There have been quite a number of uses of cryptocurrency from creating sites for music sharing to dating applications etc. but it has never been used in the creation of art framework. This token called Ready Made token was created by Richard Prince who is a renowned painter and it is been advertised as the only type of currency of its kind. Richard Prince rose to fame in the 1970’s and he is an American photographer and painter known for his unique pieces that were worth one million dollars. The New York Times describes Richard Prince as one of his generations’ most revered artist.
What Is Distributed Ready Made Token RMT ICO?
This Ready-made token is a cryptocurrency based on blockchain technology and the unique feature about this token is that only one currency unit will be produced ever. The aim of this token is to oblige as a means of art fusion that involves fusing digital technology and creativity together. This token like every other art piece is to be auctioned off. However, through the projects official website Richard Prince indicated that he plans to inquire about money and shed light on money beliefs and its link to the art market. The only difference in the auctioning of this token and the average art piece is that this token will be auctioned through the use of blockchain technology which means that the value of this currency is essentially in the hands of prospective investors and users.
Distributed Gallery Ready Made Token Properties
The Ready Made Token was produced on top of the blockchain of Ethereum and this token is an accommodating cryptocurrency of standard ERC20. The only opposing feature of this token to the ones produced by other companies is that only one RMT will be formed as opposed to the numerous numbers of tokens that are produced by other companies. The concluding product of this token will be given to the owner of the token by Richard Prince in the form of an art creation that is unique at the auction closing.
The distributed gallery Ready Made Token RMT ICO as mentioned prior is to be auctioned off using blockchain technology. The eventual owner of this token can make use of this token however they please, the token owner can decide to store the token in a digital wallet or use an online exchange platform to sell it. The owner can even go as far as exhibiting it in a museum using a steadfast interface as the only thing limiting us humans is our imagination.
Rules Of The Auction Process
- The bid price is fixed at a minimum of 1 ETH.
- The bidding process is public but the users are however kept anonymous.
- The auction ends a month after the first valid bid or when a superior bid which is equal to 5000 ETH is received
- Until the bids are over-bidden, they are all frozen
- Bids cannot be withdrawn once placed
- Bidders are given the option of withdrawing if the bid has been defeated
Distributed Gallery Ready Made Token Conclusion
This token is a unique innovation that is a fusion of art and technology and it has high potentials due to its distinctive structure.