3.1.2. Proof of Ownership
Last updated
Last updated
ARTIC utilizes the Non-Fungible Token (NFT) standards in order to protect the value and ownership of the Artworks. NFT is a technology that allows to mint a cryptocurrency, that possesses a unique unalterable feature, by connecting certain digital files such as paintings and videos in 1:1 ratio to them inside of the smart contract. The NFT standard serves as a guarantee for Digital Artworks to avoid cases with copying and forgery. For example, in March 2021, an image file produced by U.S. digital artist Beeple (real name Mike Winkelman) using NFT technology was sold for a whopping $69.3 million at Christie's auction in New York. The problem with storing real art works as they are is that it is difficult to determine the authenticity of counterfeit goods when they are made. And there's a possibility that you won't be able to cope with the theft that might come at any time. On the other hand, when NFT technology is utilized, real-world art works can be tokenized, thus ensuring unique digital ownership. Once recorded on the blockchain, NFT ownership cannot be falsified or altered (hence called Non-Fungible), and information will transparently be disclosed. ARTIC NFTizes artworks and protects ownership of the artworks. This paves the way for artists to engage in stable artistic activities, encouraging consumers to NFTize their creations, protecting from counterfeiting and theft, and eventually leading to a virtuous cycle throughout the art industry.
