Panda Exchange sponsors an innovative BogoART project: a NFT art collection

Blockchain technology continues developing innovative projects in several areas and art could not be left behind. Thanks to NFTs it is possible to create works of art driven by blockchain technology.

When we claim that blockchain is the future, we mean that its contribution is much more than cryptocurrencies and financial markets. This technology can be used for a myriad of projects in every area of the society and art is one of them. Non-Fungible Tokens (NFTs) have enabled to safeguard works of art in blockchain, which not only boosts their value but changes the way we create, store and sell art. In the computer and technology age, art needs to update in order to remain relevant and blockchain technology is the perfect tool to succeed.

BogoART is a company that promotes the art in Bogotá offering tours related to the works of Carlos Jacanamijoy and Edgar Negret, in addition to other 72 museums in the city. Their latest and most innovative proposal is based on the sponsorship for artists and their works through cryptocurrency and blockchain, by using NFTs to create and safeguard such works. That means that art will be created in a completely digital platform and their value will be backed by a token in a blockchain.

Non-Fungible Tokens

NFTs are one-of-a-kind digital assets that cannot be replaced. Unlike other crypto assets such as bitcoin, which is fungible because it is possible to exchange one bitcoin for another and you will get the same thing: one bitcoin; a NFT represents a unique asset such a collector’s piece, if you exchange one of those articles for another you will get something different. Non-Fungible Tokens are like traditional collector’s objects, since if you have a soccer player card, you can trade it for another player’s collectible card. That is how NFTs work, they represent a unique and original work that cannot be modified.

NFTs are based on blockchain technology, that means much more than cryptocurrency because it is a decentralized platform for the development of DApps and other technological projects. NFTs are part of that innovation and are developed as unique non-exchangeable digital assets which have an established value due to their singularity. A NFT is, by itself, a work of art, as this particular aspect makes it different from other digital assets. Lots of forms of art can be created on NFTs: Painting, music, collectible articles, videos, pictures, etc.

Art and NFTs

Buying or investing in a piece of art in blockchain implies that we are obtaining the rights of such work, the value of the artwork will increase as the artist grows in fame, and the investment will grow too. Although an art piece can have many duplicates, there is only one original and its rights belong to a person or a company, that is we are buying. The goal is to appreciate and immortalize the art through technology, as the works of art are everlasting, but the materials used to create them can decompose, on the other hand a digital asset is not affected by that.

If we buy an art NFT we will have a digital asset with an ID number on blockchain. This is how we can buy physical pieces of art from a gallery or a museum, NFTs lie on a blockchain which proves their authenticity and guarantees that they cannot be deleted, as blockchain is unchangeable and safe. A Non-Fungible Token is not a picture that can be hung at home, it is an asset whose price is likely to rise as time goes by according to the interest gained by the work, just like any other tradicional collector’s piece.

BogoART project

Panda Exchange and Museo del Caos join this novel proposal by sponsoring the BogoART’s efforts to create an artwork collection created by Colombian artist on NFT. This innovative proposal will take Colombian art to the next level, transforming the art world and bringing new ways of artistic and cultural exchange.

The pieces of art can be acquired by an individual or by a group, providing an opportunity for Colombians to take part of the art world of their community in an easy and comfortable way, as the whole acquisition process is performed online through digital platforms for cryptocurrency exchange. The collection, the first of its kind in Latin America, has 12 magnificent unique pieces of art, from several Colombian artists.

In this manner, the offer and demand of art no longer depends on a centralized entity that can create duplicates and sell them as “unique”, but it is developed on a decentralized immutable platform that does not allow duplications, which implies that everyone of the works will be unique and will lie forever ina blockchain. Each user who owns one of these works can sell it whenever and to whoever they want, because it belongs to them. It is also remarkable that, as they are digital assets, an operation with NFT is not restricted by borders or local currencies, because cryptocurrencies are global.

CryptoKities, a Dapper Labs’ project, was one of the pioneers in leveraging the innovation of blockchain technology with its videogame, where users can buy, collect, grow and sell virtual cats. This represented a boom of NFTs, since its creation was the first time for a NFT project to have such success, and its popularity currently continues. Although these cats are not considered as art, they surely are unique digital assets and its birth led the way so art could take part in this new space of cultural exchange.

It is important to note that NFTs have gained popularity in recent months thanks to the participation of some celebrities, creating their own collectible tokens. NFTs allow to collect not only pieces of art but pieces of history, because it is possible to acquire sport events such as footage about important moments in the history of sport and an endless number of significant historic occasions. Essentially blockchain could be the new way to document historic, social and cultural events in the world.

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