SmarterWorx innovates the art market with fractionalized NFTs
Physical works of art are often sold for extremely high prices. Some masterpieces sell for millions of dollars, like Banksy’s $25 million Love is in the trash can artwork. In the digital art sector, collectibles sold for extremely high prices amid the NFT craze of 2021. For example, Beeple’s Weekdays: The first 5,000 days sold for $69 million. Owning such works of art is restricted to high net worth individuals only.
But the whole point of blockchain technology is to decentralize operations. With SmarterWorx, the long wait to decentralize the art space is finally over. The protocol allows users to own artworks through fractional NFTs collectively. This way, you don’t need to have millions to get yourself a masterpiece from your favorite artist. And holders of other NFT assets such as ApeCoin and BAYC are closely watching the progress of SmarterWorx.
Understanding SmarterWorx
SmarterWorx is an Ethereum-built platform that distributes fractional NFTs for art ownership. The platform facilitates art investment by tokenizing physical pieces, such as paintings, and issuing fractionalized NFTs (F-NFTs). These NFT denominations are cheaper to buy. The investors earn income when the artwork and its associated NFTs are sold.
SmarterWorx has a catalog of high value artwork purchased at a relatively low price. The platform acts as a value chain by tokenizing physical artwork to stamp its authenticity in the digital space. After value addition, the protocol sells the chips and associated NFTs for mega profits. Half of this profit is paid out to investors who own the fractional NFTs. The rest of the proceeds are used to facilitate token deflation for SmarterWorx’s native $ARTX crypto.
Another way SmarterWorx funds its art purchases is through sales tax levies. Transactions on SmarterWorx incur a purchase tax of 6% and a sales tax of 10%, with 2% and 4% going to the treasury respectively. The own funds are used to collect new works of art. So the project is self-sustaining.
What is ApeCoin?
ApeCoin is a decentralized ecosystem governed by the ApeCoin DAO to operate a decentralized governance ecosystem. The APE ecosystem is powered by the $APE token, the platform’s native token. Holders can distribute $APP to vote on various proposals and influence the APE Foundation’s decision-making.
Compared to SmarterWorx, ApeCoin’s decentralization lags behind and is extremely limited. The platform has not introduced fractional NFTs. $APE has plunged 90% from its March 2022 high of $39.40.
What is BAYC?
The Bored Ape Yacht Club (BAYC) is one of the most sought-after NFT gatherings in the sector. The 10,000-piece Bored Ape collection has A-list celebrity ownership, including Justin Bieber, Snoop Dogg, Steph Curry and Jimmy Fallon.
The BAYC collection is hardly affordable for retail investors. Its current price floor is 67 ETH (about $90,000 as of December 2022). Ape owners also get extra benefits for accessing the Ape Club.
Last takeaway
Art lovers are extremely restricted from enjoying or owning the art they love. Conventionally, you require massive capital investment to start owning artwork. Now SmarterWorx simplifies art collection with fractional NFTs. At the right price, SmarterWorx can buy a BAYC and issue fractional NFTs for the piece. Moreover, investors earn income when the platform sells the artwork and NFT. As a decentralized platform, you can also participate in decision-making on SmarterWorx.
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