When Monetization of Intellectual Property of Artists Got A Facelift on Binance Blockchain
The economic importance of art cannot be overemphasized in the world, especially in countries where creative artworks are valued. Several times, the news media report life of artists that died in poverty around the world, this is horrible considering the social, psychological, spiritual and other benefits of arts in human society. The artists make life more beautiful, they give meaning to important life activities that minds easily overlook, they provide us with something to meditate on. The artists go as far as helping us to preserve memories.
Source: Made with Canva
Unfortunately, some of the top artists died in penury. The lucky ones among them got famous after death, when another generation found their masterpieces, breathe life into them, then take them to a marketplace where they could be sold for millions of dollars.
Modigliani, a famous artist of Jewish-Italian descendant die of an ailment that could have been cured if he was rich enough to pay for medical treatment. He was defeated by tubercular meningitis at the age of 35. He was the last of his poor wife, and the lady could not find any other meaning in life. Living is no longer worth it, hence, she had a successful suicide mission after jumping from a 5-story building.
Most artists find it extremely hard to balance the need for money and love of art, but they often undermine the fact that poverty is a great distraction, and it stops them from living happily and long enough to give meaning to their existence on earth, their core purpose.
The likes of Oscar Wilde, Vincent Van Gogh, Johannes Vermeer, Paul Gauguin and Egon Schiele died in poverty. But they have one thing in common, they don’t have a marketplace that can be accessed by individual artists, all the artists would have to go through a long route of intermediaries. This requires a lot of capital and effort to showcase artworks to the rest of the world.
Life was hard, only a few artists can cross these hurdles and remain focused on arts. And those that manage to make art may lose the genuine inspiration that is required to create a masterpiece. Simply put, managing the business of art and making art that has profound meaning was almost impossible.
Except there is a solution to this, history may repeat itself.
The dot-com era opened up the world to another form of opportunities, and the artists got a better chance to showcase their creations to the rest of the world, regardless of geographical location. The ingenious entrepreneurs created platforms like Etsy, Artsy, Minted, Tappan, Slowdown studio, eBay, and so on. These platforms became a digital marketplace for artists, students, art collectors, and buyers.
Immutability of Art in Doubt
Sadly, the immutability of these arts is at the mercy of the single server. In addition to these, it was discovered that some artists living in third-world countries cannot have access to these global markets, due to financial exclusion. It is either they are unbanked, underbanked, or third-party payment processing companies have excluded them from their list.
The old narrative about what makes talented artists die in poverty still lingers on in a digital age.
Here Comes the Ultimate Solution
Hup is a decentralized marketplace that allows artists to earn passive income by creating CeNFT (Copyright Enforceable Nonfungible Token) on the Binance blockchain. Due to the decentralization of the artwork, it becomes immutable, and only a specific amount of art can ever exist. These arts would be stored in thousands of servers all around the world, this will eliminate the risk associated with a centralized marketplace.
The financial inclusion of cryptocurrency appeals to everyone in developing countries, hence, there would be massive acceptance of a decentralized platform that has zero intermediaries. An artist can mint her work on Hub Market as CeNFT and sell it to her fans instantly.
The barrier to entry is at a historical low point, monetizing an intellectual has never been this easy.
Create an art > Mint on the blockchain via Hup > List it > Sell it.
All these will be done with a few clicks and artists don’t need to leave the comfort of the gallery or workspace.
Hup is a deflationary token that is built on the binance smart chain to empower the artists, cater to the community needs, and support the biggest rodents in the world through charity, Capybaras.
Hup provides awesome economic value to artists, investors, and community supporters. It provides social value to the Capys and entertainment value to top token holders who may be interested in watching live interactions with the big rodents and their owners.
Endorsed by Apple's cofounder, this project may become the next big thing in the blockchain industry. The roadmap looks more visible and the team is formidable. There will be more partnership announcement between June and July 2021.