How to tokenize art?
Since the dawn of the last decade, there has been a welcoming warmth for art. This has given a boost for artists and has enhanced the quality and frequency of new art being created both on canvas and on computers. Creation of art has found many patrons, and the increasing number combined with the flatness of the internet creates two needs – one is to find secure and global funding platforms and the other is to protect Intellectual Property Rights.
There are organizations that give a platform for all artists to register a token. This not only requires a considerable amount as a fee but also takes away the control from the artist and gives it to the third party. Also, this act puts a million dollar or sometimes a billion dollar question on what happens to the piece of art after the registry shuts down.
‘The answer to this problem lies in tokenization… and the blockchain!’
Why Tokenize art?
Tokenization is about dividing your assets into many fragments that entitles the holder to a certain privilege either in terms of access or in terms of finance. This enables artists to get financial support for that next artwork and also secure their intellectual property rights. The immutability function of the blockchain comes to the forefront in protecting the intellectual property rights of the artist.
The Advantages of Tokenizing Art
Art, in itself, is democratic! Tokenizing art elevates the democratic nature of art to a completely different level. It opens up avenues even for small investors to invest in your art and also helps premium investors diversify their portfolio by dedicating a part of the investment to your artwork.
More than providing an investment channel, it also creates a support system where one artist can help the other and investors might even consider reinvesting their profits again in art. It is all designed to revolutionize the way art is created, consumed, and patronized.
How to Tokenize Art?
There are different blockchains, platforms, and methods to tokenize your art. For instance, let’s take the Ardor Platform that holds the art-exclusive Ignis blockchain. Unlike the other interfaces that deter everyday users from using the blockchain, this platform, and the interface is quite user-friendly and it might not take a lot of time like Bitcoin or Ethereum to setup. In fact, a good internet connection should ensure that the download and the setup can be done in less than a couple of hours.
The steps are quite self-explanatory and intuitive. All you need to do is create an account. The account access is restricted by a passphrase which is quite similar to a password, except for the fact that it can never be retrieved. It is important for you to safeguard your public key and your passphrase for you to facilitate transactions and view your dashboard for all the details regarding the fund that you have received.
Funding your account is as simple as taking your public key and using another account. It can also happen by encouraging another account to transfer ‘Ignis’ to your account that acts as an incoming fund. This fund will help you perform the initial tasks such a creating your first art asset with a certain value. This platform also features a marketplace where you can list your art or any asset for sale.
In a few steps, you have tokenized your art, and have also protected the intellectual property rights of the creator! You are also free to even sell the ownership of your artwork on the blockchain.
The ONLY Challenge
Art tokenization faces only one challenge. If your token represents a physical work of art on the blockchain, it might be a challenge to prove that there is a correlation, connection, and fidelity between the digital asset and the physical art.
Blockchain App Factory’s Services
Art, in all it’s right, deserves to embrace technology as much as any other field does. Blockchain App Factory offers its services in tokenizing art, much to the benefit and delight of both the artists and art connoisseurs. Our art tokenization services also foray into the territory of funding your next art project. All you need to do is just drop in an inquiry and we will take care of the rest – while, as an artist, all you need to do is to keep creating art!