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3.2.1. NFT Marketplace
As mentioned before, the information on the artworks registered within the ARTIC platform are recorded in the Non-Fungible Token (NFT) standards, which are based on consumer considerations when purchasing the artwork. Here, an NFT refers to a unique digital asset in which the recorded token cannot be replaced by another, and de-facto is an irreplaceable token minted on the Ethereum network within ERC-721 or ERC-1155 standards. Please, do note that ERC-20, on the other hand, is a utility token that can be considered as fungible, an opposite of ERC-721 token. Non-Fungible Token is a token with each unique value, which is incompatible with other tokens. ARTIC uses NFT to give back the ownership over the artworks to their creators, who have previously experienced difficulties to protect their ownership and to enable reliable transactions.
Figure 4. Considerations Before Purchasing Artworks Subject to Investment
The NFT Marketplace is a space for trading NFTs of artworks. Artists can create NFTs and store them in their personal wallets. If necessary, users can create their own works of art as NFTs and register them on the NFT Marketplace. Alternatively, they can request artists make a work of art for them specifically. NFT technology is applied to the artworks produced at this time so that value and ownership can be protected. At the NFT Marketplace, NFTs can be traded directly from users’ personal wallets using smart contracts, which means that they do not need a separate contract to trade works of art.
The NFT Market also lets visitors enjoy enlarged, high-definition views of the artwork and provides various pieces of information through audio tours and video descriptions. The introduction of the artist and the subsequent introduction of the artwork help consumers understand the work of art easily. Users can search for works of art by category such as theme, color, shape, size, and purchase price. Artists can increase their brand value and create additional income through exhibitions on large digital screens (i.e. smart TVs and art frames), collaboration with art consultant companies, and sales of their copyrights.
Figure 5. NFT Marketplace