The pandemic has wide-reaching implications; and one of those that are negatively impacted by it are artists. A large number of artists are struggling due to the restrictions imposed by the COVID-19 crisis. Not only with visibility of their artworks with many galleries shutting down, but art in general has gone way down in the list of purchases for many businessmen who are also still recovering from the effects of the pandemic. Enter art on blockchain.
BullishArt is an online non-fungible-token (NFT) art gallery, artworks of which are curated by experts to ensure authenticity and traceability. An NFT is a token that is unique and cannot be exchanged with other tokens, unlike fungible ones like fiat and digital currencies. NFTs exist on the blockchain and normally contains data, such as documents, videos, audio files, images, and artworks. NFTs also represent real-world assets; and there have been many instances where NFTs have been auctioned off for significant amounts. BullishArt takes advantage of this new technology and enables artist empowerment by putting art on blockchain and allowing artists to have more visibility for their works on a global scale.
“Our plan is to offer more options to artists, for example creating art within the BullishArt platform, collaborating with other artists and creating collections. We are not looking to become a minting service where anyone can mint anything. We want to keep the high standard of art,” BullishArt founder Francesco Morello said.
“We have reached artists who do not even speak English, who have no idea what blockchain is, but they have heard of NFTs. Art is bigger than crypto—art is the nature of human beings, and we believe art in the blockchain can be a very important step towards the adoption of this technology by a much wider audience than the crypto user sphere,” Morello added.
Just recently, BullishArt airdropped its new BARTsv token, which runs on the BSV blockchain, a public ledger that records and stores data in an immutable and timestamped manner. This allows for maximum transparency, security and integrity of data—things that are crucial when dealing with precious art pieces.
“For example, an artist can purchase a VR exhibition space using BARTsv, or a curator can invest BARTsv and sponsor an artist in return for receiving a share of the profit from the artist’s sales,” Morello explained how their token can help propagate artist empowerment.
In addition to this, the BSV blockchain is highly scalable, meaning it can accommodate increasingly huge amounts of data as it continues to scale. This makes it possible for instant microtransactions at a low cost, with the current average transaction fee of just $0.0015 and its test network processing a groundbreaking 9,000 transactions per second (tps). These numbers are expected become better as Teranode is projected to be released later this year, further lowering fees and increasing capacity to over 50,000 tps.
“BART is already available on Tezos, but to airdrop to 5,000 users, it would cost us $1,000. On Tezos, it costs around $0.30 – $0.40 for minting and listing an NFT. And if you want to change the price or other information, you will need to spend another $0.10,” Morello pointed out.
The online art gallery founder further reveals that the deal-breaker with the Tezos platform is that it is too slow. “By contrast, Bitcoin SV is super convenient and fast. For this reason, it makes no sense to use another chain—we need to have an efficient blockchain.”
With the capabilities of the BSV blockchain, more and more companies are recognizing the benefits of building their applications on it. It is not only safe and fast, but it is also the most cost-efficient one on the market. Art on blockchain is but one of the many use cases of this scalable blockchain.