PHAETON INTRODUCES TANGIBLE NFTS (TNFT) WITH ART AND ARTEFACTS
TANGIBLE is one of the many “Sidechains” of Phaeton Blockchain. It is a brand that focuses on tokenising physical assets and collectables into Tangible Non-Fungible Tokens (T-NFTs). Under the brand name of TANGIBLE, Phaeton’s strategy is not to create a general TNFT Marketplace but specific Marketplaces for various products from real estate, art and artefacts, music, rare collectibles, rare wine to endangered wildlife.
The Non-fungible Tokens (NFTs) is the latest trend in the Crypto world and has gone viral after the comments by Elon Musk. NFTs are not new. The first NFT was launched in 2017 by Larva Labs. It was quickly followed by a project called CryptoKitties, which raised millions of dollars. More recently, digital artworks have sold for millions of dollars and even some famous internet tweets sold for higher amounts. The NFT market cap has increased tenfold in the past two years and topped the table with some insane values.
THE NFT MARKET
Many users are attracted to NFT marketplaces as they can now tokenise their work, art, games, and assets to NFTs and earn more income. For example, look at some of the weird digital-only items recently purchased with exorbitant sums of money.
Digital Art as an NFT has set the crypto world to an unprecedented level of interest. It is the foray and foundation of the NFT concept. The recent sale of “The First 5000 Days” by artist Beeple (Mike Winkelmann) sold for $US69.4 million, setting a new record not only for digital art but for a living artist as well.
While significant money is earned on NFT marketplaces via the sale of digital-only art, the questions are: is this just a short-term trend that is causing hype and is it a sustainable model that will last the test of time?
ENTER: TANGIBLE ART and ARTEFACTS
Savvy, sophisticated art collectors still want to own a real piece of artwork. Unfortunately, digital art can never replace traditional physical art. While it can certainly try, all digital art that attempts to replicate the feel of conventional mediums falls just a little short of the real thing. Two of the most significant issues that artists face are (a) theft of their work and (b) reconfiguration into innovatively digitised formats, which is subsequently monetised to benefit those stealing the original artwork. Hence, digital artwork is the most significant source of discord to artists operating in the art world today. With digital artists working online, reposts and companies reselling designs is a real risk. With traditional work, you will have tangible proof of an original piece of art, not a copy.
The other concern is how does one value digital art? With the trend in NFTs, digital art bought at ridiculous prices, which will drop in value when there are many digital replicas out in the marketplace. However, traditional art history is proven, and prices do not fall but grow in value over time.
Promoting traditional art as a TNFT will help thousands of struggling artists. They will have an international platform to monetise their artwork and get an ongoing royalty on any resale of the work. Through TANGIBLE, there will be a process that before an artist converts their artwork into TNFTs, they can showcase their work online, where the public can vote on the value of their work. If there is significant interest, then interested buyers can bid on the TNFTs promoted. All work promoted by TANGIBLE goes through a process of authenticity. All artwork has to be curated, located in an Art Gallery or Secure vault, and certified with a Biometric Passport.
Phaeton’s Tangible is headed by Phaeton’s Non-Executive Director, Georgia Thomas (Pattos). Georgia is both a fine artist and a phenomenally successful businesswoman. She is a painter, sculptor, and art jewellery creator. Her style of work has never been seen before. In business, she a proven track record in developing and growing successful business models. She was the CEO and founder of Foodlife and successfully managed Fortune 500 clients, contracts and transitional change management requirements arising from growth. She has designed a successful corporate client management and retention program and acquired & developed relationships representing $180M in assets within 11 years. Given her background, Georgia has garnered an intimate and proper understanding of the relevance to the art and artefact sector and the overwhelming financial benefits to the TNFT Blockchain sector worldwide.
TANGIBLE offers all artists worldwide a significant opportunity to participate in the technological sector. Phaeton’s innovatively low cost of entry for art and artefacts signals and a profound opportunity and evolution in the authentication and provenance challenges historically and currently plaguing art investors whilst simultaneously creating never seen before earnings opportunities for artists via secondary and tertiary art market transactions. One of the significant advantages of TANGIBLE is that the Platform is powered by Phaeton’s Blockchain, which has superior transaction speed and uses less energy to mint TNFT’s. For more information, email firstname.lastname@example.org.