Digital assets and blockchain technology have collided with the art world through the surging popularity of non-fungible tokens (NFTs) minted on blockchain networks that support the tokenisation of digital and real-world assets.
An NFT is broadly defined as a digital token which is uniquely identifiable and not interchangeable with or intrinsically equivalent to other tokens. Currencies, including fiat banknotes and currency tokens on a blockchain, are classified as ‘fungible’ as they can be exchanged for equivalent amounts of the same kind of token. NFTs are ‘non-fungible’ because they are unique and do not share this property of interchangeability. Within the blockchain industry, these tokens can be used to enclose data such as audio and video clips, images, documents or artworks and to represent real-world assets.
Many NFTs have been auctioned for impressive sums of digital currency on several blockchains, and the sale of tokenised art for digital currency is becoming an increasingly viable revenue source for budding and established artists alike. The minting and exchange of complex NFTs are also supported on the BSV blockchain.
Implementation of NFTs on the Bitcoin SV network that leverage its native data processing and storage capabilities hold significant potential for artists and developers alike, as the network supports unbounded scaling with extremely small transaction fees. This enables a range of unique NFT-based use cases, not the least of which is the ability to mint and trade tokens without paying exorbitant fees or waiting for hours for transactions to be confirmed.
BullishArt – a curated NFT artwork platform
Bitcoin Association spoke to BullishArt founder Francesco Morello about how Bitcoin SV can empower artists interested in creating NFTs, as well as their plans to introduce support for the BSV blockchain.
BullishArt aims to provide a single destination for art NFTs curated by experts across multiple blockchains, offering a platform that ensures authenticity and traceability for artists and collectors.
‘BullishArt is an art selection on-chain for multiple chains: Tezos, Klaytn and Ethereum, and hopefully soon Bitcoin SV. Since anyone can create NFTs, we believe that a selection made by art curators gives more trust to the authenticity and traceability for the collectors,’ Morello says.
‘For the artists it improves visibility, as many are now understanding that it is not easy to be noticed.’
Each artwork minted through BullishArt is tokenised exclusively on a single chain, as this ensures there are no copies of a particular piece.
‘Through our minting form, the artist decides where to mint. We offer options for reaching a larger audience, and they can also switch blockchain if necessary,’ Morello explains.
The process of minting NFTs is begun by artists who apply to tokenise their work through the BullishArt website. From here, the actual minting process is completed by BullishArt. Morello says they hope to soon launch support for Bitcoin SV-based token minting, enabled by the BSV blockchain’s low transaction fees and support for complex smart contracts and data transactions.
— BullishArt (@bullish_art) June 5, 2021
‘We have a form to apply as an artist on the site and after you are selected, there is another form to mint an NFT, but the minting is done by us,’ Morellos says.
‘We would like to implement a solution on our website that uses Bitcoin SV to mint directly on our web platform for artists who are approved by our curators. This will automate the minting and the facilitation of the service.’
Currently, artwork buyers can view these minted NFTs on the BullishArt website or through Opensea, Hicetnunc and Bazaar.
BARTsv and artist empowerment
BullishArt recently completed an airdrop of its new BARTsv token, which aims to empower artists, collectors and creators through its interaction with the BullishArt platform.
The BARTsv token is a fungible token that runs on the Bitcoin SV network, which Morello says was the obvious choice for an airdrop due to its low transaction fees, especially when compared with the other platforms they had used previously.
‘BART is already available on Tezos, but to airdrop to 5,000 users, it would cost us $1,000. On Tezos, it costs around $0.30 – $0.40 for minting and listing an NFT, and if you want to change the price or other information you will need to spend another $0.10,’ Morello says.
However, he adds that the biggest problem with using the Tezos platform is that it is so slow when compared with Bitcoin SV
‘By contrast, Bitcoin SV is super convenient and fast. For this reason, it makes no sense to use another chain – we need to have an efficient blockchain.’
The BARTsv token itself is used to promote the artworks minted through BullishArt and can be used to enable other interesting interactions between the artist, curators and the collectors on the platform – from buying exhibition space to offering patronage.
‘For example, an artist can purchase a VR exhibition space using BARTsv, or a curator can invest BARTsv and sponsor an artist in return for receiving a share of the profit from the artist’s sales,’ Morello explains.
The core vision behind BullishArt is to maintain a high standard of tokenised art while empowering artists and collectors by providing a platform to facilitate digital auctions, patronage, exposure and connection between all parties involved in the minting, curation, and buying processes.
‘Our plan is to offer more options to artists, for example creating art within the BullishArt platform, collaborating with other artists and creating collections. We are not looking to become a minting service where anyone can mint anything. We want to keep the high standard of art,’ Morello says.
‘We have reached artists who do not even speak English, who have no idea what blockchain is, but they have heard of NFTs. Art is bigger than crypto – art is the nature of human beings, and we believe art in the blockchain can be a very important step towards the adoption of this technology by a much wider audience than the crypto user sphere.’
BullishArt, therefore, supports a variety of payment methods for artists, including PayPal, and offers to mint NFTs on behalf of artists, allowing them to focus only on realising their capabilities. Artists do not have to learn about blockchain technology and the minutiae of non-fungible tokens – they simply have to submit their art through BullishArt and reap the benefits of this new digital age of art collection.
Morello notes that they are excited to implement further automation of minting and exchanging NFTs for users. A more efficient blockchain however is key, and he notes that Bitcoin SV has emerged as the obvious choice for enabling the next evolution of the BullishArt platform.
‘We would like to be using a much more efficient chain – that is why we are looking at Bitcoin SV, as it has low-cost transactions and a stable protocol,’ Morello says.
‘We also hope to get help from the developer community to implement solutions on our site for automating these processes.’
Artists, curators and collectors can find out more about BullishArt on the platform’s official website.