There are many cryptocurrencies that are designed for extremely specific purposes. Steem, for example, is used on social networking platform Steemit to reward posters and commenters for insightful, high-quality content. There is another crypto, however, that has been in existence longer than Steem, and is designed specifically for rewarding artists and other creators.
ArtByte, formerly known as AppleByte, wants to be the number one cryptocurrency in the world for artists and creators. According to ArtByte, the platform is driven by the mission of supporting artists in building their careers. ArtByte charges no fees for artists and art lovers alike, and is designed to foster the creation of art worldwide.
There are a number of initial coin offerings currently in the works that are aiming to corner the media and content distribution industries by allowing consumers to dictate the kind of content that their favorite publishers and producers create. ArtByte works in a similar fashion, and allows fans to crowdfund their favorite artists.
In this article, we’ll take a look at the ArtByte platform and find out how it works to help you determine whether it’s worth getting involved in.
What is ArtByte?
ArtByte aims to foster peer to peer support in the artist community by leveraging the unique applications and features of cryptocurrency. At a little over three years old, ArtByte holds a reasonable amount of tenure in the crypto ecosystem, and experienced a breakout in value in early March 2017.
ArtBytes, the native token of the ArtByte platform, can be given to artists anywhere in the world, such as designers, photographers, painters, illustrators, models, production teams, sculptors, writers, and more. It’s also possible to use ArtBytes to purchase tickets to concerts and shows, purchase goods, services, and foods, or even exchange them for US dollars.
The long lifespan of the ArtByte has led to the creation of a wide range of ways in which they can be used. ArtByte even boasts a twitter app that allows fans to support their favorite artists directly through the ubiquitous social media platform.
How ArtByte Works
Supporting artists through ArtByte is extremely easy. ArtBytes can be purchased directly via debit or credit card, or they can be mined to support the growth of the ArtByte network. Once you’ve got your hands on some ArtBytes, supporting artists is as easy as tipping them with the ArtByte twitter functionality.
ArtByte also make it possible to purchase albums via their website. When albums or songs are purchased from the ArtByte music store, the creators and musicians keep 100% of the profits generated.
ArtBytes can also be traded on exchanges such as Litebit and Bittrex. At the time of this report, one ArtByte is trading at $0.005716 USD, or 0.00000069 BTC.
ArtByte is an extremely promising micro cap altcoin that is already being used by many artists to generate income. If you’re interested in supporting decentralized art and music creation, ArtByte is definitely worth getting involved in.