Mechanics on Getting Ownly’s Tokenized Physical Art Collection
Tokenizing physical art is one of the benefits that we can enjoy through the emergence of NFTs. Aside from digital art and in-game collectibles, traditional artworks are one of the assets that NFTs can revolutionize.
When we create a physical art token in the blockchain, we push for more than online exposure. We are changing the traditional art scene by giving collectors a new effortless way to collect valuable pieces of physical art.
Advantages of Tokenizing a Physical Art
1. Record of Transactions Adds Value to the Artwork
Minting a physical art in the blockchain creates a permanent record of transactions involving the artwork that can never be changed or erased. Each art is already of great value, and adding access to its immutable history will certainly increase its worth.
2. More Visibility for Physical Artworks
Before, you can only view traditional artworks in physical galleries, but now, as technology advances, so is our capability to enjoy different types of artwork. There are now multiple platforms that allow the public to savor the beauty of physical artworks from different parts of the world. What was out of reach to everyone is now made accessible through the application of NFTs.
3. Less Friction in the Sales Process.
The sales process for traditional artworks is extremely tedious. But now, by creating an NFT for a physical art, the collectors and artists can have seamless, transparent, and efficient transactions when trading several pieces of artworks.
A physical art token will reduce the operational and logistic costs since collectors whose goal is to sell it don’t need to ship the physical art multiple times. It will also minimize the possibility of damages since trading the token alone is required if you want to flip the artwork.
Mechanics on Buying/Trading Ownly’s Tokenized Physical Art Pieces:
- The collector(s) who will purchase on our marketplace will receive the Non-Fungible-Token(NFT) that will represent the physical artwork. The NFT will be his proof of ownership.
- If the collector decides to resell the artwork, he only needs to sell the NFT.
- If the collector decides to redeem the physical artwork, the collector needs to send back the NFT to us and we will burn the token for him. After the token burning, we will ship the physical artwork to the collector and that will end our duty as custodian of the physical artwork.
Ownly House of Art Tokenized Physical Art Exhibit Soon
Our upcoming gallery, Ownly House of Art (OHA) will be having our first tokenized physical art exhibit on December 3–5 entitled Exploits and Effects. Made by artists Dan Vincent Barotilla, Glenn de Guzman, and Camelo Baranda, the surrealist art pieces portray humanity’s internal struggles and discoveries.
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