Imagine that you could own 1% of a Picasso for example and that you could decide with the other people who own a certain percentage of the painting of the future of the painting. This is possible thanks to a token. There would be a token assigned to the painting which would have a supply limited to 1000 tokens. Basically, whoever owns one of these tokens, owns 0.1% of the value of the painting. There would be a decentralized application which only the people who own at least one token could use. On this dApp, the owners of the painting could vote and take decisions in regards to the future of the painting. Should we sell? Shouldn’t we? These are the type of decisions which would be taken through that smart contract. Besides that, there would be a kind of global-art-exchange powered by a smart contract where people could be able to exchange, buy, and sell art in a fully decentralized way. Amazing, isn’t it?
Why is it interesting?
The reason why tokenizing art is interesting is because it allows people who aren’t millionaires to still be able to own a piece of art , a fraction actually. Besides that, it allows these owners to participate in the decision-making of that piece of art . I know, this already exists. There are platforms like Masterworks for example which allow people to buy a fraction of a piece of art and even participate in the decision-making. However, if we take that example of Masterworks again, Masterworks will charge you a significant fee. But thanks to tokenization, no need for these platforms.