“Technical innovations do not stall for any industry, not even that as structured as Fine Art”-– Paul Ebeling
With the rise of digital art using NFTs, or non-fungible tokens, has become a trend that artists are exploring and using in this digital era. That is why world-famous auction houses like Sotheby’s and Christie’s pivoted to sell highly valuable NFT collections from artists all around the world. And we at Knightsbridge have too!
Since these artworks are in a digital format and can be downloaded you may be wondering why there is a need to invest in NFTs. It is really simple, Van Gogh’s work may be reprinted millions of times but the original only belongs to 1 person or institution.
This is where the K-Art Platform comes into play!
It is now the Top NFT platform for the modern art collector and is a curation of some of the most exquisite digital fine art in the world. The platform serves as a medium for artists to sell their unique work as digital tokens for profit. These NFTs act as a form of cryptocurrency that allows IP (intellectual property) ownership of digital items to be bought, sold and tracked via blockchain technology.
Using our technology K-Art users are able to share their artwork and bid for their favorite pieces to get sole ownership of the showcased eclectic works, especially from renowned artists. Similar to how an auction house works, the platform’s AI analytical tools allow the users to make sure they are bidding and staking on authentic tokens and are clear of any fraudulent activity.
Plus, the platform and the concept of NFTs is driving a narrative that constitutes fine art and who can access it. In the past, painting, sculpture and poetry were considered to be prime examples of fine art, and these were only curated and acquired by people of a certain financial and refined class, but digital art has expanded this notion. Art in the digital world can be in the form of interactive videos, gifs, images, computer-rendered artworks, music, and more.
Our K-Art platform dispels any restrictions on who can collect and profit from these works and allow anyone who owns cryptocurrencies to create their very own digital collection. Moreover, we provide Key benefits ensuring privacy or anonymity between buyers, sellers, the public, and other artists. The platform’s blockchain capabilities can also create transparency and fairness in the bidding and transfer phases, and the ability to audit transactions publicly.
In this idiom the nature of how data is stored on the blockchain allows settling any disputes regarding ownership and damage. Another added benefit would be that creators and owners of NFTs can put in subsequent clauses to their works ie a royalty when the work is downloaded/shared, so that they can continue to earn a passive income even after the initial sale of the unique token.
The Bottom Line
It is safe to say that NFT sales and marketplaces have also grown exponentially. We can say that many notable artists across different industries including the arts, music, and entertainment are creating NFTs and leveraging blockchain technology to create a new business model and re-invent the method of collecting.
For hundreds and thousands of yrs, fine art as an investment has been reserved for the elite. But the growth of blockchain and NFT technologies like K-Art are dramatically changing this environment to make one of the most exclusive industries digital and more accessible to the masses.
Have a healthy, prosperous day, Keep the Faith!