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Despite being lucrative, (currently valued at over 50 billion dollars) the art sector has continually faced a myriad of problems. Exaggerated prices, lack of trust and transparency, counterfeits and piracy issues are some of the major challenges facing the art industry. 2020 was exceptionally a difficult year for the art sector thanks to the pandemic which greatly affected sale of art pieces with the closure of exhibitions, museums and art galleries across the globe. As such, the industry witnessed a 22% drop in value, down from 64 billion USD from the previous years.
Blockchain technology is a glimmering hope to the challenges facing the traditional art sector. Thanks to its enormous benefits including enhancing transparency and eliminating counterfeits, the art industry has openly embraced the technology with the development of blockchain-based art platforms dealing in Non-Fungible Tokens (NFTs).
One such platform is ArtVerse – an innovative blockchain project that focuses towards digitizing the art sector and leveraging blockchain technology. The platform facilitates seamless trade of art via blockchain and also enables the conversion of different artworks into NFT, enabling art creators to enjoy the full benefits of their artworks without the interference of a third party and copyrighting issues. The project will certainly transform the art world, for the better, by solving some of the challenges that have continually hindered the growth of the sector for decades.
ArtVerse is a decentralized blockchain protocol that seeks to create a decentralized global crypto art trading platform, employing the distributed storage of blockchain technology. The platform eliminates third parties and decentralized institutions in the art market enabling traders to trade freely and make profits.
The protocol achieves an open, fair and transparent art marketplace where art creators can create art and distribute them freely while consumers can buy art seamlessly without worrying about counterfeits or exaggerated prices. The win-win marketplace will also enable art enthusiasts to customize art pieces while still allowing creators to maintain a secure copyright of their artworks and realize the full value of their works.
ArtVerse operates on the Ethereum blockchain. However, it doesn’t limit its operations to one platform. The protocol has leveraged cross-chain technology enabling it to be compatible with other blockchain networks facilitating interoperability for cross-chain transactions and other operations.
Key Functions on the Platform
- Artworks Display- Displays the uploaded artworks
- Artist Certification- Online certification area for artists
- Trading Section- A section to trade encrypted artworks
- Auction- Auction area for encrypted artworks
- Editing area- Online editing area for encrypted artworks
- Wallet: An in-built crypto wallet that allows users to hold their coins. Users can also use their ETH wallet.
Features of ArtVerse
Some of the key features on the ArtVerse platform include:
ArtVerse facilitates the authentication of artworks, ensuring uniqueness of each creation. This is possible through the transparent nature of the blockchain technology. The blockchain verifies and certifies every artwork that it hosts, thus ensuring its uniqueness. What’s more, artworks from other platforms can still have the same rights on ArtVerse as long as they pass verification. That’s possible because the platform’s native tokens ArtVer are compatible with other NFTs from other platforms.
Fair and Transparent Art Marketplace
ArtVerse achieves a transparent and open art marketplace with the issuance of official encrypted artworks to represent artworks i.e. NFTs. The artworks that reach on the platform also benefit from encryption. This way, the platform prevents counterfeits and guarantees authentic rights and traceability. ArtVerse greatly transforms the art sector by creating a transparent and open trading platform that incorporates stock rewarding. Also, it adds digital asset wallets and community operation among other features.
Value Added Refurbishment of Digital Assets
By leveraging NFTs, ArtVerse allows art enthusiasts to customize or reconstruct artworks via an online editing function that leverages smart contracts. As such, a single artwork can be divided into many NFT and approved to add value via secondary creation with some benefits channeled to the original art owner.
ArtEdit is an innovative feature on the ArtVerse platform that allows art creators to create, assemble and share encrypted artworks. This editing tool enables users to create their own artworks and then publish and sell them on the global market. ArtEdit also allows users to turn their NFT into new NFT via smart contract of Ethereum. ArtEdit achieves a new possibility in the crypto art sector by enabling the creation and sharing of encrypted artworks across multiple cross-chain platforms.
Three types of tokens support ArtVerse:
- AVT-ERC20- A governance token that functions as a mobility of trade
- ART-ERC721- A token economy of crypto artworks on the blockchain
- ART-ERC1155- A synthetic token economy issued on the platform
AVT-ERC 20 is the main utility token that the platform issues. It’s essentially the foundation of trade on ArtVerse and functions to achieve various purposes including:
Utility– Participants to ArtVerse use Avt tokens to buy and sell artworks or customize their own NFT roles plus can earn Avt via community operation. Art collectors also spend Avt to collect artworks. Art creators spend Avt to upload their creation to the global market.
Governance-Avt functions as a governance token to allow holders to participate in decision-making and running of the platform. Avt holders can vote on key elements of the protocol such as Foundation imparted content, property of game creators and other functional properties. Avt holders can either vote themselves or delegate their voting rights to other players of their choice.
Passive Income– Artwork holders can earn passive Avt tokens on the platform via the addition of leverage. Additionally, Avt token holders earn passive income by using the charging model. There, 5% of all transactions made through Avt tokens reach the Betting Pool (50%). This is a reward for token holders betting on Avt tokens. The remaining 50% go to the protocol.
Avt Token Distribution
|20%||420000000||Holdings of Early Team|
|15%||315000000||Ecological Operations and User Rewards|
|10%||210000000||Developers, Ecological Technologies,
ArtVerse has a solid roadmap with an experienced team to see the project achieve its vision of building a revolutionary NFT protocol that will benefit all players in the art sector.
For those NFT die-hards, ArtVerse will launch the AVT token on several exchanges before October. AVT is in the very last stage before take-off, and ArtVerse plans to unleash the airdrop soon. For more information, please join their Telegram group or Twitter.
Why ArtVerse is a Game Changer in the Art Industry
ArtVerse should revolutionize the rapidly growing crypto art sector thanks to its proprietary features. To begin with, the platform solves the most pressing issues in the art sector notably art traceability, authentic right and fake arts.
ArtVerse also integrates an online editing tool, enabling users to customize encrypted art to create new value without really altering the original NFT. As such, the platform contributes to value redistribution without the challenges of the traditional art space.
ArtVerse would like artists to embrace and believe in their abilities. Although the platform hails in the Ethereum blockchain, artists will soon get the chance to transfer their pieces of art to other blockchain networks.
ArtVerse seeks to create a next-gen, encrypted, decentralized art platform based on blockchain technology. The platform will eliminate most issues hindering the growth of the multi-billion dollar art industry. On the ArtVerse platform, users can create, own and monetize their creations, not just art, but also games, music, videos, pictures etc. ArtVerse is a true testament that the art sector is evolving under blockchain technology for the better.
The platform also plans to launch its native token, dubbed the AVT token. ArtVerse’s plans for the token looks very lucrative following its involvement with big players in several markets, namely Facebook, Fortnite, Amazon and many others.
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