Blockchain art exchange
With the rise of cryptocurrencies and non-fungible tokens NFTs opening new avenues for artists to make their living, it was inevitable that art exhibitions based on digital advances would become a thing. Tokyo-based tattoo artist Ichi Hatano saw an opportunity to cut his losses from his dwindling pandemic-struck business by bringing the modern concept to his hometown for Tokyo's first crypto art exhibition. Hatano's ink tattoos featuring Japanese folk creatures were especially popular with foreign visitors until Japan closed its borders to tourists due to COVID Hatano has now gone digital, selling his designs as NFTs, virtual objects that have taken the art world by storm. Using the same blockchain technology behind cryptocurrencies, NFTs transform anything from illustrations to memes into virtual collectors' items that cannot be duplicated.
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Content:
- NFTs are about to blow up the auction house
- Renditions of Vishnu, Kali most expensive artworks sold on WazirX NFT
- How to collect NFT collectibles: Top seven factors to consider
- The Digital Art Market Done Right
- From Japan straight out to the world: the web site for news and information
- Crypto Art Marketplaces and Platforms
- Tokenization: Are Works of Art the New Stocks?
- The Blockchain Art Exchange
- Picasso tokenised: how to invest in art via blockchain
NFTs are about to blow up the auction house
NFTs present challenges for collectors not just for the logistics of ownership and exchange, but also for long-term sustainability and authorship of artworks. Questions arise as to what stake various blockchain technologies have in guaranteeing that these unique assets have a life beyond the immediate, and questions around the transmutability of these assets onto other blockchain systems remain murky. Joey Heinen : As blockchain technologies become more dominant in the art market and in data systems and protocols, I am interested to see the emergence of discussions around open data and shared repositories as opposed to just thinking about rarified assets and objects.
Tell me about the work you are doing related to NFTs and blockchain. What gap are you trying to fill? The objective was to distribute the digital image freely as Creative Commons, yet make limited-edition physical prints which could be proved to be limited. So the initial problem was to tie a physical object with its unique ID, a certificate of authenticity and some metadata about the object. In our current world, any physical object can be copied or faked.
A first idea was to use a split tally stick, with a barcode. An early human invention Upper Palaeolithic, refined until modern times , split tally sticks were used to record bilateral debts.
A stick squared hazelwood sticks were most common was marked with a system of notches and then split lengthwise. This way, the two halves both record the same notches and each party to the transaction received one half of the marked stick as proof. The longer part was called stock and was given to the party which had advanced money.
Expanding on this idea, I discovered another medieval system which seemed easier to adapt. Here is an example of such document:. As the chirograph is made from a single sheet of paper, this physical property of uniqueness can be applied to any object. They could use a limited-edition chirographic label. The digital proof of uniqueness is on a public blockchain. The physical proof of uniqueness is distributed among several people, who each own a piece of the chirographic puzzle.
Each of these four persons can prove or disprove if the chirographic label comes from a different sheet of paper. Our initial use case for blockchain technology was to create unique IDs for physical objects and their chirographic labels. Nothing prevents creating multiple NFTs associated with the same digital object on the blockchain, or even on multiple blockchains.
You need a reverse search engine like Google Image Search or Tineye to identify similar images. So the idea gradually became a mission statement: creating an open source solution to certify the authenticity of both physical and digital objects, combining the physical chirograph with QR code, blockchain, IPFS, and a reverse search engine. Joey : I see. So the approach in utilizing open-source technologies is more or less to streamline the process and allow for more open, collaborative authentication of these types of artworks?
Elian : Yes, taking into account that this open collaboration should be international from the start. The choice of open source helps with the long term maintainability of a software application stack designed to evolve over a long period of time.
Joey : As someone tasked with ensuring the longevity and authentic representation of our digital artworks, I keep apprised of discussions in the digital preservation field. Where do you see these considerations entering into these emerging NFT-related technologies? Is there even any space to consider longevity and sustainability in the marketplace at this point in time, or is it too much of a moving target?
Algorand blockchain technology is also an important part of our architecture. Algorand solves the blockchain trilemma security, scalability, and decentralization without any compromise, and it cannot fork, which is an important feature for a NFT platform. There are other blockchain networks promising similar levels of efficiency Tezos, Solana, and others. Once the matter of blockchain efficiency is solved, the issue of storing the digital assets themselves images, sounds, videos, 3D models remains.
GitHub is a central player with massive adoption, which has teamed up with other partners to create the Arctic Vault, a very long-term archival facility meters deep in the permafrost of an Arctic mountain. We see several other players in the market trying to offer on-chain solutions to the problem of permanent public storage. It is hard at this point to assess how and when on-chain solutions will address these three requirements: permanent public storage and energy efficiency, but also legitimate censorship to comply with certain legal obligations.
