Art + Crypto Tale Takes New Twist as Artist Tokenizes His Output

Tyler Hromadka

#freetoexplore #swipelife,2019 Exhibit view, Magasins Généraux, Pantin, France. Source: ben-elliot. com.

Artists are progressively relying on crypto-powered options to fundraising– and a future where both artists and their output are tokenized might not be away.

In a peek of what may be ahead– and a new advancement in blockchain-powered art– Paris-based artist Ben Elliot has actually revealed that he is introducing what he states will be the world’s first- ever individual crypto token to be connected to the market worth of his productions.

Per his own website for the token, Elliot states his Ben Elliot token (BET) will enable financiers “to profit by trading and selling the coin in the form of virtual artworks.” The token is slated for launch on the Excellent (XLM) blockchain network in 2021.

The concept behind the token is that its worth will rise (and most likely fall) in tune with the market worth of the artist’s workmanship.

Elliot mentioned,

“BET is a tangible asset that can be directly converted into artwork. As the internet and social network rise, money, business, creativity & the ways one manages them are shifting. Creatives and influencers monetizing their personal content and data have now become more valuable than some traditional industries.”

According to the artist, his practice addresses modern topics such as impact marketing, high-speed media channels and modern gadgets.

The advancement comes simply over a month after another specific revealed news of a “self-tokenization” of sorts– a “human IPO” of Ethereum-powered tokens in a cryptocurrency business owner, a project that, per Etherscan information, seems reasonably active.

Elliot’s relocation is simply the most recent in a long line of blockchain and crypto-powered business-technology- art partnerships that is currently beginning to flourish.

Previously this year, reported that a Dutch business displaying at CES declared that it had won EU regulatory approval for a platform that will enable collectors and artists to transform the ownership of art into digital certificates.

And in 2015 reported that in Japan, an art-meets-blockchain start-up called StartBahn that enables artists to sign up and offer their work had actually gotten financial investment increases from financial group SBI‘s art trading subsidiary SBI Art Auction

Efforts to construct a cross-industry, cross-media blockchain arts platform are likewise in advancement in Japan, where manga and anime-themed art work has actually been offered by means of blockchain and crypto platforms for numerous years.

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