KnownOrigin is a venture between a UI designer and art enthusiast and a group of engineers who specialize in the Blockchain. The premise for the creation of KnownOrigin was quite simple. This artist and the engineers simply wanted to utilize the Ethereum blockchain and the secure nature of digital assets to improve the proof of ownership, authenticity, and provenance, in the world of art, helping to reduce forgeries.
KnownOrigin often hosts pop-up galleries on a regular basis. These galleries usually feature a wide array of creative people and artists. They represent artists, but they will not dictate to them what kind of artwork they can submit. The developers of the platform believe that each artist is at liberty to decide which piece to sell, when to sell, and how they will sell.
The platform they have created lets people own original art linked to digital assets. Art lovers are able to purchase art pieces via knownorigin.io with the help of the blockchain and crypto wallets. When an art piece is sold, 24% of the proceeds go to KnownOrigin, and 61% is given to the artist. The other 15% is sent to the smart contract partner.
Distribution Of KODA Tokens Via Smart Contracts
The KODA smart contract has already been implemented for the launch event and gallery. Developers of this platform plan to increase token distribution to artists once they move to an exclusive digital assets online marketplace. This revised smart contract and structure will incentivize artists to adopt the platform as an emerging digital market for art.
Understanding digital Assets
Creating unique digital assets, which people can own is an emerging and disruptive market. Digital assets are usually embedded in the blockchain permanently, which is immutable, reliable, and trustworthy. This ensures a reliable proof of ownership and providence.
It lets users unquestionably prove owners of any asset they possess. Besides that, you are able to ascertain that only a certain number of a limited edition exists. Thus, the artists can determine the scarcity of an asset without any doubt. The blockchain records the authentication of the artist and the new owner. For collectors, this helps to protect their investment indefinitely.
Every digital asset will have a finite supply, which creates scarcity. Every number within an edition is separately tracked on the distributed ledger. Each digital asset that someone buys will act as proof of ownership. The data is decentralized, which means it is impossible to contest it. No matter how many times the asset is sold and bought; the entire purchase chain can be tracked to the creator of the piece of art.
Why the Blockchain
KnownOrigin is a platform where artists can exhibit and sell their art. The sales take place via the online gallery and organized events. To ensure transparency, they rely on the blockchain. With this technology, they are able to ensure that forgeries are impossible. Besides that, it offers an ethical way to pay artists. Every art piece can be bought at pop up galleries via a DApp.