Botto is a decentralized artist known to create works of art based on community feedback
to cultivate positive outcomes. The completed art lies between observation and involvement that comes from the community. The members of the community critique the art market based on their understanding of what aesthetic art is. The relationships that exist between a user and the organizer is the essence of community. Trust and confidence within the community power trade and sustainably encourage protocol development.
The decentralized digital art is also called crypto-art. It provides a mechanism for artists to directly endorse their creations at a phenomenal rate without the need for intermediaries. Registration of the art occurs cryptographically through tokens that represent a transparent, auditable origin on a blockchain.
After the development of blockchain networks such as ethereum, crypto-art grew popular. Automation and self-execution are the heart of the decentralization technology that the digital art platform-botto runs on. The technology that holds the ability for pure digital artworks to be sold and bought without any third-party involvement houses full potential to provide the foundation for genuinely autonomous AI. This is the most significant advantage to the trade as blockchain technology adds robust security to applications, keeping small economies’ integrity safe and protected. The most exciting part of decentralized technology is that crowd feedback is considered to reach a consensus on the decision-making part.
The unprecedented relationship that exists between digital art and blockchain though complex, brings out the aesthetic evaluation of works of art along with the relationship of decentralisation and democratization into force.
Crypto Art and SuperRare
A significant crypto art marketplace is SuperRare gallery, which functions on a crypto-art system wherein artists upload artworks and corresponding transactions created on the Ethereum blockchain. To prove the authenticity of the work, artists sign these transactions digitally using asymmetric encryption. The transaction further leads to the creation of NFTs. An NFT is a non-fungible token that is a unique asset permanently linked to every work of art to represent its ownership and authenticity. After NFTs are created, they are transferred to the cryptographic wallet of the artists.
The gallery is based on an IPFS system that helps distribute artwork files over the network after assigning a unique code to each content. This system keeps in check the uniqueness of the artwork as even after the distribution of them over the web, the artwork will be identified as a single source with the same name. Because of this IPFS technology, each transaction is cryptographically safe and peer to peer, which means that neither the cash nor the asset is ever kept by the gallery or any other third party.
Auctions are held to trade digital artworks. The current owner of the artwork in the auction accepts the offered bid. This occurs through blockchain technology, where a collector or fan can purchase it and exchange or trade it if he wishes to. After an asset is sold to the bidder/buyer, he receives the corresponding artwork in his wallet. On the other hand, the seller receives the corresponding price in Ether as Ethereum is moved to his wallet. When a painting is sold, it is still marketable on the secondary market, and in some circumstances, each subsequent sale benefits the original artist.
The working of Non-Fungible tokens
The NFTs used in the SuperRare gallery is different from other tokens like ERC-20. They are non-divisible and unique. They enable users to give or receive ownership of any outstanding work of art. They also would allow users to track requests with the help of Ethereums block chain that acts as a public ledger.
How is an NFT unique?
An NFT can be owned by only one owner at a given point in time. It is managed with the help of id and metadata that other tokens can not replicate. Every minted ticket is directly linked to one unique Ethereum address, which can help identify the owner quickly. In other words, proving that you own an NFT to someone becomes a piece of cake. The tokens are not directly interchangeable with additional tickets. No two ETH tokens are the same when it comes to NFTs. The process of minting takes place through smart contracts that control the transferability of tokens. Anyone who mints an NFT runs encoded smart contract code that adheres to various standards. This data is put to the blockchain, which is where the NFT is handled. The minting process at a high level can be described as a three-step process in simple terms. Firstly, the block is added, followed by the verification of the information. Then finally, the data is inputted onto the blockchain. One interesting fact about NFTs is that they survive on Ethereum, i.e., they can be sold and bought on any Ethereum based NFT market.
A new creative economy in which producers do not give up control of their art to the platforms that publicize it is fueled by the NFTs. Ownership takes birth from the moment the art is publicized in the gallery. When they sell their artwork, the money comes straight to them without the involvement of any third party. If the new owner further sells the NFTs, the original owner could be entitled to royalties. The royalties are guaranteed to the original owner at the end of the sale of the artwork further as the metadata cannot be changed.
- It is easy to prove you own an NFT. Let us say you bought an NFT from the original creator. When you purchase, the unique token ownership is shifted to your Ethereum wallet through a public address. The token proves your ownership over the copy of the original digital file. A private key with the creator behind the address control becomes a permanent part of the history of the token for a particular artefact decentralization. This key acts as a certificate of authenticity which further acts as ownership proof.