Joey : Do you find other players in the NFT market taking these issues of sustainability seriously? Is long-term sustainability of the digital asset a secondary concern? Elian : Yes, I believe the NFT community, starting with the artists themselves, is taking the issue of sustainability seriously.
But the lower the cost of minting NFTs, the more digital trash we could see coming our way. Do we really need such information logorrhea? The cost and carbon footprint to mint is negligible compared to the other costs moderating, storing, indexing, processing , so NFTs could just be an extra layer to our exponential digital consumption. The concept of NFTs can help us in our quest of digital frugality.
After all, if we live in a finite world, the only economic growth that can be infinite is the immaterial—so the quest is worthwhile.
Joey : Yes, it will be interesting to see in the long run how questions of digital curation will enter into this discussion, or what questions of value will make these determinations for us. We still have a moral and legal responsibility to respond to inappropriate content reports. A curated platform can be considered legally responsible for the content, in case of copyright infringement or illegal content. The use of distributed ledgers and file systems could be seen as a dilution of legal responsibility.
But the moral responsibility remains to whoever introduces new content into our physical or digital world. It will be subject to the same censorship attempts.
Could legitimate censorship decisions be left to algorithms? How do we enforce human governance into the NFT market to balance value, curation, moderation, and conservation? Distributed file systems could make arbitrary censorship more difficult. Blockchain technology could offer new governance models to support human decisions on legitimate censorship or to recognize value. What kind of opportunities exist in bridging the worlds of cryptocurrency and the semantic web? Elian : We collaborate actively with AIS the Art Identification Standard consortium which aims to create shared ownership of the artwork identifiers by leveraging the new W3C standards for decentralized identifiers DIDs and self-sovereign identity.
Self-Sovereign Identity is an emerging concept associated with the way identity is managed in the digital world. According to the Self-Sovereign Identity approach, users should be able to create and control their own identity, without relying on any centralised authority.
Applied to the art market, it allows the different actors and stakeholders to make verifiable claims about an artwork about its provenance and authenticity. For example, an artwork can be documented with an x-ray scan that is cryptographically signed, and a potential buyer can verify the identity of the organization who made the x-ray scan. Joey : Are there discussions about multiple-edition NFTs, or shared ownership of a work?
What is the distinction between multi-party authentication and multi-party ownership, and what is the potential for linking NFT collections—for example, an artist whose NFT-based work is collected across several owners who are perhaps utilizing it through different blockchain systems. Is it possible to assign one primary author across all these systems? Elian : Metadata is information about other data: it is the data that describes a particular NFT or artwork.
It can be as simple as a title, description, image, and a few other properties. Or it could be a much more detailed description, with links to other metadata. We follow the work done by schema. We also keep close watch on linked. For example, with schema. The artwork can have multiple creators, which can then be interpreted as a collective artwork. Metadata can be used also to clarify the semantics of tokenization. Is holding an object the same as owning an object?
Does the token owner have any rights to what the object represents? Some answers to these very important questions cannot be represented as data or code. Joey : Agreed, a lot of the more complex discussions we are having around NFT acquisitions have more to do with this question of stewardship and definition of ongoing use than it does the NFT systems technologies themselves.
Of course we also feel a need to understand these systems as participants in this exchange. To that end, naturally I am a bit skeptical about the notion of technologies and systems that are driven by capital, particularly when they deal with archives and precious information, but it feels like there might be a shift towards a more open-source mindset with platforms such as Algorand, Arteia, and other systems that make use of the IPFS protocol.
Can we be certain that these relationships and the assets themselves can be migrated over into other emerging platforms open or not given how quickly the market changes and evolves?
Capital-driven organizations may not be the right type of organizations to manage such precious archives. But there is room also for role sharing with the public sector an organization such as a national library or national archive. Engaging a wide community of stakeholders can be complex. We see some risks that will need to be carefully handled in the near future. How do you factor the right governance to implement legitimate censorship?
Joey : Yes, questions to take with us into the future. One final question for you, Elian. Do you think most blockchain systems desire this kind of open usage or is there a perceived loss in rarified value when things become more open in this sense?
As such they are non-tradable and inalienable. It allows for natural language to express what cannot yet be expressed as metadata or code: the spirit of the law that will govern the smart contract. This innovative model can be used to break silos across multiple blockchains, as long as there is a bijective one-to-one relation between the certificate token and the value token. Unless they have given away their intellectual property with the original NFT, they have every right to do so.
