INCH x INCH
Monetizating high-end art using NFTs
What are NFTs?
NFT stands for Non-Fungible Token. They're like crypto assets but unique in the sense that they're, well, unique.
In recent months, collectors have stormed the world of NFTs. It's a collector's dream. They can own these digital assets without worry of the asset's authenticity. We've seen a lot of success stories around selling NFTs. The artist Beeple sold a piece of art as an NFT for $6.6 million in an auction at Christie's. We believe that this exciting technology can be brought to already existing and famous pieces of art.
Monetize Art While Keeping Ownership
High-end art pieces can be very valuable but illiquid. INCHxINCH sends a photographer on-site to take high resolution photographs of the artwork. Afterwards, the iamges are split into 1"x1" inch pieces of micro-art. These 1"x1" pieces of micro-art are then turned into NFTs and sold off. The artwork's owner retains ownership, and most definitely increases the value of the original artwork through the additional press.
Generally speaking, any piece of art that is already used in museum posters and merchandise is eligible for monetization through NFTs. The art must be old enough that their rights are considered public domain or must have permission from the copyright owner.
INCHxINCH is an amazing opportunity for art collectors and museums to raise funds. In this example, we'll be following how the MoMA could raise funds by selling NFTs of Roy Lichtenstein's "Drowning Girl"
The first step in the process is to create 1 inch by 1 inch NFTs from the original artwork. Roy Lichtenstein's "Drowning Girl" is approximately 65 inches by 65 inches. A high resolution image of this piece can be split into 4,225 images each representing a square-inch of the original work.
Auctioning Off NFTs
Each NFT is unique because they have their own set of coordinates. Essentially, a large puzzle is created from the original artwork and each piece is sold at auction. In this example, we created 4,225 NFTs. If each is sold for $2,000 then the total revenue will be $8.45M. NFTs are coming to the mainstream, Christie's recently sold an NFT from Beeple for $6.5M. Collectors will be interested in purchasing more than just a single square. They can collect various within close proximity to create larger pieces.
Creating NFT micro-art from artwork increases the original piece's publicity and value. Every owner of the NFT now becomes a fan and collector. Successful auctions will most definitely generate a lot of positive press. It is very easy to imagine micro-art NFTs making headlines in large publications creating a snowball effect.
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