Given that the COVID-19 pandemic was responsible for major shutdowns of physical and brick-and-mortar locations, it is not a surprise that the transition to a virtual and online sub-reality rose in demand. Along those lines, the same can be said about digital commodities. That is precisely where the concept of non-fungible tokens comes into play. Although non-fungible tokens have long been around, the years 2020 and 2021 have been particularly noteworthy for the purchase and exchange of NFTs or non-fungible tokens.
What are they exactly? NFTs or Non-fungible-tokens are essentially contracts that designate ownership over a particular digital asset and can be backed up via a blockchain transaction. This applies to videos, gifs, memes, photos, digital art, sports playbacks, and so much more. The possibilities are quite literally endless. However, there is one particular “possibility” that has never before been digitized as an asset to be owned nor introduced into the world of non-fungible tokens: street art.
No one can argue against the fact that street art is a rather common form of art expression in universal reality. It can be spotted in just about any city outing. So how exactly is it switched to the digital world or NFT metaverse? The answer lies with Streeth, an up-and-coming Blockchain NFT company that is revolutionizing street art as we know it. Before Streeth, street art was for the most part, strictly confined to the streets: along walls of buildings, under bridges, plastered along with billboards, you name it, but never quite crossing the realms into the metaverse. However, Streeth set to change that. Utilizing the Ethereum blockchain, for the first time ever, Streeth is making street art available for purchase as a non-fungible token. In other words, this means that a digital form of the artwork is now available to be solely owned through Streeth’s meticulous curation, minting, and auctioning process.
Once purchased, the new owner’s full info is registered within the Ethereum blockchain, legitimizing their ownership. The owner is then able to access the NFT artwork freely through a few simple finger touches along with the phone screen. And to view one’s ownership status, all it takes is to scan the corresponding Streeth QR code which will then lead to the dashboard that depicts proof of ownership. Talk about digital bragging rights!
Not only does Streeth bring street art into the NFT metaverse but it is also bringing in another experience from the physical universe and transitioning it into the metaverse: museums.
That’s right — Streeth is also launching the “Museum” in conjunction with its street art curation and auctioning. Hence the name, the “Museum” is as the name suggests: a museum-type platform for digital art viewing. To make it all the more realistic, it will be offered in virtual reality. Owners of street art pieces will be given the opportunity to lend their owned pieces to be featured as Museum exhibits.
Streeth’s co-founders Marco Calamassi and Danilo De Rosa have been in Fintech, Blockchain, and Startup investment and management for over a decade and this venture has been under R&D for 6 months prior to its launch is due in the second half of September.
Streeth’s digitizing street art and facilitating it as a non-fungible token works as a favor to both the art collector as well as the street artist themselves. Prior, street art was not eligible to be privately owned and sold nor was the street artist able to monetize and profit off of their street works. The street artwork also lacked any protection rights. However, those are all things of the past as with Streeth’s recent and up-and-coming innovation, street art is now able to encompass all of these concepts making it work on the behalf of both art collectors and street artists alike.
In this sense, not only are art collectors able to take their art collections to a whole nother level given the fact that street art was never privately owned but it is also a promising prospect for street artists which are now able to get a more noteworthy and profitable mention. And it is all taking place on the NFT metaverse!