Blockchain to Revolutionize Art Industry!
You perhaps have heard about the behavioral artistics news related to Banksy’s self-destruction art “Girl With Balloon” in Sotheby’s London auction. After the paint was hammered for 1 million pound sterlings, it was shredded automatically by a remote control mechanism inserted by the artist Banksy himself. The price was as three times as that painting was expected to achieve and also a new record for Banksy. Later, Banksy posted the painting’s self-destruction video on his Instagram account quoted Picasso: “The urge to destroy is also a creative urge”. From this piece of news, we are able to take a glimpse into the wild and creative minds of artists.
Artists are no longer satisfied with the art industry dominated by centralised institutions. The channel for diffusion of art needs to be revolutionised. Blockchain technology is currently changing the business landscape of art area.
If artists want to tokenise their works, which token they should choose? The existing popular tokens are ERC-20 and ERC-721. Each of them has its own code structure and unfortunately some qualities of them make them not that suitable for art investment.
Here comes a new token: ERC-1155：
ERC-1155 was created by Enjin for game platform originally. Its inherent ability enables it to represent fungible, semi-fungible, and non-fungible tokens and deploy them in a single smart contract. And people consider it as a perfect token for art industry to diversity its diffusion pathway.
ERC-1155 simplifies the trading process. The following chart is a flow of trading multiple items under ERC-20 framework as ERC-721 follows the same flow:
The common code is stored in a central smart contract which includes full array of those three types of tokens. Platforms and apps do not need to develop compatibility for different tokens.
Blockchain makes the settlement of several problems in art industry become possible and tokenization of art pieces enables more investors to enter this market with every participant can experience art in more diversified ways. The last thing we want to address in this article is that art industry is only one field that being revolutionized by blockchain and tokenisation. If you are interested in knowing more about this ongoing trend, check our our writing series: community.plutux.com/blog
*Fungibility and non-fungibility in the context of token.
Fungibility means the interchangeable quality of token. Fungible tokens of the same type are identical and can be divided into smaller units. It acts more like an exchange intermediate.
Non-fungibility represents the unique trait of token. The elementary unit of a non-fungible token is the token itself. Non-fungible token can be used for trading and also be considered as collectible items.
Plutux is actively exploring to obtain a securities license to deal security tokens in a compliant manner. Upon acquiring a securities license, Plutux will bridge the gap between traditional and cryptocurrency markets by developing into a fully compliant securities token exchange that will enable the investing, and trading of securities token on the blockchain.
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