Blockchain and the Pandemic? Is art the Holy Grail?
SuperRare is one of the projects you should be looking at. It is a social networking platform for digital art creators and collectors. Although, there are platforms that are similar to it. However, with SuperRare there is a catch; it is backed by blockchain.
So, what exactly is its purpose and how does it work? Well, artists create digital pieces and then proceed to create a token through the Ethereum blockchain. This means that each and every piece of Art has a digital token attached to it containing all its information. What does this mean for the digital art world?
Before we look at what this will mean for the art world, we will look at the biggest problems the art world faces. The collectibles and exclusive art world currently face several problems, with those being:
- General Mischief
The art market currently consists of a circulating estimate of 30% fake pieces, furthermore, it is becoming increasingly harder for artists to get authentication from institutions. (Tripathi, 2017)
With the solution to this issue being particularly hard to find with the traditional art world and the current digital art landscape. How does that change with a social art platform backed by the Ethereum blockchain? Well, if every single art piece is tokenized by its artist; data such as the date of the creation, its format and every purchase/sale or simple tweaks will be publicly available. Platforms such as these will lead to us overcoming the main aforementioned issues in the digital and traditional art world.
Furthermore, the SuperRare blockchain is based on NFTs (Non-Fungible Tokens) this means once the artist sells a piece of art, they can also set a royalty percentage; meaning they would benefit from future resales as well unlike the traditional process.
The platform is responsible for over $ 2 Million worth of art transactions; it has something that most cryptocurrency projects do not: USABILITY.
What is the future?
SuperRare, founded by John Crain, Charles Crain and Jonathan Perkins- on the basis that art collecting is a social thing- and thus giving this project a lot of potential scalability- the platform is rapidly growing with institutional investors beginning to have a look. The platform also saw a volume increase of 365% in the past month.
How do you get involved?
As an artist you can begin to create your work and post it there, this is a digital economy; borders no longer matter- no matter where you are in the world; you have the chance to benefit from your talents. It does not matter if you are not situated in the middle of London; platforms such as SuperRare give everyone in the world a chance to make it.
If you simply want to collect or use the platform, then you first have to have Ether tokens as it is based on the Ether blockchain; then you will need to use your tokens that are stored on the MetaMask wallet.
I will write another article on a step by step guide on how to get yourself set up on the SuperRare platform as an artist and a collector; till then, learn as much as you can about this; the digital economy is here to stay with the current pandemic.
On the topic of art, follow the shop link below and contribute to an art influenced charity project.
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Thank you and stay safe.
Author: Rodrick Rahim Chattaika