HOW WE ARE, an artistic interpretation collaboration consisting of 15 short works filmed in the quarantine of COVID-19, has been processed and converted into a non-expendable token in the Ethereum block chain.
In addition, a mechanism has been established to reward project contributors each time the asset is sold.
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A legally binding contract grants the rights to the film to the holder of the ERC-721 token in which the hash and metadata of the artwork is stored. This means that if, for example, the Museum of Modern Art wanted to buy the piece, it would first need to acquire an Ethereum wallet.
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Additional tokens have been minted and distributed to film contributors. If someone buys the piece, the revenue will be divided according to the percentage of ownership of these additional tokens.
For any additional sales, 10% of the sales price will go directly to the original artists. Any fan donations sent to an Ethereum address will also be divided among the contributors.
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The head of blockchain technology at HOW WE ARE, Rob Solomon, explained the idea behind the project, which was commissioned by the Onassis Foundation.
„Digital art forms have exploded in recent decades. Technology allows today’s artists to mix music from another world, draw complex illustrations and produce films with incredible virtual reality… While we have dramatically advanced the means by which art is created and shared, we have yet to adequately advance the means by which legitimacy is demonstrated and artists can own and be compensated for their work.