While the platform remains named Kunst21, Kunst being the German word for art and 21 referring to this century and our focus on contemporary art, the team changes its name to Art3Labs.
During the past six months, the Kunst21 team has been developing the platform that fulfills the mission: crowdinvesting in art, while reducing the risk via a diversified portfolio. In the past we have explained to you why were we building on the Stellar blockchain. Now with this article, you can join us in our journey to organize the technological infrastructure that helped us create the Kunst21 platform.
A friendly and well established Swiss legal framework for blockchain based products and the taste of the city towards art, there are plenty of galleries around the city for its relatively small size, 201.000 citizens, is extraordinary and once per year a famous event in the art world is celebrated: Art Basel.
Yuga Labs, the company behind one of the biggest NFT collections in the industry, announced that it has acquired the intellectual property rights to the collection CryptoPunks and Meebits, formerly owned by Larva Labs.
The conflict between Ukraine and Russia has reached a new phase and a beforehand cold war now turned into an outrageous military invasion. To explain the impact actions of war have on the art world we want to look at current and past examples, where monuments and museums are destroyed, and artworks are taken away from their legitimate owners.
The social recognition from art ownership is coming back thanks to NFTs, as Non fungible tokens or artworks on the blockchain are known.
Stellar is a network best suited for value transactions which was released in 2014, after Bitcoin but before Ethereum, with the aim of utilizing blockchain to provide more accessible financial services to people worldwide. From its roots, Stellar provides all the characteristics a financial institution needs from a blockchain, a fast and reliable system.
Kunst21 researched different possibilities to make the acquisition of artworks more accessible. Therefore, a platform for divided ownership has been created, using blockchain technologies. All customer transactions are recorded with a three to five second settling time for trades while charging low transaction costs compared to traditional brokers.
In 2021 digital artworks deployed and negotiated via blockchain, also known as NFTs, have surged with an exponential growth. NFTs are a rather new selling method for the artists, which provide a proof of provenance, ownership, and value.
Once more our team has grown. Gotje started in the beginning of November as business development manager to generate even stronger partnerships with our stakeholders and develop a thorough marketing strategy.