More Transparency Thanks to Blockchain Technology
To ensure the authenticity of the works and to promote the transparency of the art market, elementum is based on blockchain technology. Artwork, edition and every transaction, origin and owner are registered in the blockchain. For each edition, a so-called Non-Fungible Token (NFT) is created, which represents the certificate of authenticity. This solves a common problem in the digital art scene: it is not uncommon for works to be used illegally due to the lack of copy protection systems and regulated distribution platforms. Thanks to NFTs, it is clearly defined who owns an artwork and how many pieces a work is limited to, even though they are digitally available for all to see. Furthermore, digital artworks are attributed value through NFTs. Until now, digital art did not have the same value as, for example, a sculpture or a classical painting. With NFTs, which are unique, non-replicable and non-destructible, it is possible to provide real-time proof even for virtual goods and thus create a claim of ownership.