Arts and collectibles are valuable for various reasons, starting with the historical significance, to the aesthetics, most of these artworks don’t come cheap. Depending on their creator and age, the value of these artwork continues to increase. At the same time, they can also be forged or stolen, causing significant losses to the original owner or sometimes the creator.
The global art and collectibles market is huge and has an estimated growth rate of 25%, year on year. However, when it comes to buying and selling the artifacts, there are many challenges that arise due to issues relating to their authenticity, ownership, liquidity and more. These problems are hard to overcome by conventional means and hence, ZenDao has come up with a blockchain based solution that could address these issues.
Based on Metaverse blockchain, ZenDao is a decentralized platform that provides provenance, improved market liquidity, divisibility of ownership and capital appreciation of the market. The inherent nature of blockchain, including transparency, immutability, and security among others are leveraged by ZenDao to function as promised.
ZenDao makes it possible to tokenize the real-world physical artworks and collectibles by linking them to the blockchain. These digital representations will help in recordkeeping and easy verification when needed. Also, the creation of digital tokens representing ownership of the artifact makes the transfer of ownership and transactions much faster and a lot easier.
ZenDao also implements few innovative tools like “Smart Script Secured Trade” and unique authentication mechanisms to track and verify the lifecycle of the artifacts. In addition, the highly divisible blockchain based tokens signifying ownership can also be split between multiple parties, making it possible for more than one person or business to own a particular artwork or a collectible, something that is not entirely possible with conventional trades and ownership systems.
As the team behind ZenDao continue to give the platform its final shape, they have announced the launch of an ICO campaign. Through the crowdsale, the creators of ZenDao aim to raise funds required to develop the platform as envisioned, and introduce it to the market. The ICO begins on June 26, 2017, and will go on until July 10, 2017. Participants can buy ZenDao’s native ZDC cryptotokens against Bitcoin (BTC), Ether (ETH) and Metaverse Entropy (ETP).
More information about the ICO is available on ZenDao’s official website.
Disclosure: Deepak Bharadwaz, Crypto Data Analyst for BlockStreet.info, was paid for his cooperation with NEWSBTC in preparing this content. Deepak provides Bitcoin Price Analysis & Trading Intelligence.