Global art marketplace TRiCERA has announced the launch of its NFT transaction system, a move that is ultimately bridging the gap between contemporary and digital art. Following the integration of NFTs, users can now purchase artworks from hundreds of digital artists.
The latest integration follows an earlier partnership deal between TRiCERA and blockchain software company Curvegrid, as well as open-source NFT protocol Zora. The partnership was announced in mid-April, with the firm explaining that the collaboration will bring an integration of NFT transaction functionality into TRiCERA. The firm said:
“Authenticity and authorship are becoming increasingly important as digital art and NFTs gain momentum. TRiCERA adds weight to the provenance of NFT art, and provides additional assurance to digital artists and collectors, working with creators to ensure the reliability of transactions. TRiCERA will address these issues in an escrow role to ensure the safety of transactions between NFT digital artists and users.”
TRiCERA’s recent foray into the NFT space enables the real-time purchase of digital art using Ethereum. The platform has also integrated a linkage function with Ethereum wallet to provide seamless transactions between users and artists. As earlier stated, users will be able to shop from more than 40+ digital artists out of the platform’s 2,400+ artists. Moreover, TRiCERA is now compatible with formats other than image data.
NFTs and contemporary art all on one platform
As of 2020, the market value of the global art industry was estimated to be $50.06 billion. Despite this impressive figure, only a few artists can boast of being able to live solely by selling art. Another primary challenge for local artists is the obstacles involved in accessing international markets. Due to a plethora of complexities ranging from sales to promotions and logistic operations in international markets, some talented artists are forced to abandon their dreams.
Blockchain and NFTs appear to have broken this barrier. Virtually anyone anywhere can create and sell a piece of art without worrying about third-party or international restrictions. TRiCERA appears to have seen the potential of the NFT innovation and is expanding its services to welcome digital artists. To an extent, the move tallies with the firm’s corporate vision, which is “Creativity has No Boundaries.” Its platform allows any artist in the world to display and sell their artworks.
Speaking of TRiCERA, the platform was established in November 2018 and has grown to become one of the biggest global online art marketplaces in Asia. With a headquarter in Tokyo, Japan, the platform currently has over 17,000 artwork in its inventory from 2,400+ partners across more than 80 countries. However, with its latest integration, these numbers are expected to rise significantly.
NFTs are here to stay
From tech entrepreneurs to celebrities, athletes, and even traditional newspaper magazines, the NFT industry has attracted some prominent names. While the relatively nascent sector can be viewed as the latest cash cow akin to the ICO craze of late 2017, its potential is far-reaching.
To put things in perspective, an NFT (non-fungible token) is a tokenized version of an asset that proves ownership. It is a special type of cryptographic token that represents something unique. Bringing this to the art industry implies that NFTs can be used to counter art fraud and prove the authenticity and real ownership of a piece of art.
Generally speaking, NFTs can provide a more efficient way of buying and selling artworks. For example, since they rely on blockchain tech, sales do not necessarily require a central system to operate. Furthermore, the records of all transactions are stored on the blockchain and are immutable.