How Art Can Die Is Using Blockchain and NFTs to Revolutionize the Art Industry

Art Can Die — now that’s probably an ironic name for a project that aims to breathe new life into the art industry. That said, it is admittedly a pretty catchy name that represents an elaborate and multi-layered ecosystem looking to bridge the gap between art, artists, and the masses.

For those reading about it for the first time, Art Can Die is a decentralized autonomous organization ( DAO ) . It leverages the power of blockchain, DeFi , tokenization , NFTs, and cryptocurrencies to help artists get efficient financing without losing their creative autonomy.

At the same time, it also promises to offer a safe and efficient platform where art lovers, crypto enthusiasts, and investors can invest in quality artwork .

We’ll be covering all of that and more in this early review of Art Can Die. But let’s first have a quick look at the specific problems the project is trying to solve. Pain points affecting the art industry

Art is today a multi-billion dollar industry with a global valuation that can hover anywhere between $50 billion to 800 billion depending on what you are willing to accept as art. It is arguably one of the oldest industries in the world and probably even predates most of the financial instruments we are familiar with today.

Despite its profound impact on human society, the art industry has been surprisingly slow in evolving with changing times. It still operates in an archaic fashion that leaves a lot to desire — more so if you’re outside a tiny band at the peak of the socioeconomic spectrum (read: elite circles). Some of the pain points affecting the conventional art industry include: It is a heavily illiquid industry.

Access to the art market, for the most part, is limited to only elite circles.

Acquiring art is often a pesky process requiring a lot of paperwork.

There is a large black market for art and it is detrimental to the interest of all rule-abiding stakeholders including artists, collectors, and investors

Extremely high storage, transportation, and insurance costs.

Vulnerable to theft.

Vulnerable to forgery and counterfeiting.

Lack of standardization in determining prices.

Art Can Die to the rescue

Art Can Die is basically a fully decentralized platform that aims to empower users from all backgrounds to participate in the creation, financing, and promotion of promising art projects. The ultimate objective of the platform is to ensure that – Artists can focus 100% of their efforts on creative parts while Art Can Die helps with the business side of things (including promoting and selling their work).

Artists, irrespective of whether they are new or already established, enjoy fully transparent and democratic access to a global pool of investors willing to invest in quality art projects.

To lower the barrier to entry for investing in art projects. By doing so, the project aims to open the gates for the average crypto user, art lover, and investor so they can play a more assertive role in a market that has been otherwise an almost-exclusive playground for the elites.

How does it work?

As a decentralized autonomous organization, Art Can Die uses the process of tokenization to convert art into digital assets (NFTs) . This applies to all forms of art including paintings, music, sculptures, and movies, to name a few. The DAO also deploys its proprietary blockchain solutions to offer unalterable certification of ownership, storage, and transfer of these digital assets without requiring any third party. The combination of blockchain and tokenization ensures that – Artists retain full control over their content/creation. Users and investors retain full autonomy over their investments and transactions. The cost of transactions reduces significantly. Transactions become secure and transparent. (It is worth noting here that while blockchain ensures transparency of transactions, the Art Can Die team will make some exceptions to better accommodate users who prefer some degree of anonymity.) These benefits then give the stakeholders an ideal avenue to inject more liquidity into the otherwise-highly illiquid art market.The Art Can Die community will also be privy to a host of additional benefits including a chance to make profits from secondary market trading . Apart from that, the platform promises to hold regular events where users can earn sizable rewards. Additionally, users can also claim a part of the profits from the sale of exceptional artworks in the DAO.In general, users who stake the $DIE token , Art Can Die’s homegrown asset, in the DAO will be privy to many additional perks. More on that […]

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