Our nft project

We are currently working on a Project where we plan on using Blockchain and non-fungible token (NTF) technology to develop unique transferable Smart Contracts which will represent the ownership of our physical works in offer. The ownership of a piece will be recorded on the Etherium blockchain and can be accessed at all times through the owner’s wallet. Instead of keeping authenticity reports and receipts stored physically or in the owner’s personal computer, they will be recorded on a digital ledger stored online in a decentralized manner, this will keep track of ownership and prove the true provenance and characteristics of the artworks.

To further explain this project, we must first go over the concepts of Blockchain, NFTs and Smart Contracts.

Blockchain technology is a databased system that permits transparent information storage and sharing. A blockchain database stores data in blocks that are linked together in a chain. The data stored in this manner is chronologically consistent, it cannot be deleted or modified once recorded. As a result, you can use blockchain technology to create an immutable or unalterable ledger to track transactions and current ownership of an asset. The system has built-in mechanisms which prevents unauthorized transaction entries and has a public format where authorized profiles can contribute and access data. Using this technology to store ownership of works and official authenticity reports is extremely useful because it gives artists and collectors the assurance of not misplacing important information about their works and access this information from anywhere from their digital wallet. It also permits artists and our gallery to keep track of work resale as the sale of the piece will be recorded on the blockchain. It will also permit us to update work owners of any updates on their pieces such as possible work price revaluation.

NFTs:

Non-fungible tokens have taken over the art media in the past few years representing digital art pieces which have been sold for millions. This technology however can be used for more than digital assets, although it is intrinsically related to them, it can also represent ownership of physical assets. NFTs are assets that have been recorded and saved on the blockchain. They undergo a process defined as “tokenization” where they are assigned unique identification codes and metadata that distinguish them from other tokens. "Tokenizing" real-world tangible assets like our art works makes buying, selling, and trading them more efficient while reducing the probability of fraud. “Tokenizing” our photographs will ensure each of the original prints will have a specific and different code, when owning the NFT you will also own the physical work and it ensures the uniqueness and provenance of the piece.

Smart Contracts:

Smart Contracts are the are scripts that automate the actions specific to a contract between two parties, we will use these to undergo the transactions within the Etherium blockchain.

To record and transfer ownership of the NTFs which will contain the authenticity report. Although they are called contracts they do not contain legal language or represent ownership, only code that execute actions, in this case they transfer ownership within the Etherium blockchain.

In summary, we are working on creating NFTs for each of our works in offer, recording them on the Etherium Blockchain using Smart Contracts. When a customer purchases a piece from our gallery we will transfer the NFT that represents ownership of the physical work from our gallery’s digital wallet to the collector’s in the moment of sale and send them their physical artwork through our transport service.