With elementum, together with dloop, we have created a unique blockchain-based marketplace, through which digital art can be bought, sold and exhibited. The curated collection includes works by established and emerging artists from all over the world. The elementum.art web app combines the needs of artists with those of art lovers.
Client:
dloop
Year:
2020
Work:
Concept and Design, Consulting and Strategy, Web development
More Transparency Thanks to Blockchain Technology
To ensure the authenticity of the works and to promote the transparency of the art market, elementum is based on blockchain technology. Artwork, edition and every transaction, origin and owner are registered in the blockchain. For each edition, a so-called Non-Fungible Token (NFT) is created, which represents the certificate of authenticity. This solves a common problem in the digital art scene: it is not uncommon for works to be used illegally due to the lack of copy protection systems and regulated distribution platforms. Thanks to NFTs, it is clearly defined who owns an artwork and how many pieces a work is limited to, even though they are digitally available for all to see. Furthermore, digital artworks are attributed value through NFTs. Until now, digital art did not have the same value as, for example, a sculpture or a classical painting. With NFTs, which are unique, non-replicable and non-destructible, it is possible to provide real-time proof even for virtual goods and thus create a claim of ownership.
Purchase, Sale and Trade
Registration on the blockchain also enables direct payments from buyers to creators, as well as direct trade among art lovers. Prices are quoted in US dollars and converted to the current value in Ether (ETH) at the time of purchase. When payment is made, the ERC-721 Smart Contract used converts the cryptocurrency received directly back into a digital form of the US dollar and automatically transfers the corresponding amount to the artists. Payment can be made both with cryptocurrency and via credit card. This enables access to digital art even without prior knowledge of the crypto world. Trading among art lovers is also facilitated by the blockchain. By withdrawing the token into a private crypto wallet, users can sell their collection as an investment on the thriving market of NFTs (e.g. OpenSea).
Tom Rieder
Co-Founder elementum.art & Managing Director of Tokengate
«The team of blokk has accompanied us during the entire process for this state of the art NFT marketplace. We can recommend this agency to everyone who is looking for a very skilled and likewise passioned team to execute complex tech projects»
