Blockchain technology, when built and used in the right way, can efficiently alleviate the world’s problems. In the same way that the Internet has created this online world people live and flourish in, blockchain can fill the gaps of the Internet and transform societies on-chain. Struggling artists are just some of the people that will recently benefit from this through the minting of non-fungible tokens (NFTs) on blockchain networks that enable the tokenization of both real-world and digital assets.
What exactly are NFTs?
Fungible tokens, such as fiat and digital currencies, are those that can be exchanged for equal amounts of the same token. In direct contrast, NFTs are non-fungible, meaning they are unique and are not interchangeable with other tokens. NFTs are more effectively used to contain audio and video clips, documents, images, artworks and other representation of real-world assets. Many entrepreneurs have sold NFTs for huge sums of digital currency, and exchanging tokenized art for digital currency has become a popular source of revenues for all kinds of artists—whether new or established.
BullishArt on the BSV Blockchain
BullishArt is a platform designed to be a one-stop shop for expertly curated art NFTs that enables both artists and collectors to have guaranteed authenticity and traceability. It currently operates on several chains—Tezos, Klaytn, Ethereum, and BSV will be available soon. To ensure that only a single copy of a particular artwork exists, it is minted through BullishArt and exclusively tokenized on only one chain.
“Since anyone can create NFTs, we believe that a selection made by art curators gives more trust to the authenticity and traceability for the collectors. For the artists it improves visibility, as many are now understanding that it is not easy to be noticed,” BullishArt founder Francesco Morello said.
“Through our minting form, the artist decides where to mint. We offer options for reaching a larger audience, and they can also switch blockchain if necessary. We have a form to apply as an artist on the site and after you are selected, there is another form to mint an NFT, but the minting is done by us,” Morello added.
With this kind of system, transparency of transactions is key in order to preserve integrity of artists, as well as sellers. The BSV blockchain being a public ledger that allows for stakeholders to view immutable and timestamped records provides this much-needed transparency. Furthermore, because the BSV blockchain continuously scales, it can store big data without any problem, also allowing for cheap micropayments at a current average fee of just $0.0015. BullishArt recently airdropped its fungible BARTsv token that operates on the BSV blockchain due to its said capabilities.
“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. We would like to be using a much more efficient chain—that is why we are looking at Bitcoin SV, as it has low-cost transactions and a stable protocol,” Morello explained.
With the upcoming release of the Teranode project, the fees will only get cheaper and data capacity will only get bigger as the network will process over 50,000 transactions per second. With BullishArt running on this type of network, its goal of global artist empowerment will be easier to achieve.
“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 concluded.