Snark.art Launches Blockchain Laboratory for Tokenizing Artworks

Snark.art Launches Blockchain Laboratory for Tokenizing Artworks
Brooklyn-based startup Snark.art has launched its blockchain laboratory to tokenize creative artworks of artists. The startup is kicking off with a partnership with acclaimed artist Eve Sussman whose project 89 seconds Atomized will be tokenized on the blockchain network and distributed to art lovers in pieces of digital blocks, which the company calls “atoms.”By providing fractional ownership through atoms, art lovers can own a piece of the video frame by purchasing an atom. The full video, with 10-minute running time, has been broken down into 2,304 atoms. Each atom is 400 pixels of the entire visual frame of the video. An atom is uniquely assigned to the user, and it will live on through the community of owners granted permission by the artist.Earlier this year, the painting 14 Small Electric Chairs by visual artist Andy Warhol was tokenized and sold on the blockchain art investment platform Maecenas to 100 collectors for a 31.5 percent stake in the asset at the cost of $1.7 million.Non-fungible items, such as art, are items that can't be replaced by another identical item. Tokenization of non-fungible items by way of non-fungible tokens (NFTs) has many benefits. Besides providing ways for artists to monetize their work and opening up new markets to the digitization of assets, NFTs also prevent forgery and fraud because verifiable ownership of each work of art exists on the blockchain. "Just as the b... For Further Information Click on Below Button
Show More

Comments