Tokenizing Artists
We are only at the start of the "Age of Tokenization". There are so many possibilities out there that we are going to be amazed at the innovation people come up with over the next few years.
We already saw tokenization as a means of funding different ventures. This extended to Alex Masmej who funded his latest project by selling personal tokens on the Ethereum blockchain.
Monetization is something that many seek in their work yet it eludes them. Art is one of those areas. It is not uncommon to hear about the "starving artist".
One artist decided to alter this reality by creating a token.
Ben Elliot established a token on the Stellar blockchain that is pegged to his career. It is believed to be the first of its kind.
This is how the artist described it:
“Ben Elliot Token is following my journey as an artist and my market value. Art goes up and down all the time but is a very stable asset if you consider that a young artist can only go up if he works well enough to make it happen,” Elliot explained to Cointelegraph.
It is a rather unique approach to monetizing one's career.
The goal, however, is to create a "community" around the artist.
“BET holders will be part of a community of forward-thinkers involved in the emerging conversations about the creative and financial fields. They will be able to access an online platform where we will offer a program of exhibitions and exclusive contents. They will also be offered to participate in IRL events where they can gather with other holders, meet and discover a program of talks, screenings, etc. At last, they can also convert the tokens into physical artworks at a preferred price.”
What we see here speaks the ability to innovate into abundance. People can belong to numerous communities that interest them. By partaking in the efforts of an artist such as Ben, one is adding value to the works he creates. This can be returned through the appreciation of a token generating a circular economy.
Ultimately, the "fans" of this work help to increase the value of their tokens through their support and activities regarding the art.
We could see this model repeated tens of millions of time throughout the world. As people start to understand the concept, we will see a radical expansion of the possibilities.
Image from article linked
Fantastic. Tokenization is so much better than weaponization.