Street art is most likely the most common form of art expression given the fact that it can be spotted just about anywhere. It is practically inevitable that one will come across a piece on any venture or outing. Some street pieces have earned more noteworthy praise and mention such as those by the elusive and mysterious street artist, “Banksy”, who is known through his work but not through his anonymous identity. Other street pieces are lowkey and stay under the radar.
One would think such a common art expression would be eligible to be privately owned and tradeable. However, as it turns out, until very recently through an up and coming blockchain NFT company, Streeth, that was not exactly the case. Streeth has made what was previously impossible possible by collaborating with street artists and curating street art pieces in a NFT digital format, minting them and auctioning them off to potential buyers as non-fungible tokens.
For the first time ever, street art is now a digital commodity that can be privately enjoyed and traded. Seeing as it is a revolutionary concept, how does Streeth do it exactly? It is all done under the operation of the Ethereum blockchain. There, ownership rights are registered as non-fungible tokens on the blockchain.
This legitimizes and verifies the status of the owner which hence, leaves no room for confusion. Once the street art piece is auctioned off to the highest bidder, the new owner is able to access the artwork freely at any given time and anywhere. They are able to trade it at their disposal and are even able to lend it to be featured on Streeth’s “Museum” feature which operates like an art gallery viewing or museum exhibition except through virtual reality.
The NFT market could have one of its best use cases in Street Art, as this Art form is regularly exposed to the elements, making its life endangered and exposed to deterioration over time. This can happen through means of natural weathering or vandalism to name a couple. Given that street art has a very public nature and its viewing is essentially free in person, it is important to not mistake it as invaluable.
In fact, that could not be farther from the truth. One of street artist, Banksy’s most recent works titled “Game Changer” that was made as a recognition and appreciation for medical personnel amidst the chaos and heat of the pandemic, was worth over $23 million when the physical street piece was sold.
Interestingly enough, two days after its original installation by the street artist himself along the walls of a hospital facility, someone attempted to manually steal it via a drill which further suggests that not only is it valuable but in high demand. Similarly, it is anticipated that the digitized non-fungible token versions of the street pieces will reach similar successful heights as they are traded and sold through Streeth.
Streeth also allows to add a digital tradability feature to this creative but very illiquid and static market, in this way street art is given the chance to live on long past its physical presence in the real, tangible world. In this sense, Streeth is avidly preserving street artwork and retaining if not increasing their value as they cease to exist in their corresponding street locations in due time.
Streeth’s tradeability is anticipated to take the art world by storm as not only is street art widely enjoyed, the fact that it can now be privately enjoyed is a total game changer. Being able to essentially say that one owns one of Banksy’s notorious street pieces as a non-fungible token on the blockchain is a bragging right that any avid art collector would not want to pass up.
Streeth is revolutionizing art collections as the art world has known them.
The company has closed agreements with several top advisors and is about to close more partnerships with world famous Art partners.
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