“Soleauchain launches the first representative Non-Fungible Token (NFT R) creation service”

Capturing Art

The startup Soleauchain created Tokenart, a service that uses NFTs, Non-Fungible Tokens to represent physical artwork.

 

 

The growth of NFTs. After a timid start into the art world, NFTs won the support of an audience that went beyond the circle of cryptocurrency enthusiasts. We learned, for example, that the French street artist, Pascale Boyart uses NFTs to give digital life to his murals. The artist Bishop offers parts of his body to cover them with tattoos by tokenizing them. On December 14, a work by the artist Beeple sold for over $ 777,777. If these Tokens are popular, it's because they allow a digital work of art to become unique with a defined ownership. Thanks to NFTs it is now possible to exercise a real right of ownership over a digital file. In addition to being rare, they are interoperable on several platforms increasing their visibility and liquidity.

NFT are for virtual art what NFT R are for physical art. NFTs are almost exclusively used to identify virtual works of art. In principle, the artist creates his digital work on his computer and makes it unique by means of an NFT. The NFT makes it possible to identify a digital file stored on his computer or a web page and to assign it a property right which allows its holder to assign this NFT. So even if the file, like any digital file, can be replicated very easily, its ownership, on the other hand, can only be claimed by the one who own the NFT. Only the holder may sell or exchange this right. Until now, this possibility was only available for virtual works. Tokenart, a service developed by Soleauchain opens the field of NFTs to physical works of art through legal representation. 

 

A bridge between two worlds. The idea was to create a bridge between the non-fungible Token and the physical work of art. Now the NFTs can also give rights to physical artworks ! “The representative titles of physical goods already exist in contemporary law. It just had to be adapted to what was happening in the crypto world ”. Soleauchain combines law and technology to enable the art world to acquire tokenized physical works. The particularity of these Tokens is that they do not point to the digital picture of the work but the certificate representing the physical work. When an interested party acquires the Token, he becomes the owner of the physical work. He is free to come and collect it, have it sent or resell it.

All the benefits of NFT carry over to the physical work depicted. In addition to the traditional resale facilities of NFTs through multiple platforms such as Opensea, rarible or mintable, the NFTR allows its creators to remain anonymous, to certify the work of art, to trace his life on the Ethereum network and to receive a percentage on all secondary sales. The tokenart service adheres to this practice and offers the possibility of receiving royalties in the form of a percentage on the secondary sales.

 

Ownership and beneficial possession. In order to offer great flexibility, the artist can choose to condition the right of possession of the work, on an event such as the end of a date or the end of an exhibition, for example. Since then, the NFT’s owner own the work but have to wait for the condition fulfillment before being able to exhibit it in his living room! This also makes it easier to resell the Token before the end of the term!