Blockchain and art (Part 2)

With the continuity of the last Post, I would like to share some more topics related to art, artists, copyright issues, and blockchain technology. Problem areas have been discussed in the last post which you can check on my wall. Now I would like to come up with some more problems of creative content creators and the solution with blockchain network.

Blockchain introduces a new level of fairness for artists. The payment system for the artist is a concerning issue. We know about smart contracts which are based on blockchain technology where after meeting specific requirements of transaction and payment they occur automatically. For the royalty payment of the content creators, smart contracts can be a good solution where the royalty income will automatically go to the wallet of the owner after a new publication. When an artwork is sold or resold, the smart contract executes predefined payment instructions. This way the artist receives a percentage of the sale price automatically.

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This innovation will encourage artists and provide them with a more sustainable income stream. This royalty income for the artists and writers is a good motivation for a long-standing issue in the art world. Artists can embed resale rights into their digital tokens. This means that as the artwork changes hands in the future, the artist can continue to receive a portion of the resale value. This approach promotes fairness and long-term support for artists, even as the value of their works appreciates over time.

Blockchain technology has made it possible to introduce the concept of fractional ownership in the art market. Traditional art ownership is based on the acquisition of entire pieces, which can be prohibitively expensive. With blockchain, artworks can be divided into smaller, tradable shares, allowing a broader range of individuals to invest in and own a piece of art. Fractional ownership democratizes the art market. This will be accessible to a wider audience. This model also benefits artists, who can secure a larger pool of investors, thereby increasing the value of their work.

~ Regards,
VEIGO (Community Mod)

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