Non-Fungible Token's latest spin

Source Credit:  Content and images from Wall Street International Magazine by Wall Street International.  Read the original article - https://wsimag.com/art/66715-non-fungible-tokens-latest-spin

We all noticed how Non-Fungible Tokens (NFTs) have been the “buzz of the year”, not only in the tech world. They have taken the art curation, auctions and overall artistic realm by storm.

In this environment, an early-backed blockchain company called Streeth was conceived to project Street Art into the future era of the Internet of Things.

Street Art is the most popular and renowned Art form within the global $70,000,000,000 art market and yet, given its scale and “public” nature, is the only one that has never been monetized, traded, collected or privately enjoyed. It also has a perishable nature and finite life cycle because of weather, vandalism, zoning and other threats.

Streeth curates, mints and auctions world’s most talented and renowned artists’ Street Art pieces and let collectors own, trade, store and enjoy them. All through the Ethereum blockchain.

Streeth infrastructure’s designed to change the following shortcomings:

  • no Street Art creation has ever been sold to collectors;
  • no Street Artist has ever been able to monetize his work;
  • no Street Art has ever been owned and therefore enjoyed by its owner;
  • no Street Art creation has ever been granted full protection.

Streeth brings the NFT technology to a new, real and tangible level of utilization.

Imagine being able to bid, win and own that massive and unique mural by world acclaimed artist Retna, located in Miami, from the comfort of your home. You will be able to visit the Street Art piece you own, pull out your phone, scan the Streeth QR code placed on the art and be prompted to the Streeth App dashboard showing you, your friends, spouse or people around that you are the sole and legitimate owner of that unique piece of art.

Becoming the legitimate owner of a fully authenticated, 1:1, a physical masterpiece by world-famous artists is now possible. Even if one day the art piece will vanish or be vandalized, you will be the sole owner of its NFT version, in perpetuity. Fully endorsed, signed and authorized by the artist. You’ll pass it to your children unless you decide to trade or resell it.

Each Street Art piece that you own will be minted and registered on the Ethereum blockchain with “Proof of Ownership” and “Artist Authentication” certificates.

Collectors will also be offered the opportunity to lend their collected art pieces to Streeth’s Museum. Museum is a foundation built on the metaverse and accessed through full-experience VR visors. Visitors will be able to admire privately owned Street Art pieces offered by collectors.

We expect world Museums to be using our ecosystem to protect world heritage artworks like Da Vinci or Caravaggio from future deterioration. We expect art collectors to purchase world-renowned street artist creations (exclusive to Streeth) from our marketplace. We expect street artists to finally be able to monetize their street art creations on our platform.

The ability to own unique street artworks and artifacts, which can be acquired and traded on chain, is a game-changer that promises to shake up the hottest sector in the art space: Street Art.

The art market is worth a reported $70,000,000,000 and Street Artists are said to account for a big portion of that. Artists such as Shepard Fairey (Obey), Banksy, Retna, Kaws, Mr. Brainwash and Basquiat (started as a graffiti artist) have beautified cities around the world with their Street Art masterworks. Such artists have reached all-time-high art valuations in the past decade.

Here some worth mentioning:

  • Banksy – March 2021 – Game Changer, sold for $23,300,000;
  • Kaws – April 2019 – The KAWS Album, sold for $14,900,000;
  • Basquiat – May 2017 – Untitled, sold for $110,500,000.

Crypto-art fans have been voraciously buying NFTs over the past few years but there is no doubt that 2020 – 2021 is when the market literally exploded. Several NFTs have reached 7 and 8 figure valuations.

Here some worth mentioning:

  • Beeple – March 2021 – Everydays: The First 5000 Days, sold for $69,300,000;
  • Grimes – March 2021 – WarNymph Collection Vol. 1, sold for $5,800,000;
  • Mad Dog Jones – February 2021 – Crash + Burn, sold for $3,900,000.

Technology is revolutionizing the way we live, think and behave. The dematerialization is what allowed Google, Facebook, Apple and Amazon to become the biggest companies ever created. Now it’s time to dematerialize Street Art.

Source Credit:  Content and images from Wall Street International Magazine by Wall Street International.  Read the original article - https://wsimag.com/art/66715-non-fungible-tokens-latest-spin