Unstoppable Art Machine, a project by Non-Fungible Labs, is a platform for street artists to commercialise their physical works by creating treasure hunts in which they give away the digital version of their artwork, which is verified through an NFT, to the first person who finds it and scans the QR code. Whenever the digital version sells, the artist will receive a cut of the sale price, meaning they will continue earning any time the digital asset is sold.
When a partnered street artist creates a new piece of work, they’ll add a QR code and post a subtle image of the art on both their social media and on our platform, thus kicking off the hunt.
The first person to find the art, scan the QR code, and complete the form will be given ownership of a unique NFT of the artwork. If you are the successful hunter you’ll need to have an Ethereum wallet in order for us to transfer the NFT to you.
If the artwork is not found within a few days, we will release another clue, and so on until the artwork is eventually found and claimed.
The new owner can then choose to resell the NFT at any time, and a set percentage of the sale price will go directly to the creative team and artist.
NFT stands for non-fungible token.
Non-fungible refers to anything which is unique, they aren’t “fungible” like money for example where one dollar can be swapped for any other dollar. An example of something that is non-fungible is a painting, a mortgage, or even you! The token part refers to how the information about this unique thing is recorded. The information is embedded in a digital token which is stored in a blockchain ledger. You can think of it like a digital certificate.
You can learn more here.
Blockchains are special kinds of databases which allow us to record data in a way that makes it tamper-proof and allows that data to be stored in a system which no one person owns or controls. This makes it ideal for storing information about things of value. It’s also really useful for storing things of value that we want to trade or connect to money. It enables transactions to be made without a middle man between anyone anywhere.
The world is becoming more and more digital and the things we value exist more and more in the digital space. The problem with the digital space is it’s hard to know what’s real or authentic. In the past we have had to rely on third parties to authenticate things, to prove they are real. NFTs allow this process to happen between two parties directly. When an NFT is created the information is signed with a cryptographic signature which proves who created it and who owns it. This record can be updated as it moves through its life and the history is stored in a way it can’t be tampered with. But that’s just the start, because NFTs exist in the blockchain they can be connected to all sorts of other financial assets, and because they are digital you can program them.
New technology is bringing about new opportunities for content creators to create and monetise their content. Artists, brands, and sports franchises are all making moves into this space and it’s already worth billions of dollars. You can connect to new audiences and think of exciting new ways to make your community bigger.
NFTs can be used in a wide range of different situations, from gaming, and art, to finance, but we are really interested in supporting creators. NFTs are at their best when they are used to create digital art, this is because the art and the token can both be stored in the same immutable tamper-proof ledger. This means the whole creation can be verified, transacted, and programmed. That opens up a whole new kind of creative expression where you can program your art to do new and exciting things. One of the biggest aspects about NFTs is that the art now exists in the same space as digital money. This means the art can interact with this digital money allowing creators to monetise their art in new ways. For example you can program your NFT to always pay you a 10% royalty each time it’s sold in the future, and the blockchain makes sure it always happens. For musicians you can build rights management and revenue management directly into the media, cutting out the middleman.
NFTs can also be used like a traditional certificate of authenticity or ownership for non-digital art, or any other physical asset. But with the benefits we described above, the certificate itself is tamper-proof, programmable, and it’s connected to digital money. You might also make digital copies of physical art and monetise those in a different way.
Sure they can, just like they can with digital or even physical art today. But the difference is that everyone would know instantly, without having to consult a specialist to authenticate it. One of the cool things about blockchain is it stores immutable timestamps with the creation of the NFT, everyone can see when the copy was created relative to the original. Additionally everyone can see that a different key was used to sign the fake as opposed to the original. So sure you can copy it, but it’s really really easy for anyone to prove it’s not the original.
Yes many NFTs aren’t done the right way and rely on third parties to store the media data, much the same as you might rely on a cloud provider to host a website. However if they are done properly they are stored in the same kind of tamper-proof, immutable, persistent storage as blockchain data, and that makes them resilient to someone going out of business. That’s why you need an expert.
Yes, NFTs can be purchased with cryptocurrency, tokenised dollars, or even through fiat money gateways like you use for other ecommerce products. We help artists understand the options that work best for them.
Not all NFTs are the same. Check out our page here on how we are different and how our NFTs are making a positive climate impact.
Great, we’d love to work with you! Please submit your portfolio to firstname.lastname@example.org and we’ll get back to you as soon as possible.
When we bring an artist onboard we agree to a predetermined revenue share model. The artwork NFT is always given away to the finder for free, and it is up to the new owner to decide when they want to sell it.
Whenever the art is sold or resold, the artist will receive a percentage of the sale price as defined in the revenue share model. This means that the artist can keep earning long after the artwork has been painted, and even long after the physical version has been destroyed or painted over.