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There is a lot of hype around blockchain-based technologies today! Smart Contracts implement various market trends and eliminate the need for third-party authorities. No wonder, users have so much to ask, whether smart contracts are automated and executed with blockchain or involve humans! Well, the answer is that its 3-in-1; designed by humans, processed by machines, and crafted by lawyers.
The global art market has reached its highest levels in the last ten years. Smart contracts are utilized in virtual art galleries to register, buy, sell, track ownership, and distribute digital art. The foundation of the decentralized market has navigated the gap between untrusting humans and trust less machines. On top of this, key trends in the art market have partly been driven by online sales made through blockchain. In fact, blockchain technology and digital art have joined hands to bring radical structural change to the world. Both play a significant role in the modern creative industry.
Nowadays, evolving approaches used in the arts industry provide stirring opportunities for collectors, art galleries, and artists. Let’s get into the depth of the topic for further clarity.
How Has Smart Contract Development Impacted Digital Artists?
Being an artist has always been a struggling occupation. They need a creative approach and a straight commitment to seek peak excellence. The real fight begins when these artists exhibit their work at galleries. They usually reach out to intermediaries that allow them to display their artwork and abilities in public locations.
When it comes to purchasing art, auctions and art shows are designed for more collectors to come to experience the various artworks. Collectors do not want to jeopardize their business connections in any way and take advantage of this edge for their own benefit. They buy artwork but keep postponing the payment. Even if the artist initiates legal action, there is no assurance of reimbursement. This is the place where smart contract development came to the rescue! Artists were often obliged to take legal action against galleries, but now they can avoid the loss of future opportunities.
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- Democratizing Art Investment
Jean-Michel Basquiat’s painting ‘Untitled’ was purchased for $110.5 million in 2017. The original price tag of this painting was $20,900 in 1984 but sold again after 33 years. This is one of the greatest examples of contemporary art’s appreciative value that has increased with trends in the industry. Every year, online art sales grow by high numbers, but only a few people buy artwork online. However, tokenizing them with smart contract development makes them available in segments and opens doors of investment for art lovers. As a result, digital artists get huge capital via blockchain smart contracts and allow investors to invest in art, ultimately raising the price of the artwork. Paintings that were difficult to sell can now be accessed by potential buyers through the democratized system. There are a bunch of fascinating and successful projects that leveraged crypto collectibles to attain higher sales and keep users interested.
- Decentralized Art Exchange
The journey from traditional auction houses to selling artwork online has evolved in many ways. Countless decentralized art marketplaces have emerged as mediators. Global digital art sales are estimated to grow and reach $9.32 billion by 2024. Blockchain-enabled platforms are now associated with smart contracts in Virtual Art Galleries. Some of the projects, like Blockchain Art Exchange (BAE), are trying to solve the problems and help users collect art with crypto. Blockchain-based platforms lay out a blueprint for digital work in the form of video, illustration, text-graphic, or others. A digital artist uploads their content to them and gets a commission in the form of digital currency. Currently, plenty of blockchain projects also reap financial awards for content that speaks highly.
- Keeping Digital Artwork Scarce
Digital art has made a noticeable impact in the industry, and numerous examples demonstrate the viability of digital art in all of its forms. David Hockney’s digital work titled ‘The Arrival of Spring’, was merely drawn on an iPad, downloaded, and transferred to aluminum pallets. It was valued at $28,000 each, the amount is quite huge. When Corey Arcangel used a modified video game chip for his “Super Mario Clouds,” the artwork sold for $200,000 at auction. There are many more examples that speak volumes about the success of digital art after smart contract development. They can be bought, sold, and traded with unique identifiers. The best part is that no one can replicate them. Users have demonstrated the potential of blockchain to sustain valuable digital artwork in the technical era. Optimizing blockchain technology and unique digital codes gives an ideal security basis for increasing the demand for digital art galleries.
Can virtual art galleries restore the financial stability of museums?
The coronavirus pandemic altered many lives; as we all know, museums around the world were closed to visitors at the time. Amid this, many new technologies have emerged that allow virtual art auctions. VR and AR technology promise to immerse visitors in the museum’s permanent collections. Smart contract development helps things get smoother for artists and collectors as well. In this virtual world, objects can be restored digitally and magnified using these technologies. These virtual visits do not replace the “real” thing but ensure artists have numerous opportunities to explore their work in the digital world as well as the real world. It is still unclear how these museums will financially benefit from those smart contracts in virtual art galleries. Will these new technologies divert funding from real conservation toward direct investments in blockchain? Let’s see what the future holds for us! /p>
Creating Autonomous Art With Digital Assets
The blockchain is emerging as a new exploration level that allows artists to flourish in their work. The rousing success of famous video games like The Sims and the Tamagotchi speaks for itself. Autonomous works of art built upon a blockchain-based network and with smart contract development facilitated the sculpture. Upcoming blockchain projects are aiming to solve the aforementioned problems. Algorithms on the blockchain smart contracts contribute to advancing functionalities and make the projects come alive.
Final Words
Without further ado, start exploring smart contracts in virtual art galleries and get high returns! Our expert team is here to help you with the process.
Antier has delivered several projects in the field of Blockchain based solutions across the globe and you can explore more with them about your Smart contract development for a virtual art gallery venture. Contact us now.
