This Ethereum-based Utility Project Strives To Bring the Art Sector Into the Web 3.0 Era ARTIC looks to bring the contemporary art sector into the Web 3.0 era, along with all of the vast potential and benefits that comes with this inevitable transition
By John Stanly
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
One of the world's most popular industries at the moment is that of the DeFi sector. Not only have cryptocurrencies, NFTs and the metaverse all skyrocketed recently, but the art space has also become increasingly involved with these new digital technologies and practices.
To that end, ARTIC looks to bring the contemporary art sector into the Web 3.0 era, along with all of the vast potential and benefits that comes with this inevitable transition.
Understanding ARTIC
It goes without saying that before investing in something, it is usually a good idea to know exactly what it entails beforehand. As such, like any viable project, ARTIC is comprised of a few key components. These are the 'NFT Marketplace,' a 'VR Gallery,' and an 'AI Center.' Furthermore, the platform has an easy to understand and consumer-friendly design which is focused on providing the best user experience imaginable. ARTIC's activities encourage the participation of key stakeholders in the art ecosystem, like users, authors, and art advisors, thereby demonstrating the art sector's continuous virtuous cycle.
In terms of what they are, the NFT marketplace is a step forward in the art trading ecosystem. It is a venue where artworks made or requested by clients, as well as a variety of works requiring ownership protection, are sold. The VR Gallery is an art show. It is a digital space in which artists may show and sell their work irrespective of time or place. Next, the AI Center provides a variety of art pieces. It is a location where art consultants connect clients with writers, as well as specialized AI matching services such as the artificial intelligence's selection of works focused on personal tastes and services that allow users to hang desired pieces in any location.
So, what is ARTIC actually trying to accomplish?
The ARTIC team consists of highly talented IT engineers, art advisors, designers, and other specialists with an average of over two decades worth of relevant experience in their fields. The ARTIC team seeks to employ blockchain technology to address modern issues such as copyright infringement, counterfeit issues, and provenance, all of which have long been hurdles to the worldwide art market's progress.
ARTIC has three primary goals for overcoming these existing issues. To begin, customers should be able to make or request acceptable artworks and purchase them without the involvement of any middlemen. Second, despite the time or geographical constraints, every artist should be able to present their work in a digital format and sell ownership of their artwork, which is protected by the non-fungible token. Lastly, art advisers should be rewarded for their efforts in connecting clients and authors with professional comments and opinions regarding their artwork.
How is ARTIC utilizing crypto?
As previously alluded to, cryptocurrencies are a rapidly growing market and industry. ARTIC utilizes crypto too, as ARTIC is also an Ethereum (ETH)-based utility token which can be used within the platform's ecosystem. ARTIC tokens may be acquired on several cryptocurrency exchanges or won as reward units by engaging in specific ARTIC platform activities. ARTIC tokens may also be used to purchase or order artworks from the NFT Marketplace by ARTIC ecosystem participants. Furthermore, ARTIC tokens are required to access the VR Gallery and AI Center functions.
The amazing thing is that ARTIC tokens can even be used to settle platform fees and for special features which are exclusively available only to those users that have a certain number of ARTIC tokens. Users, authors, and marketers provide assistance to enhance and protect the value of ARTIC tokens by utilizing the ARTIC platform and engaging in various economic activities inside the network. Finally, ARTIC's token economy includes payment and staking capabilities, as well as the platform's own DAO. Needless to say, there is plenty that this token is capable of.
Is ARTIC worth it after all?
ARTIC is an art gallery platform based on blockchain technology which 'assetizes' diverse works of art through its respective NFT ecosystem. The usage of blockchain technology is an important part in convincing individuals to potentially rethink their perceptions of artworks by providing tangible as well as intangible services that can lead to the exhibition of both domestic and foreign artworks, in addition to also having a constant impact on the activation of various exchanges with artists across the globe.
Blockchain technology, via the design and development of accompanying software, fosters active commerce and convenience in high-quality artworks and adds to the ever-expanding foundation of sophisticated art culture in the postmodern era. Add in the fact that ARTIC also collaborates with the highly sought-after Gallery 360 and other notable entities makes this a platform that everyone should be paying attention to from now on.
Note: Investment in cryptocurrency is subject to risk and readers should do their own due diligence. Entrepreneur Media does not endorse any such investment.
