Art Can Die – This could be a satirical name for a project that aims to breathe new life into the art industry. Having said that, it has to be admitted that it is a rather appealing name that represents a well-designed, multi-layered ecosystem that wants to build bridges between art, artists and the masses.
For those reading it for the first time, Art Can Die is a decentralized autonomous organization (DAO). It harnesses the power of blockchain, DeFi, tokenization, NFTs, and cryptocurrencies to help artists secure effective financing without losing their creative autonomy.
At the same time, it promises to provide a safe and efficient platform for art lovers, cryptocurrency enthusiasts, and investors to invest in quality art.
We'll cover all of this and more in this early review about Art Can Die. Let's start with a quick look at the specific problems that the project is trying to solve:
Pain points affecting the art industry
Today, art is a multibillion-dollar industry whose global valuation can hover between $50 billion and $800 billion, depending on what you're willing to accept as to what art is. It is arguably one of the oldest industries in the world, perhaps even earlier than most of the financial instruments we are familiar with today.
Despite the profound impact the art industry has had on human society, it has been surprisingly slow to evolve with the times. It still operates in an ancient way, leaving a lot of desire behind — and it's even harder if you're not within the small range of the peaks of the socioeconomic spectrum.
Some of the pain points affecting the traditional art industry include:
1. This is a seriously illiquid industry.
2. Entering the art market, in most cases, is limited to elite circles.
3. Acquiring artwork is often a tedious process that requires a lot of paperwork.
4. There is a huge black market for works of art that harms the interests of all stakeholders who follow the rules, including artists, collectors, and investors.
5. Storage, transportation and insurance costs are extremely high.
6. Easy to steal.
7. Easy to be forged and counterfeited.
8. Lack of standardization in determining prices.
Art Can Die is basically a fully decentralized platform designed to enable users from all backgrounds to participate in the creation, financing and promotion of promising art projects. The ultimate goal of the platform is to ensure that "
Artists can focus 100% of their energy on the creative part, while Art Can Die helps deal with the commercial aspects (including promoting and selling their work).
Artists, whether they are new or established, enjoy full transparency and democratic access to global investors willing to invest in high-quality art projects.
Lower the barriers to entry for investing in art projects. By doing so, the project aims to open the door to ordinary cryptocurrency users, art lovers, and investors, allowing them to play a more assertive role in a market that was once an exclusive playground for the elite.
How does it work?
As a decentralized autonomous organization, Art Can Die uses the tokenization process to transform art into digital assets (NFTs). This applies to all forms of art, including painting, music, sculpture and film, to name a few. DAO has also deployed its proprietary blockchain solution that provides immutable authentication for the ownership, storage, and transfer of these digital assets without the need for any third parties.
1. The artist retains complete control over his content/creation
2. Users and investors retain full autonomy over their investments and transactions
3. The cost of the transaction is greatly reduced
4. Transactions become secure and transparent. (It's worth noting here that while blockchain ensures transparency in transactions, the Art Can Die team will make some exceptions to better accommodate users who prefer some degree of anonymity.) )
4. These benefits then give stakeholders an ideal conduit to inject more liquidity into other highly illiquid art markets.
The Art Can Die community will also receive a range of additional benefits, including the opportunity to profit from secondary market trading. In addition to this, the platform promises to hold regular events where users can receive considerable rewards. In addition, users can also get a part of the profit from the special artwork sold in the DAO.
In general, users who put $DIE tokens (Art Can Die's token assets) into the DAO will receive many additional benefits.
DIE Token – A currency in the Art Can Die ecosystem
Die tokens are an inherently deflationary asset because its maximum supply is limited to 21 million. It has a multi-chain presence, which allows the token to work smoothly on the Ethereum blockchain as well as the Binance Smart Chain (BSC).
$DIE is basically an access and governance token that enables holders to participate in the DAO's decision-making process. Holders receive two types of rights.
1. Claim that they can use to request that the DAO organize special fundraising events.
2. The right to consult, which enables the community to vote on proposals submitted by the artistic director.
Depending on how much $DIE you hold in the DAO, you can also expand your influence by gradually participating in governance in other aspects of the ecosystem (for example, in matters related to nonprofit management and $DIE reserves).
DIE Metaverse
Sometime in the third quarter of 2022, the Art Can Die team will launch its own metaverse, die metaverse, giving the art community wider access to the fast-growing metaverse.
While the details of the announcement are still fairly small, there is a good chance that DIE Metaverse will focus on working with art galleries, museums, auction houses, and other like-minded DAOs.
This will provide artists with multiple new avenues to commercialize their work. For example, they can host their own virtual events in metavalce and connect with other NFT creators and collectors. But more importantly, they will benefit from a safer system that guarantees the authenticity of original artworks, free from the transportation, storage and insurance barriers normally associated with physical artworks.
summary
Some of the key aspects that ultimately determine a project's longevity and profitability include the ability of the team behind it, the problems it promises to solve, and the efficiency with which it continues to solve them.
So far, Art Can Die seems to be doing well in all three areas. It is driven by a team that collectively demonstrates fairly balanced expertise and experience in various areas related to the project, including blockchain, cryptocurrencies, artificial intelligence, art, marketing, and more. You can learn more about this team here.
The project is trying to solve real problems that, if handled properly, have the potential to revolutionize the way art is created, consumed, and invested.
As for the executive part, "Art Can Die" has so far managed to stick to its roadmap, which is crucial for such a large and ambitious project. The solution they promised looked promising on paper, and so far, the initial implementation has been largely successful.