UppstArt App Uses Blockchain To Pay Resale Royalties To Upcoming Artists
UppstArt.io, a new blockchain technology powered platform is offering emerging artists the ability to leverage blockchain technology to market and sell their art to a global community of collectors.
The platform offers the artists a way to securely track the provenance of their work and receive resale royalties whenever their artwork resells in the future.
When artwork is purchased on UppstArt directly from artists, a digital certificate of authenticity is generated which forever records the artwork's provenance information, price history and image on the blockchain so collectors have an easier time re-selling their art in the future and artists have a permanent registry of the art they create.
UppstArt also offers new levels of transparency and fraud prevention to art lovers who are looking to buy authentic and affordable art online.
Collectors can resell their art at any time using blockchain smart contracts on UppstArt's decentralized resale marketplace.
When art is resold, the provenance history of the art is immutably recorded on the blockchain and the artist automatically receives a resale royalty. This gives artists the option to receive a resale royalty when their art resells despite the fact that Canada and the US have failed to implement artists' resale rights that are available in 93 other countries.
UppstArt's mobile-responsive, decentralized web app is available for free to anyone with an internet connection and the company plans to roll out additional decentralized apps in other e-commerce industries in the future based on its proprietary blockchain “UppsmArt Contracts”.