There are now more art collectors than ever before, who are coincidentally the wealthiest in history. The result is a global industry, defined by luxury and attracting only the ultra-rich to compete for a select few brand-name artists. However, art is much more than a luxury good; it can be an investment with little research. Hence why most high-end art purchasers buy with the intent that their pieces will rise in value. Unfortunately, owning a work of art at this caliber is not realistic for the everyday buyer.
Fortunately, with the emergence of blockchain technology, physical assets can be fractionalized, lowering the barriers to entry of ownership. This reality is made possible with nonfungible tokens (NFTs), one of the most bullish markets in recent years, each holding the ability to take a single piece of art and dividing it equally among a few owners. The belief is that the love of art can be made universal without distinction based on social status by fractionalizing ownership.
Bringing this concept to life is QuantArts, a project supporting the decentralization of art. The methodology is designed to be simplistic, starting with a collection of masterpieces by some of the most globally recognized artists of all time, including Salvador Dali and Pablo Picasso and dividing ownership through QuantArt NFTs. Therefore, by possessing a token, holders can own both a fraction of the digital and original piece.
“We are extremely excited that through the use of the latest digital technologies, we can bring these incredible masterpieces not only to a wider global audience but also to enable anyone to own a small or large part of these masterpieces in a digital or NFT form. For us, this not only means that many more people get to enjoy these amazing works. But also those people who otherwise would have little chance to do so, let alone be able to acquire a small piece of this, have a say in its exploitation,” the team shares.
Designed for a few
Collections maintain value through their air of exclusivity, with each work being released in limited quantities. In practice, these collections will also be released with a DAO (Decentralized Autonomous Organization) created by the collection owners. A DAO operates without centralized leadership, ensuring that all community members have their voices heard. Therefore, a DAO's presence will help ensure members have a say in the actions concerning their collection.
The first collection of NFTs on QuanArts’ is a release from the Spanish surrealist Salvador Dali. His works were often depicted as dream worlds, where everyday options were metamorphosed into what can only be described as odd depictions. The sale begins with the “Alegoria al Mar” or Allegory of the Sea, a piece that uses a mixed technique on cardboard. Interested parties can now gain shared ownership of this piece, with each NFT being 1 of 6801 exclusive units. The Salvador Dali painting is currently stored in Gallery David Bardia in Madrid, where NFT holders are encouraged to visit any time.
In addition to holding this one-of-a-kind piece, art enthusiasts will earn through proceeds from physical artwork exhibitions and lithographs, as well as an entitlement to a 2% royalty fee on every future sale of all NFTs.
A wide range of world-class assets
Taking a look at the roadmap, QuanArts is making their focus on accessing a wide range of world-class art masterpieces with plans to release their own 24/7 physical gallery and digital counterpart in the metaverse. The QuanArts team also plans to develop a mobile app for those taking part in the collection process, enabling NFT holders to monitor all their assets in one place.
Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.