Art Tokenization

Hey there,

I already posted in another thread that I do artworks. Paintings, drawings and so on. What I am interested in is that I’d like to do art tokenization (but I am no programmer!).
So let’s say I created a piece of art and I want to tokenize it. I decide that the whole piece consists of ten tokens (e.g. ten XRP). I also would have to make sure that the (piece of) ownership of the artwork is irrevocably connected with every single one of those ten XRP. After an investor purchased the token he is an owner of the part of the artwork. But what happens when XRP rises in value? That would also rise the value of the artwork. But is that the aim? The value of the artwork should be defined by “supply” (one) and demand. So do I need an XRP-stable-coin? And do I need one specific stable coin for every single piece of art?
On the other hand when a piece of art is denominated in Dollar and the Dollar rises in value the painting also rises in value compared to other currencies…

Next challenge is how to do the match making, when some owners want to sell their shares for different prices and other people want to buy shares for different prices. It would have to look like an order book on a stock exchange.

As you can see, there are a lot of unanswered questions. I posted this into Ideas & Collaboration to start a discussion. Whoever wants to try out a little project to tokenize art feel free to contact me. You should definately have a lot more programming skills than I do :D. And I wouldn’t do this to earn XRP. Main focus is to find out how this one works and to get people involved.

3 Likes

I’ll be following this thread closely. I am also an artist (oil and acrylic painter) and think there is an opportunity to create an entire platform for this. If anyone here, especially those working for Grant For The Web, is interested, please contact me.

2 Likes

Im very interested to see how your research goes. Im also looking into various ways we can tokenise different kinds of art. Just out of curiosity, have you looked into other projects like Maecenas, Codex Protocol, or Masterworks.io?

2 Likes

Hey Casey, yeah I found Maecenas just yesterday and read about it. It‘s based on Ethereum. The most interesting part was this: „Asset Tokens are digital certificates of ownership in real assets. The bearer of the assets tokens becomes the owner of a percentage of the underlying asset. These digital certificates are issued as ERC20-compatible tokens on the Ethereum network. Each artwork that is tokenised by Maecenas is represented by a different type of Asset Token and it has a unique code. As an example, the 14 Small Electric Chairs Reversal Series artwork by Andy Warhol is represented by the code WRHL1. Having WRHL1 tokens in your digital wallet means you are part-owner of the Warhol artwork.“ That being said means that they have a different crypto for each art piece. And I think this is their solution to make sure that a share of ownership is connected to every token. But I‘d rather like this to be solved by a smart contract put on Xrp so I won‘t need several different cryptos. I was talking to a friend over lunch and he‘d like to spend some thoughts about it.

Just checked the other platforms you named. Codex uses Blockchain to record the history data of an art piece: Cool use case! And Masterworks.io is very similar to Maecenas but I didn‘t find the word „blockchain“ on their page.

2 Likes

Im all with you on the XRP wrapped in a smart contract. Maecenas is what got me interested in the idea of doing the same, but with choreographies. I spoke to someone with Codex and they were mildly interested in my idea. Ive read about how Masterworks is using blockchain but it was a while ago. There are many projects. I have a list of blockchain based art projects somewhere but Ill have to find it. I think the idea has a lot going for it so Id love to keep in touch about the concept. Ill find that list and see if I can do an update for you. Im glad to see someone moving in this direction.

1 Like

Have you seen Simon de la Rouviere’s work on collectibles? Might be appropriate. https://blog.simondlr.com/maximising-blockchain-collectible-economies

2 Likes

I’ve been tokenizing my artwork on danky.art for several months. Each piece is minted on Ethereum as a rare, single edition ERC721 token. I’d be interested in learning more about tokenizing art on the XRPL.

2 Likes

I read the article. Interesting! It is a way to automate the price feed. To apply it to art: If all my art pieces are the collection every piece of art is a collectible. Right?
When you read about this price mechanism what was your first thought about it? Should the price of a collectible be determined by the numbers of collectibles? What if each collectible varies strongly in quality? Or let‘s say one collectible of the collection is a „one hit wonder“. If it comes out early it might be sold for a low price and the other collectibles won‘t be good enough to raise the price. All in all an interesting thought to install price finding mechanism. Still I‘d ask myself if free market should determine the price.

1 Like

Is every collectible tokenized by a separate coin? Or is it always the same rare token - but how is the share of ownership irrevocably connected to a token then? Oh and another thought that just struck me hard today: when somebody buys a share of a picture with XRP - then the buyer gives XRP away. So it can‘t be XRP where the ownership is connected to. The ownership is what you get in exchange for giving XRP away.

1 Like

Hey @Kass

Each collectible is it’s own non-fungible token.

2 Likes