- Art tokenization is a recent trend in the art world that leverages blockchain technology transforming the ownership rights of an artwork into digital tokens.
- 10101.art is a platform where people can become legal owners of physical paintings created by world-renowned artists such as Warhol, Dali. Picasso, Banksy and others.
Q1: In your opinion, how can the average person benefit from the tokenization of art?
A1: Do you know why tokenization has become a megatrend over the past few years? Well, it is because this technology turns previously inaccessible assets into fully accessible ones for everyone. However, art tokenization is not only about accessibility; it’s about freedom. If you cannot buy an apartment or a house today, you must work hard or hit the lottery. Then, virtually any real estate will be available to you. But if you wish to buy a particular authentic painting, then, alas, it will be out of reach. You’ll have to immerse yourself fully in the art world, hire your art dealer, meet a few curators, and end up buying whatever you’re offered, rather than what you originally wanted to buy. Art tokenization gives you choices regardless of income or social connections. You can choose what you like, in the amount you can afford.
Q2: What unique advantages might WEB3 enthusiasts find in collecting physical art objects?
A2: Web 3.0 community are the groundbreakers. They are the first ones to both try trends and to start bucking them. Hardly anyone outside of the Web 3.0 community would have thought that digital art could be worth millions. Eventually, the pioneers of Web 3.0 proved that it really can’t. In doing so, they destroyed the reputation of NFT technology. As a result, the community gained its first, not the most fortunate, but still valuable art collecting experience.
We are now reinforcing collectibles with Real World Assets (RWA). We believe that this should regain the trust of the NFT and, thanks to the Web 3.0 pioneers, become widespread.
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On 10101.art we tokenize physical paintings created by famous artists, such as Banksy, Warhol, Picasso and Dali. Art tokenization allows people to become legal owners of original paintings. This way art ownership and collecting is accessible for everyone.
Q3: While traditional art markets offer established procedures, could there be instances where tokenized ownership presents advantages in terms of ease and security?
A3: Somewhat paradoxically, buying original paintings on the traditional market is definitely not safer or easier. Do you know art dealers and experts who can confirm to you the authenticity of a painting? Are you willing to wade through hundreds of willing bidders for a major auction and overpay many times over for an authentic painting? Let’s assume that the answers to these questions made you chuckle and that these procedures are not particularly difficult. Well, how will you transport the painting to the venue, especially if it’s located in another jurisdiction? Have you thought about insurance and storage arrangements for the painting? And even if you’re not confused by these questions either, think about how long it will take you to become a collector.
Q4: For someone who has purchased an NFT from 10101.art, what are some common approaches to managing and engaging with their ownership?
A4: Our pieces are not a short-term speculative tool. If you want to make money within a couple of days, you definitely should not buy a piece of a painting or a whole painting. No matter whether it’s online or offline. At the same time, we are not ruling out that you will need to sell a piece of your painting later on. For this purpose, we are working on the launch of a secondary market for the realization of pieces of paintings. It will soon be available on our website.
Q5: What unique value do you offer that’s different from your competitors?
A5: Most direct competitors see their future in the best representatives of contemporary art. We also prefer the best, only deceased artists. They cost more, and their work is sure to remain limited edition. Despite this, we do not concentrate on one particular current. On 10101.art you can find works from cubism and surrealism to pop and street art. It is the variety of works, their proven authenticity, achieved by our own network of curators and dealers, as well as real assets stored in a partner gallery that distinguish us from our Web 3.0 competitors.
But the key detail is that at the moment the main goal is to win the competition with indirect competitors. These are the big traditional art market players such as Christie’s, Sotheby’s, MacDougall’s and Bonhams. While we are still playing in the Web 3.0 sandbox, they are the ones who own the absolute share of the art market. The tool that can help us in this is the speed and flexibility of Web 3.0 technologies and projects. When high-tech companies, such as Siemens, realize how important even a minimal advantage over competitors is and invest in RWA without giving space to smaller players, then the traditional players of the art market can give us a chance. And we will definitely take it.
Q6: What are the project’s goals and plans for the near future?
A6: We have a clear vision and a solid plan to achieve it. This vision includes the following points:
Team
An idea is worthless if there is no one to implement it. That’s why we take a long time to select people for each position in the team. We pay special attention to soft skills, it is important that everyone in the team shares the vision and values of the project. We can teach individual skills, but it is almost impossible to impart an appreciation for art or the ability to think critically to a developed person.
Purposeful and rational use of financial resources
Although we’ve already brought in significant investments, we are playing on a field with traditional players with billions in resources. In this race, it is important to realize that this is a marathon, not a sprint. That is why we are rational in our use of funds and clearly understand our burn rate.
Expanding the collection
Our growth is possible primarily by expanding our collections of paintings from top artists, possessing our own art network, and we devote the maximum amount of effort to finding new gems for our collection. So far, it includes “Turf War” by Banksy, “Campbell Soup Cans” by Warhol and two paintings by Picasso and Dali ready to be announced.
First-time user retention
In recent months, we have made our first successful sales of 100 pieces of Banksy’s Turf War painting and got our first buyers from our established community. We are confident that they will become evangelists of our project, and we do our best not to disappoint them. After all, it is you, Web 3.0 pioneers, who will be able to bring our idea to the masses better than anyone else.
Opening new galleries
Our major advantage is our own partner galleries. The main task is to increase the number of physical spaces where our collectors can get in touch with their works. The first of them, Monada Art, will be officially opened on April 16. At this opening, you can personally explore the works and meet the team, as well as ask me the questions I haven’t answered here.
Disclaimer
The presented content may include the personal opinion of
the author and is subject to market condition.
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