HOW WE ARE, an artistic performance collaboration consisting of 15 short pieces that were shot in COVID-19 quarantine, was processed and converted into a non-consumable token in the Ethereum blockchain.
A mechanism has also been set up to reward project workers each time the asset is sold.
Artists benefit from potentially appreciative assets
A legally binding contract grants the holder of the ERC-721 token, which stores the hash and the metadata of the artwork, the film rights.. That said, if, for example, the Museum of Modern Art wanted to buy the piece, it would have to buy an Ethereum wallet first.
Additional tokens were minted and distributed to filmmakers. When someone buys the piece, earnings are split based on the percentage of these additional tokens.
For additional sales, 10% of the selling price goes directly to the original artist. All fan donations sent to an Ethereum address will also be shared among taxpayers.
HOW WE ARE Blockchain technology chief Rob Solomon explained the idea behind the project, which was commissioned by the Onassis Foundation.
“Digital art forms have exploded in recent decades. Technology enables today’s artists to mix otherworldly music, draw complex illustrations and produce films with incredible virtual reality … While we have dramatically evolved the means by which art is created and shared, we still have to do it appropriately develop. the means by which legitimacy is demonstrated and artists own their work and can be compensated for it. “