How OwnerChip enables secondary market royalties and immutable ownership records for physical artwork
While the NFT 2022 hype may have been relatively short-lived, it has shown that the art world is continuing to evolve and embrace new technologies in order to find new sources of revenue for artists and galleries. OwnerChip is building a technology that allows physical works of art to be securely linked directly to the blockchain via an NFC chip. This new technology ensures that each work of art has an immutable record of its provenance and ownership, as well as allowing artists and galleries to earn lifetime royalties on secondary market sales.
Earn secondary market sales royalties
The ability for artists and galleries to earn royalties on secondary market sales is one of the key benefits of linking artworks to a token on the blockchain, via the OwnerChip app. Any change of ownership of an artwork will be instantly recorded on the blockchain. This allows artists and galleries to automatically receive royalties when their artwork is sold on the secondary market. In doing so, the artist and gallery can be assured of fair compensation for the sale of the work and that the rightful owner of the work receives the royalty they are entitled to.
Immutable record of provenance and ownership
The creation of an immutable record of provenance and ownership is another benefit of the OwnerChip application. This record can help to establish the authenticity of artworks and prove rightful ownership. In addition, by providing a permanent record of the original artwork that cannot be altered or tampered with, the record can help prevent counterfeiting and fraud.
Finally, the OwnerChip application also provides protection against theft and counterfeiting. Using the NFC chips embedded in an artwork, galleries and artists can securely authenticate each artwork and ensure that it is not stolen or forged.
How can you do it?
At OwnerChip, we are excited to partner with artists and galleries who want to link their physical artwork to the blockchain and earn royalties from the secondary market. We understand that every artwork and project is unique. We work closely with our clients to ensure that we provide a tailored solution that meets their specific needs. Here are the steps to a successful ‘from scratch’ process for the protection of your artwork
Step 1: Determine the desired NFC chip form factor. You can choose the size and shape that best suits your artwork, as OwnerChip offers a range of options.
Step 2: Customise the OwnerChip app to reflect your branding. You can customise the texts, fonts, icons and colours of the app to make it unique to your artwork or gallery.
Step 3: Order NFC chips from OwnerChip and create your custom white-label app. OwnerChip will provide you with all the necessary resources to assist you in the creation of the app.
Step 4: Embed or apply the NFC chips to your artwork. You can choose to place the chips on the piece of art itself, on a plaque, or on a certificate of authenticity.
Step 5: Use your white-labelled app to create a digital token on the blockchain. Once your artwork is linked to the blockchain, you will be able to earn royalties from sales on the secondary market, as well as having an immutable record of its provenance and ownership.
At OwnerChip, we believe that our technology can be instrumental in the protection of your artwork and the creation of new revenue streams for artists and galleries. We look forward to working with you to make your vision a reality, and are committed to providing a seamless and customised experience for each project. Get in touch with us today and join the growing number of artists and galleries who are using new technologies to create new revenue streams and to protect their works of art.
