ARTCHIVE: an exclusive Solana-based NFT marketplace
- ARTCHIVE features works by world-renowned artists such as Ellen Von Unwerth
- The platform is launching their native coin (ARTC) this week in tandem
- The platform chose to run on Solana due to its low cost
NFTs (Non-Fungible Tokens) are rapidly overtaking the digital art space, despite still remaining in its infant stages. Their rise in popularity is accompanied by scepticism from many, as well as controversies around their carbon footprints.
Invezz spoke with the creators of ARTCHIVE, an exclusive NFT marketplace on the Solana blockchain with works by world-renowned photographers, launches with imagery of pop culture icons like Britney Spears, Zendaya, Bad Bunny, and The Jackson 5. The platform is launching their native coin (ARTC) this week in tandem with their celebration at ZONAMACO, and we set out to find out more about the platform, its creators, and the companies motivations.
How have you seen NFTs gain popularity from an art perspective?
NFTs have been the fastest growing sector in both the asset and investment communities in the last nine months. It’s growing faster than crypto!
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How does the platform function, and how does it stand out from others such as OpenSea?
The platform functions like any other NFT platform; however, there are some unique aspects. We have technology that we have developed ourselves, so everything on ARTCHIVE is proprietary owned and developed. We haven’t used any outside contractors to develop our technology, nor are we using any outside technology overall. Furthermore, all technology being used and developed is owned by ARTCHIVE.
We have our own wallet, which enhances safety on the platform. We also have technology being launched that eliminates one of the growing pains in the NFT space: fraud. After artwork is purchased on ARTCHIVE, the percentage that’s owed to the artists is given automatically and then transferred to the owner’s IP address to stop fraud. If someone tries to copy something from ARTCHIVE, there is a code embedded in the NFT that makes it watermarked, and in turn, we are notified. Thus, the NFT cannot be resold or copied. That in itself is unique.
In addition, we have also developed software that authenticates the works of art, so we have the right to sell it. Many people are selling artwork that they don’t have the right to sell. We have technology that other NFT platforms will be able to use to take a lot of the fraud out of selling.
Why have you chosen to base ARTCHIVE off of Solana?
The main reason we chose to base ARTCHIVE off of Solana is based on cost. The fees on Solana are pennies in comparison to the fees on Ethereum. We originally based it off Ethereum; however, there were $300-500 gas fees, which cost more than some of the art pieces we were selling. Because of that, in addition to the blockchain’s speed and accessibility, we ultimately decided on Solana for our native currency.
How are the artists featured on ARTCHIVE curated?
At the moment, ARTCHIVE is focused on high-end fashion photography with works by world-renowned artists like Ellen Von Unwerth, David Montgomery, Markus Klinko and more. We plan to branch out into sports photography, LGBTQ+ photographers, and architectural photography as the site continues to expand.
In what way can artists benefit from collaborating with ARTCHIVE and from getting involved in NFTs in general?
Artists that collaborate from ARTCHIVE can monetize and control their own artwork. They have extremely favourable splits on sharing with no cost to join. They would benefit from the safety, security, multi-million dollar marketing campaign, and huge sales budget that we have, all for free. The blockchain is not invisible, we can see it, and we make sure it’s collected and paid back to the artist every time it’s sold.
What does the rise of NFT mean for the world of art, in your opinion?
Depending on who you ask about this, you’ll get many different answers. There once was a quote that said, “Photography is going to eliminate art,” which obviously didn’t happen.
With the rise of NFTs, unknown and well-known artists have the opportunity to monetize their work and get it in front of thousands of people, not just in in-person gallery viewing. NFTs make the collecting and purchasing of art available to all. You no longer have to walk into a gallery to buy art, you can do it from the comfort of your own home and have it delivered instantly!
We can’t predict how it will affect the world of art 50 years from now, but right now it really has put the power back into the artist’s hands. The price to enter the art world has dropped dramatically, affording more and more artists to join and make new forms of art available to all, all the while finding a happy price with auctions. It has opened the world of aesthetics and art to everyone.
What are the main pros and cons to NFTs?
The biggest pro is that NFTs open up the world of art and collection to everyone.
As for cons, in any new marketplace that reaches the trillion-dollar mark, there are going to be growing pains. The market is so new and growing so fast that it is experiencing the normal growing pains of any product. However, one day, this technology will be so common for things like medical records and house titles, as it’s a permanent methodology to store something. So yes, it’s changing humanity as we know it, but there will be growing pains.
What would you like to see improve around NFTs as they are now? Any personal visions, ambitions or wishes in terms of changing this still very new asset class?
Overall, we would like to see fraud eliminated and the continuation of artists having control of their work. We want to see the market continue to expand so it’s open and accessible to all. We really just want to see the world of NFTs grow!
NFTs are currently very focussed on flat pixels. What other forms of art (e.g. music, films, 3D elements, etc) do you anticipate getting involved in this asset class in the near future, and what would this mean for this stream of art?
On a broader scale, everything and anything can be turned into an NFT. This opens the opportunity for things that once were not considered art to be turned into collectable, unique art. It’s broadened the spectrum of what art is.
A while back, art was defined as something that provokes emotion in you. Art has now taken on a much larger significance. It can be a statement on society or humanity. Art is a venue to drive social norms in a different direction. NFTs have allowed us to view art from so many different angles. The barrier to enter the NFT world is very low, and the audience is huge. What comes from that can be magic!
What do you think is next for both art and ARTCHIVE short term and long term?
ARTCHIVE is going to continue to acquire and represent the best names in photography, and eventually, it will be the number one, go-to library for photography. It will be the Getty of fashion, LGBTQ+, architectural, sports photography, and many others. Being at the forefront of photography NFTs in those arenas, ARTCHIVE will afford all those photographers the opportunity to monetize their work and benefit from it.