As long as the metadata for the new artwork links back to the original NFTs, this would no more induce a perceived loss of rarefied value—as when a museum aggregates different artists together for a themed exhibition.
Joey : So many possibilities that I hope continue to be a part of the discussion as NFTs continue to work their way within the market! Additional support is provided by SpaceX and Google. Skip to main content. Search form GO. Here is an example of such document: An English property conveyance in triplicate chirograph form, No comments.
Renditions of Vishnu, Kali most expensive artworks sold on WazirX NFT
By Paul McInnes. This provides gallery owners with their very own customizable smart contract allowing them to curate their own galleries, decide on the gallery theme and the royalty arrangement with their artists who, in return, benefit from a zero upload fee and gallery support. Through this distinctive and cutting-edge system, BAE only charges a 1. The exhibition is also playing a major role in raising awareness of amyotrophic lateral sclerosis ALS which is a progressive nervous system disease that affects nerve cells in the brain and spinal cord, causing loss of muscle control. Proceeds from this gallery will go to not only END ALS Association but to various medical research institutions for neurodegenerative diseases. Visit our Events calendar for more details about this event. On the cover, rising star Hio Miyazawa sets the bar high for anybody with ambitious resolutions.
How to collect NFT collectibles: Top seven factors to consider
The popularity of NFTs has been on a rapid rise since then. This has led to an increase in the total market capitalization of NFTs to more than million dollars in just six months and counting. So what exactly are Non-fungible Tokens, and are they a fad or a revolutionary technology? In order to understand NFTs, we need to understand what fungibility is in the first place. A fungible asset can be replaced with another identical asset, currency or banknotes being the most commonly cited example. A non-fungible asset, on the other hand, is a unique, distinguishable asset that cannot be replaced in any form, like a house or. Non-fungible assets, however, have no standardized system of exchange or value. Incorporating blockchain technology with the unique attribute of these assets results in a non-fungible token that can be traded primarily using the Ethereum blockchain platform, giving it a means of exchange and value.
The Digital Art Market Done Right
Art Basel is this year opening its doors to blockchain, the revolutionary technology behind cryptocurrencies such as bitcoin and ether. Ruth Catlow, the co-director of the London-based art and technology organisation Furtherfield, is one of the authors of a new book, Artists Re:Thinking the Blockchain Torque Editions and Furtherfield. One might surmise that artists would therefore find it uninspiring—but no. Ben Vickers, the chief technology officer at the Serpentine Galleries in London, has noted a curious development as artists have engaged more deeply with blockchain.
From Japan straight out to the world: the web site for news and information
Not only can you accept crypto with us, but you can also enjoy some art and then buy it with crypto. Although crypto is relatively new — it has already inspired some artists … to accept it as payment. And also to create art about it — yes. Blockchain technology is gradually taking over the prestigious art marketplace promising big changes in the coming future. Blockchains and cryptocurrencies are shaping up solutions for issues facing the art market — especially the online art space — including transparency, providence, ownership, intellectual property, copyrights, authenticity, and value of art pieces.
Crypto Art Marketplaces and Platforms
Sascha Bailey is an experienced Chief Executive Officer with a significant history of working in the art industry. Son to photographer David Bailey, Sascha has been brought up in the art world and has since used his expertise to found businesses Something Else Collective and Quite Useless , an online platform for artists and events management. I grew up surrounded by the arts. I was always in art galleries and interacting with Artists; which lead to work experience and intern roles at some of the major UK galleries including the Gagosian gallery and Blain Southern gallery. As my knowledge of the art world developed, I realised that I wanted to pursue a career in managing Artists; which has allowed me to work closely with emerging Artists, helping them to develop their style and careers, whilst curating 15 shows in central London along the way. Quite Useless was founded to help artists that showed great promise but did not have the support, structure or guidance to kick start their careers. Acting as a type of talent agency, Quite Useless helps up and coming artists showcase their works in affluent environments.
Tokenization: Are Works of Art the New Stocks?
This article discusses potential legal issues in the space. An NFT is a digital file on a blockchain that shows who owns a unique piece of digital content. NFTs can also be used for items that exist only inside video games for example, rare character skins, or clothing that can be worn inside Fortnite or Pokemon Go.
The Blockchain Art Exchange
RELATED VIDEO: The Blockchain Art Exchange new platform for artists to sell digital art onlineWe use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. And by the time we all thought we sort of knew what the deal was, the founder of Twitter put an autographed tweet up for sale as an NFT. Right, sorry.
Picasso tokenised: how to invest in art via blockchain
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