Despite being lucrative, (currently valued at over $ 50 billion) the art sector has continually faced a myriad of problems. Exaggerated prices, lack of trust and transparency, counterfeiting and piracy issues are some of the main challenges facing the art industry. 2020 was an exceptionally difficult year for the art sector thanks to the pandemic that greatly affected the sale of art pieces with the closure of exhibitions, museums and art galleries around the world. As such, the industry witnessed a 22% drop in value, down from $ 64 billion in previous years.
Blockchain technology is a glowing hope for the challenges facing the traditional art sector. Thanks to its huge benefits, including improved transparency and the elimination of counterfeits, the art industry has openly embraced the technology with the development of blockchain-based art platforms dealing with Non-Expendable Tokens (NFTs).
One such platform is ArtVerse, an innovative blockchain project focused on digitizing the art sector, leveraging blockchain technology. platform facilitates seamless art trading via blockchain and also enables the conversion of different artworks to NFT, allowing art creators to enjoy the full benefits of their artwork without third party interference. and copyright issues. project will undoubtedly transform the art world, for the better, by solving some of the challenges that have continually hampered 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. platform eliminates third parties and decentralized institutions in the art market, allowing merchants to trade freely and make a profit.
protocol achieves an open, fair, and transparent art marketplace where art creators can create art and distribute it freely, while consumers can seamlessly purchase art without worrying about fakes or outrageous prices. win-win market will also allow art enthusiasts to personalize art pieces while allowing creators to maintain secure copyright on their artwork and realize the full value of their works.
While ArtVerse is built on the Ethereum blockchain, it is not limited to one platform. protocol has leveraged cross-chain technology allowing it to be compatible with other blockchain networks, facilitating interoperability for cross-chain transactions and other operations.
Key features on the platform
- Artwork Viewing – displays uploaded artwork
- Artist Certification – Online Certification Area for Artists
- Trade section: a section for exchanging encrypted works of art
- Auction: Encrypted Artwork Auction Area
- Editing area: online editing area for encrypted artwork
- Wallet – A built-in crypto wallet that allows users to save their coins. Users can also use their ETH wallet.
Some of the key features of the ArtVerse platform include:
Authentication of works of art
ArtVerse makes it easy to authenticate works of art, ensuring the uniqueness of each creation. This is possible thanks to the transparent nature of blockchain technology. Each work of art is certified and verified in the protocol that guarantees uniqueness. Also, artworks verified on other platforms may still have the same rights on ArtVerse, as the platform’s native ArtVer tokens are compatible with other NFTs issued on other platforms.
Fair and transparent art market
ArtVerse achieves a transparent and open art marketplace with the issuance of encrypted official artworks to represent artwork, i.e. NFT. Artwork uploaded to the platform is also encrypted, preventing counterfeiting and ensuring authentic rights and traceability. ArtVerse greatly transforms the art sector by creating a transparent and open trading platform that incorporates stock reward, digital asset wallet, and community operation, among other features.
Rehabilitation of added value of digital assets
By leveraging NFTs, ArtVerse enables art enthusiasts to personalize or reconstruct works of art through an online editing feature that leverages smart contracts. As such, a single artwork can be divided into many NFTs and approved to add value through secondary creation with some benefits funneled to the original owner of the art.
ArtEdit is an innovative feature of the ArtVerse platform that enables art creators to create, assemble and share encrypted works of art. This editing tool allows users to create their own works of art and then publish and sell them on the global market. ArtEdit also allows users to convert their NFT to a new NFT through the Ethereum smart contract. ArtEdit achieves a new possibility in the cryptocurrency sector by enabling the creation and exchange of encrypted artworks on multiple platforms between chains.
ArtVerse supports three types of tokens:
- AVT-ERC20: a governance token that works as a mobility of commerce
- ART-ERC721- A Token Economy of Cryptographic Works of Art on Blockchain
- ART-ERC1155: a synthetic token economy issued on the platform
AVT-ERC 20 is the main utility token issued on the platform. It is essentially the foundation of commerce on ArtVerse and works to achieve several purposes, including:
Utility – ArtVerse users use Avt tokens to buy and sell artwork or customize their own NFT roles and can also earn Avt through community operation. Art collectors also spend Avt to collect works of art. Art creators spend Avt to upload their creation to the global market.
Governance -Avt works as a governance token to allow holders to participate in the decision-making and operation of the platform. Avt holders can vote on key unsurts of the protocol, such as content imparted by the Foundation, ownership of the game’s creators, and other functional sifates. Avt holders can vote themselves or delegate their voting rights to other players of their choice.
Passive Income – Art work holders can earn passive Avt tokens on the platform by adding leverage. In addition, Avt token holders earn passive income using the charging caral where 5% of all transactions made by Avt tokens will be allocated to 50% of the Gambling Fund as a reward for token holders who bet on Avt tokens. and 50% to the protocol.
Avt token distribution
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ArtVerse has a strong road map with an experienced team to see how the project achieves its vision of building a revolutionary NFT protocol that will benefit all players in the art sector.
For those NFT fans, ArtVerse will launch the AVT token on various exchanges before October. AVT is in the last stage before takeoff, and ArtVerse plans to launch the airdrop soon. For more information, join their group or Twitter.
Why ArtVerse is a game changer in the art industry
ArtVerse is ready to revolutionize the rapidly growing cryptocurrency industry thanks to its proprietary features. To begin with, the platform solves the most pressing problems in the art sector, in particular the traceability of art, authentic law and fake arts.
ArtVerse also integrates an online editing tool, allowing users to customize the encrypted art to create a new value without actually altering the original NFT. As such, the platform contributes to the redistribution of values without the challenges of the traditional art space.
ArtVerse would like artists to accept and believe in their abilities. Although the platform hails on the Ethereum blockchain, artists will soon have the opportunity to transfer their artwork to other blockchain networks.
ArtVerse seeks to create a next-generation, encrypted, decentralized art platform based on blockchain technology. platform will eliminate most of the problems that hamper the growth of the multi-billion dollar art industry. On the ArtVerse platform, users can create, own and monetize their creations, not only art, but also games, music, videos, images, etc. ArtVerse is a true testament that the art sector is evolving under blockchain technology for the better.
platform also plans to launch its native token, dubbed the AVT token. ArtVerse’s plans for the token look very lucrative after engaging with big players in various markets, namely Facebook, Fortnite, Amazon, and many others.