When fax machines and typewriters were the norm, you had to use scissors to split a piece of art. Today, tokens and blockchain are replacing superglue and scissors – with obvious efficiency benefits. Direct peer-to-peer trade, dismantling sales, naming: NFTs are democratizing access to new forms of investment, connecting fans to artists and changing the rules of the game in the art and music market for all protagonists. Also for Cro: The rapper, who rose to fame with hits like ‘Easy’, swapped Mic for brushes and is now bringing his oil painting ‘Michelle’ (pictured) to the blockchain under his artist alias Carlito through the Timeless platform. The auction starts today, March 31.
Nothing is impossible – what the pop culture artifact portfolio produces ends up on the blockchain through the Timeless platform. A Michael Jackson red leather jacket, the first X-Men comic book, Pokémon trading cards, a few rare drops of wine, and now, in between, a painting of Cro. Blockchain technology is becoming a fire accelerator for decentralized collectibles trading. It opens up new forms of collective investment, replaces traditional distribution structures and creates new forms of interaction between artist and audience.
With far-reaching implications for the entire market, as Cro tells BTC-ECHO: “NFTs in general create new ways to challenge outdated structures and create opportunities that many would not have thought possible a while ago. only a few years old.” The ability to split works and represent individual pieces via the blockchain. Without bureaucratic superstructure, without labels or distributors – and without a lot of capital. The minimum amount for a piece of Michelle is 50 euros.
Anti-aging for the music industry
The music market has “changed incredibly over the past 10 years,” Cro continues. “Nevertheless, many music or art market structures are very outdated and conventional because they are simply learned that way.” NFTs serve as a fresh cellular remedy for aging structures, give artists more personal responsibility – and thus foster a new understanding of the artist-fan relationship. “The synergy of being a fan and being invested, meaning being involved in success, makes sense for me, also to grow with my audience,” says Cro.
The sum of all the parts
According to Cro, there are “incredible advantages” especially in the area of ownership: “I can very easily use NFTs and the associated Smart Contract to make my fans shareholders of my art and thus make them share in the success”. NFTs transform fans from mere consumers into investors, enabling “a whole new interaction between artist and audience.”
A win-win situation, as Cro says: “I can easily make my fans shareholders of my art via NFTs and the associated smart contract and thus make them share in the success”. An increasingly important interaction for artists in the age of social media. “Artists need fans, a market, or an audience,” Cro says. “Thanks to NFTs, these areas can be thought of differently and a balance can also be created between creators and consumers.” If one is “financially invested in the artist or individual works”, this results in a closer fan-artist bond.
The stone is rolling
“We are still in the early stages and we have a very big understanding gap because for many NFTs they are just digital images, which are expensive and useless,” admits Cro. But it is “certain that the subject will increasingly reach society and that the almost endless possibilities that the NFT space offers will be increasingly popular thanks to meaningful use cases”.
“Collectables belong in the wallet of the 21st century”
Jan Karnath, who locates the impact of the blockchain in particular in the field of collectibles, is also convinced of this. According to the CEO of Timeless, collectibles represent an investment trend that involves new buyers – for whom investing in sneakers offers more identification than investing in stocks – and therefore becomes increasingly relevant for the society. “In the medium term, collectibles will emerge as the third relevant asset class alongside cryptocurrencies and stocks,” Karnath predicts to BTC-ECHO.
This proves to be true if only in view of the valuation of collectibles. For example, with rare wines, “whose prices have increased by 127% in the last ten years”. With low-threshold access barriers and decentralized tradability, blockchain technology becomes a “democratization catalyst”. The CEO of Timeless is equally enthusiastic: “Collectibles belong in the wallet of the 21st century”.
The sale of shares for MICHELLE begins today, March 31. The total value of the work of art is 55,555 euros. Split parts are mapped as utility tokens on the blockchain. The work will also be exhibited at the Janine Bean Gallery in Berlin from May 5 to 9 as part of the Timeless Pop-Up.
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