When we talk about the industries Blockchain is going to disrupt, we generally fail to realize the impact it will have on the art world. Blockchain provides a solution to many of the inherent issues that plague the art collection and creation communities today, like ownership provenance, copyright, valuation, appraisal and authenticity of the art.
You can see this disruption come in action by seeing the online art sales numbers. It was estimated to be $3.75 billion USD in 2016 which was a 15 percent increase from the year before. There are many art startups capitalizing on this trend. SCRAB is one of them, yet it stands apart.
About SCRAB Crypto Token
SCRAB is one of the most innovative projects in the crypto world right now. It is a collaborative enterprise aimed at creating an artist collective bound together by a single cryptocurrency. This singular cryptocurrency will be denoted as SCARAB.
Inspired by the great Marcel Duchamp, SCARAB is meant to be art in and of itself. The SCRAB token and the art are one and the same. The value of the token comes from its connection with the Artwork. Artists work together by submitting art, that art is then mashed together using visual gathering algorithm.
SCRAB functions as a currency, which means the tokens are transferable on a decentralized exchange. It has been a work of progress since 2014. With a market cap of over $15 million USD, it is one of the most monetarily valued work of contemporary art.
How Does SCRAB work?
When artwork is submitted, the artist receives one SCRAB token, which has a value like any other cryptocurrency. However. SCRAB is built around the value of the art being made. SCRAB functions as a collective when artists come together to submit art and promote identity of SCARAB the artist.
The entire operations can be summarized with these 5 steps:
- Register on the website.
- Submit artwork to get a Scarab token.
- A work of is created for every 1,000 submissions. Each submission is merged with the previous ones using advanced AI technologies.
- The artwork is exhibited internationally at acclaimed galleries.
- Enjoy the benefits and prestige of SCRAB network.
What Will SCARAB Be Used For?
Even though SCRAB can be used as currency, it is not the primary goal of it. They want to make artists lives easier by creating a self-sustainable collective built within a work of art. This means artists can get value from their work through submissions regardless of their visual medium. The value obtained by SCRAB is more like the value of a famous work of art than an actual currency.
There are entire communities being built around entirely digital collectibles and art pieces. With the likes of communities such as CryptoKitties where people have paid 6-figures for a digital art, SCARAB might be sitting on a gold mine. It is a much more creative option than the financial tech coins circulating in the market right now and has the potential to replace them, at least in the art niche.
More can be found about the project on their website http://www.thescarabexperiment.org/.