How Will Ethereum’s ERC 1155: SFTs, ERC 721: NFTs, ERC 20: FTs, Affect The Art & Music Industries?
For those who may not know, ERC-1155 is a standard that allows for the tokenization and fractionalization of non-fungible assets in a limited run, called an SFT. It is essentially a protocol to ensure fungible and non-fungible assets can interact in smart contracts. Tokens will be able to represent unique digital goods, such as game items or tickets for various events.
It could pave the way for more transactions with artists and event holders without charging commissions, adding costs to buyers or sellers. In regards to art, we hope that this will allow us to become a popular marketplace where artists and collectors alike can buy & sell their work without needing middlemen taking commissions from their profits.
Will ERC-1155 completely remove middlemen from selling art? It could, but the truth is that middlemen do have a role to play in the Art & Music industry. For example, they are needed for authentication purposes, and we believe this will still be required in the future. However, it could potentially remove some of the more expensive middlemen who take larger commissions.
The Future of Music & Art
We hope that this will help open up the industry to more users, and give artists a new way to distribute, promote and monetize their work. It could enable easier transactions between artists and collectors, whilst protecting the crypto-investors from losing their investment due to forgery or fraud. We think it would be beneficial for everyone involved in the industry.
It will also give people new ways to make profit by creating unique digital art such as 3D models which can be bought and sold on an NFT marketplace like ours. We think it could also attract more investors into these industries without high costs or commissions, enabling them to make a larger profit when selling their assets on our platform.
We believe ERC-1155 tokens could represent anything from unique digital art pieces such as music created by bands, paintings created by famous artists; on through to rare collectibles like movie posters or tickets issued for future concerts or events. On top of this there may be a rise in virtual games who issue ERC-1155 tokens for players in order to purchase in game goods with real value behind them. This could be used extensively for online gaming communities who earn rewards playing various online games across multiple platforms such as Steam or Google Play Store using crypto payments.
Artificial Intelligence And It’s Role In An Art Collector NFT Marketplace
Artificial intelligence has already been used to create art, and it will likely be used in the future to create digital art from scratch. We believe that ERC-1155 tokens could represent AI generated artworks which can be bought and sold without any risk of fraud or forgery.
We hope this could dramatically change how we view the Art & Music industry, creating a new market based on NFTs where anyone can buy, sell and trade their work using smart contracts. It could also potentially remove many of the expensive middlemen who currently charge high fees for services like authentication and verification purposes. Of course, we are still a long way away from this being adopted by mainstream users, but we do believe it is something worth keeping an eye on.
Who Would Own The Rights To Artwork Generated By An AI?
Well, the artists who queried the AI, and paid in tokens, would potentially own the rights to it, and we believe they should be rewarded for their work in curating the information. We hope to reward artists for their work using blockchain technology. We do this by rewarding them with tokens from our platform which they can then use to buy & sell their art on our ERC-1155 marketplace. After all, without human artists there wouldn’t be any digital art to speak of, nor any information for an AI synthesize.
What Would The Ideal Art And Audio ERC 1155 Marketplace Be Structured As An Application?
We believe the ideal NFT marketplace would be built on the Ethereum blockchain as a dApp. This would allow it to interact with other dApps, and take advantage of smart contracts for payments, authentication and verification purposes. It could also potentially allow artists to create their own assets on our platform using ERC-20 tokens using our custom token creation interface.
An ideal marketplace would be fully decentralized, transparent and secure. It would use smart contracts to handle transactions, and do away with the need for middlemen. Artists can charge a small fee which is automatically deducted from their wallet when somebody purchases their artwork. This could be done using a custom ERC-20 token created for the platform, or they could use ETH directly to buy ERC-1155 tokens to represent unique digital assets. Buyers can then pay for artwork with ETH or other cryptocurrencies such as BTC or LTC. We believe that an NFT marketplace like ours will open up the industry to many more buyers and sellers; giving them new opportunities to make profit by selling rare collectibles such as concert tickets, game items or even unique pieces of art created by artists in a limited run . After all, there is nothing stopping artists from creating unique digital art using blockchain technology; including music created by bands and paintings produced by famous artists; on top of that there are also many ways this technology can improve how we view non-fungible assets in general.
What About The Security Of An Art Collector’s Tokenized Assets?
We think that NFTs are safer than regular digital collectibles, as they use smart contracts to enable transactions without any risk of forgery or fraud. Allowing people to buy & sell their work without concern about losing their investment due to such factors like fake or forged copies of artworks.
How Will The Future Change For Artists Selling Their Art On An NFT Marketplace?
Artists will have a much greater opportunity to make money from their work in the future by using an NFT marketplace like ours which is free from high commissions and fees charged by middlemen like auction houses. They could make more profit when selling their work directly to buyers without needing a middleman taking large commissions from each sale. From what we can see there is nothing stopping them doing this today, however they do need a way for buyers to trust that the artwork is genuine and not a forgery or replica copy of it. We believe an ERC-1155 based marketplace will give them this opportunity, enabling anonymous sales between artists and collectors who do not know each other. This makes it harder for sellers to rip off buyers by selling them fake artwork, because they won’t know how much they can overprice it before being found out; as well as enabling buyers to check if an artwork is indeed legitimate before paying out large sums of cash for it.
What About The Future Of Audio?
We think it could open up new opportunities for artists looking to sell their audio work, such as game soundtracks, movie scores or music written and performed by celebrity artists. In the future we hope that ERC-1155 will enable buyers to buy and sell unique collectibles like a percentage or tickets from various concerts and events in a secure way without risk of fraud or forgery. It could also be used to represent unique pieces of music created by bands in a limited run, which they can then use on our platform to represent their work using artworks. We hope that it will give them new ways to monetize their work, enabling them to make more profit when selling their work directly to fans without needing high fees taken by middlemen such as auction houses. In the future we believe this technology may even allow musicians to create an AI synthesized album using blockchain technology; allowing them to generate many copies of it all at once without the middlemen having too much power over its distribution. In this case we believe it could free the marketplace from a corrupt hierarchal system of control and reward content creators in an unparalleled way to that which we’ve ever seen in history.
* This article was generated by an AI and was evaluated for infringements prior to release. *
Lauren MacDonald · May 19, 2021 at 2:04 pm
Learn about what a cutting-edge marketplace for audio and visual media would look like. We can help make it happen.