Snark.art to Offer Art-Based Crypto Collectible Tokens
Selling “atoms”, or parts of an artwork, is yet another example of tokenizing valuables.
Tokenizing art is seen as one of the more exotic applications of blockchain technology. Snark.art has decided to choose this path for its tokens based on an artwork, selling individual pieces of a video on its site.
What the owners of the 2,304 atoms will receive is a small part of a video frame, thus making the ownership of the artwork distributed.
"Just as the birth of canvas and cameras gave us new art forms, blockchain can do the same,” Andrey Alekhin, CEO of Snark.art, said for Bitcoin Magazine.
“This technology can be just as powerful and instrumental but for different reasons. Being able to create communities and manifest scarcity is particularly novel, and we're extremely excited to explore these and the many other potential applications of blockchain technology through Snark.art."
The tokenization of the video artwork follows the plan of Maecenas to tokenize a Picasso painting. Previously, Maecenas tokenized 14 Small Electric Chairs by Andy Warhol.
Snark.art uses the technology for non-fungible tokens to create unique digital assets tied to content. However, there is still no known connection between the value of the token and the work of art. Maecenas (ART) sees its token trade around $0.07, and it is unknown if it reflects the actual value of the artwork. Neither is it known if ART owners go to IDEX or HitBTC exchanges to get a piece of the underlying artwork, or just trade the tokens for speculation.
However, non-fungible tokens are different, and Snark.art uses the technology behind crypto-collectibles. The difference is that while with cards and CryptoKitties users own entire pictures, with Snark.art, they own a small part of a larger piece of work. Each atom, sold for $100 in fiat or Ethereum (ETH), can be stored in wallets supporting the ERC-721 standard, such as MyEtherWallet.
What is curious is that the 89-second video will remain atomized until owners reach a consensus to screen the artwork in whole. Also, the project’s author, Eve Sussman, will keep the copyright to the work, while the owners of atoms will be able to control the artwork itself.