Three qualifying entrants will be awarded 2 ETH each on June 26, 2018, to coincide with the launch of the Rare Art Registry Exchange beta.
Submissions are accepted until June 22 from people who hold at least 0.1 ETH in a Toshi account—a mobile Ethereum wallet and DApp browser which has an exclusive partnership with the art exchange.
Rare Art Labs are the creators of the R.A.R.E. network, which is an ETH-based and blockchain-powered platform that allows artists and collectors to trade digital art.
“The R.A.R.E. Network changes everything. We introduce permanence, scarcity, and proof-of-ownership to the digital art world,” their site reads.
For those not savvy to the climate of today’s art world, this could actually be the first step to big changes.
The digital revolution has been a double-edged sword for artists. While it’s easier than ever to gain exposure across a wide range of platforms, the way that people often consume content means that this doesn’t always lead to a steady income stream. Many sell prints and clothing to try and monetize their digital art.
Limited edition content can be a vital way for artists to make any real money – first editions, signed pieces, and limited releases are all examples – but digital files scale infinitely and so have not been able to bring this kind of value.
Each piece of artwork carries an individual signature on the blockchain network which allows artists to prove that their work is not only scarce but that it belongs to them. This is significant: historically, digital art has had no resale value due to the fact that it cannot be easily and totally authenticated.
R.A.R.E. instead lets collectors browse a marketplace of unique digital artworks which gives artists the power to profit directly off original art. This could be a good thing for the quality of art in general as it brings a strong incentive for artists to produce more creative and original work.
Rare digital art has the power to take infinitely copyable internet assets, like songs and memes, and turn them into provably rare blockchain assets that people can buy and sell through an online marketplace.
Callum reports on developments in the cryptocurrency world and offers a take on the future of the blockchain. Can often be found with a cup of tea reading an altcoin whitepaper.