The blockchain technology allows a diversity of uses that can be almost infinite. Although they are barely understanding their capabilities in most people, certainly there are more and more innovative projects and platforms that are driven on the basis of blockchain, creating solutions and responses that until just a couple of years ago were practically unthinkable. This time we will talk about the Freyrchain platform and its tokenized blockchain proposal to shore up the art collection activity and its way of providing a brilliant and efficient solution.
Freyrchain is defined as the first global collection database based on blockchain where the security protocols of this technology will serve to address the need for legitimacy and authenticity that all users look for when buying and selling art pieces and other collectibles in general. And not only will it serve as a database, it will also be a great community of artists and collectors where they can contact each other and obtain the correct value of their pieces, addressing effective solutions for copyright, collections, valuations and legitimacy which tend to be serious drawbacks in the dynamics of art.
This new blockchain project goes beyond a primary objective of digitizing and authenticating exhaustively the niche of online collectibles. It will serve as an ecosystem for this area, thanks to its vision of a tokenized economy. But let’s see a little more about the Freyrchain platform.
The problems of trust and authenticity of the pieces are often a problem that hinders the business of auction houses, private collectors and art dealers in general. While online commerce offers more information than ever before, this is not the case with the authentication of parts. The issue of the authentication of the pieces means that the presence of intermediaries and external opinions tend to be present, disturbing the wishes of a buyer, even distorting the values of the pieces in many cases. Freyrchain tries to address this by taking care of the artist’s approach and the cultural value of his works.
Freyrchain contemplates four main aspects of the art trade in its platform, and they are:
- Authentication: The platform will use the same principle used by digital currencies to register for a specific person in a decentralized ledger.
- Circulation: Unlike physical art, in digital art there are no intermediaries involved and through intelligent contracts ensures that the art is sold securely and that it is also protected in terms of copyright.
- Community of artists: Freyrchain wants to encourage artists to come together around their community on the platform in order to grow, in addition to serving as an art museum. This will also give them easier access to collectors.
- Personal museum: Freyrchain will allow art collectors to create their own museum of personal art and to commercialize their pieces of art with ease when they wish and with total security.
The platform will have its own utility token, the FREC, which will be the currency in all transactions within it.