By Nathaniel Cajuday
If you buy the NFT, you have the option to redeem the physical art that it represents. If you opt to redeem the physical art, the NFT will be destroyed.
Ownly House of Art by Ownly.io, a Filipino-led art and NFT company, announced that it will be having its first tokenized physical art exhibit on December 3–5, 2021, at Ayala Malls Legazpi in Albay, Philippines.
Entitled “Exploits and Effects”, the art exhibit will showcase the surrealist art pieces that portray humanity’s internal struggles and discoveries made by artists Dan Vincent Barotilla, Glenn de Guzman, and Camelo Baranda.
Mechanics on buying/trading Ownly’s tokenized physical art pieces:
- The collector/s who will purchase on ownly.io’s marketplace will receive the NFT that will represent the physical artwork. The NFT will be the proof of ownership.
- If the collector decides to resell the artwork, the collector only needs to sell or trade the NFT, not the physical artwork anymore.
- If the collector somehow decides to redeem the physical artwork, the collector only needs to send back the NFT to ownly.io and ownly.io will be the one who will burn the token.
- After burning the token, ownly.io will ship the physical artwork to the collector.
- Lastly, according to ownly.io, after shipping the physical artwork, the platform’s duty as the physical artwork’s custodian will end.
Advantages of tokenizing physical artworks by Ownly.io:
Aside from digital art and in-game collectibles, traditional artworks are one of the assets that the NFT market can revolutionize. (Read more on Ownly’s Medium page.)
1. Record of Transactions Adds Value to the Artwork
Since NFTs are known as distinct, unique, and easily verifiable items, minting a physical art work in the blockchain will create a permanent record of an unchangeable unique item. Though each art already has a great value, adding access to its immutable history can potentially increase its worth.
2. More Visibility for Physical Artworks
As technology advances in today’s era, the capability to enjoy different types of artworks also expands. Before, traditional artworks can only be seen in physical galleries, but now, multiple platforms have already upgraded in showcasing to the public the beauty of different physical artworks online all over the globe. Through the application of NFTs, more and more artworks can now be reached through gadgets.
3. Less Friction in the Sales Process.
Creating an NFT for a physical art offers the artists and collectors a more transparent, efficient, and seamless transactions, especially in trading several pieces of artworks.
Tokenizing physical artworks will also reduce operational and logistic costs, as well as minimize the possibility of being damaged while shipping, since it does not need to ship the physical art anymore.
The emergence of non-fungible tokens (NFTs) is one of the industries today with a high global interest.
And with the report of Hiscox Online Art Trade Report 2021 that NFT sales of cryptocurrency art and collectibles have already reached an estimated $3.5 billion as of September this year, tokenizing physical art is one of the benefits that the public can enjoy.
This article is published on BitPinas: Filipino-led NFT Marketplace Ownly Unveils Tokenized Physical Art Collection