The Art Market is Waiting to be Unlocked. But First We Need Workable Examples.
Tokenizing an artwork is a revolutionary way for creators to reach new audiences and tap into untapped markets. The digitalization of art means that a piece can be traded in the same way as virtual assets such as Bitcoin or Ethereum and provides a way to grow the art market by introducing digital currency trading.
By Fernando Verboonen, Cofounder Curio Capital AG
Mr. Grandcello is at the forefront amongst artists to tokenize his artwork with Rollapp. By tokenizing his art, the creator provides art collectors an opportunity to own fractions of artwork and trade it as they would a stock on the secondary market.
Tokenization is the process of digitizing a physical asset and assigning value to it, which then enables it to be traded in a new way; for example, fractional ownership, fractional voting or fractional paid services. Art by its nature can be quite difficult to trade due to the high barrier of entry. However, with the help of blockchain technology and Rollapp’s technological solution on this platform’s mobile app and website, we are able to tokenize assets at a fractional level.
This means that an individual can own part of an artwork without having to purchase the entire item. Mr. Grandcello and others like him are leading the way for the art world by tokenizing their art and giving collectors an opportunity to own fractions of pieces they love. The benefits are great as this opens up new channels for art investors:
Coming Up With a Solution
Tokenizing physical assets is an advantage for both the artist and investors. The benefits are significant: from previously unobtainable liquidity and trading opportunities, supporting a greater interest in art and increasing the value of artworks, enabling a more transparent provenance of artwork and putting more power into the hands of artists.
Let’s Work Together on This Solution
We are truly excited to be at the forefront of enabling artists to tokenize their artworks on the blockchain. The benefits of tokenizing assets are significant and we believe the future of the art world will be very promising with this technology.
A picture is worth a thousand words, but the rise of digital media has made it much easier to transform photos into hi-res artwork through programs like Photoshop. This trend has also opened up new opportunities for artists to reach beyond their local art market and take advantage of greater exposure. However, physical artworks are still limited by size limitations and physical constraints like shipping costs. The solution is here and is open for every asset originator to use. Even to prestigious galleries.
If they don’t, others will — and they may not be able to catch up.
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