Certifying authenticity of artwork has long been a difficult issue in the world of art collection. The Fine Art Ledger (FAL), a fine art management platform, simply and securely solves this problem through NFC technology tied to the blockchain.
Even better, by securely digitalizing artwork, FAL concurrently opens numerous possibilities that have never been available in the art world before.
Artwork is digitalized by installing NFC tags directly onto, or within, the frame of the artwork. Tapping near this tag with a phone launches a Blue Bite-powered Fine Art Experience, effectively transforming a physical art piece into a digital platform.
As a blockchain-driven fine art management platform, FAL can be safely and securely accessed by a variety of different parties. Artists and artwork owners easily register their works to create and maintain a digital, blockchain-authenticated catalogue of their work.
Once registered and approved, FAL cryptographically stamps the artwork, title and other details into the blockchain to provide a recorded provenance for the work, as well as a certificate of authenticity.
Unlike other fine art blockchain platforms, FAL goes further by tying the physical artwork to the blockchain record using Blue Bite-powered NFC tags. The combination of blockchain and NFC allows for a powerful means of registering, inventorying, tracking, and securing art and ownership in art. It can also facilitate art lenders and art insurers’ management of the underlying assets or portfolio of assets and their lending and insurance risks.
The ability to maintain a physical artwork in the blockchain creates a more trackable and secure asset. It also opens up new possibilities like simple selling and fractional ownership.
For artists and gallery owners, selling artwork has never been more simple. Once registered and approved, FAL generates 100 Art Title Tokens (ATT)™ that can be easily transferred using the transferee’s email address.
A real breakthrough of the blockchain is that it allows for direct ownership of the underlying assets.
This dispenses with the need for an in intervening corporate structure to own the art. Instead, FAL uses ATTs as its non-fungible token specific to each artwork, allowing its users to register fractional ownership in each artwork. In other words, an individual or entity can purchase fewer than 100 ATTs and own a portion of a work.
In addition to being a resource for fine art creators and gallery owners, FAL also acts as a catalog. The Blue Bite-powered digital experience serves as a digital catalog that not only lists the artworks owned (or partially owned, in the case of fractional ownership), but also the certificates of authenticity and other information registered in the blockchain for each work. By tying the underlying artwork to the catalog — and digitalizing that information — the artwork’s catalog and record is instantly available at any time using the device we always have handy: our phones.
Additionally, FAL provides additional security for collectors. If there are questions about the authenticity of a work, or if there are duplicates, there’s now the ability to scan the tagged artwork to verify it as the original artifact.
FAL provides a unique way for galleries, art fairs and other art sellers to digitally immerse their patrons in the story behind the artwork.
This empowers patrons to appreciate the context and story at their leisure and equips them with the knowledge and background to start the conversation with the gallery, leading to a sale.
Additionally, FAL digitalizes the physical gallery space itself and provides the gallery the opportunity to stay in touch with patrons long after they have left the gallery, as well as to serve dynamic content to their buyer’s phones long after they have purchased a work
FAL also uniquely allows its users to upload dynamic content about the artist and the artwork, for instance videos, images, links, documents and social posts. This gives exceptional context to the artwork and easily enables FAL users to build and store the story behind the artwork.
Because the Blue Bite-powered digital experience is easily customizable to the particular user for each artwork, The Fine Art Ledger goes far beyond simply being a more effective sales management tool to provide an interactive art experience to all art lovers.