The market of digital art was always missing two crucial components in order to be an actual market; proving ownership and transferring ownership. Thanks to blockchain technology this problem can now be solved and digital “NFT” markets are beginning to form. An NFT or “Non Fungible Token” is a token that represents digital data, in digital art markets, an NFT represents digital art.
Most NFT markets, if not all, are built and being built on Ethereum or Bitcoin. This comes with its challenges; high fees and low speed. Digital artists who’re looking to sell low cost art will often opt not to because the fees are simply not worth it. Above this, most platforms take a 10-15% cut of the sale price.
Censorship is another problem NFT markets are being faced with. Everyone wants decentralization with maximum efficiency, but censorship is something that will involve centralization, unfortunately most NFT markets handle this poorly, for example; One of the largest NFT market wants artists to be “accepted” by their team before being able to take part in the market.
Signature Chain has decided to take part in the world of digital art markets. With the help of digital artists, Signature Chain has started working on SIGN Art; a digital art gallery and market built on the Waves Platform. Digital artists will be able to showcase their art in their own SIGN Art portfolio – all while being able to certify and take part in the NFT market on SIGN Art with it. With the efficiency of the Waves Platform transactions will occur next to instantaneously with super low fees.
The ability to certify digital data has been the main concept for Signature Chain. By timestamping Hash ID’s onto the SIGN blockchain using their web app – people are able to certify digital data and therefore, are able to prove ownership. This is a feature that will be carried onto SIGN Art in order to prove full ownership of digital art.
SIGN Art will take a 5-8% cut on a successful sale; 5% if the sale occurs using SIGN tokens and 8% if it occurs using Waves or USDN. This price is not firm and could be changed depending on the feedback of users.
Anyone with a Waves address can take part in SIGN Art using Waves Signer. Waves Signer is extensionless unlike MetaMask on Ethereum. Users will not have to download or install anything, they just need access to a Waves address. Thanks to the development of Waves Signer, SIGN Art will support mobile devices, just like their main webapp sign-web.app.
Censorship is still a problem that doesn’t magically fade away with the efficiency of Waves and will still involve a form of centralization. When a user submits art, the art will first be checked for any harmful or NSFW content, then it will be either denied or approved. Anyone with a Waves address will have the ability to submit art to the platform.
The world of digital art is still just beginning to see its full potential. Digital NFT markets are growing fast with loads of interesting developments, SIGN Art is one of them.