0xowns.art is revolutionizing the art community with its unique platform that enables the cryptocurrency enthusiasts to buy the ownership of work, then set a resale value for others to purchase. This system works by simply transferring the ownership of the art from one user to another, which is acknowledged by the transfer of the amount to the user’s ETH account. There won’t be any exchange of tokens or digital assets but the ownership is reflected by recording the transaction on the Ethereum blockchain.
The users on the 0xowns.art platform will be able to see the work’s current market value, purchase it if they like and set a resale price. When another user purchases the art, the ownership will be transferred to the buyer and the seller’s account will be credited. Throughout history, art has always been a medium to reflect the social, political and economic situations of the society.
With the same belief, 0xowns.art is acting as a symbol to represent the modern society and the latest cryptocurrency revolution that took the world’s financial systems by storm. It works on a benchmarking concept, where they create an artwork that has no grounding in physical reality or even in digital tokens of ownership. The artwork here exists only in the transactions performed by the site’s visitors. This is a new era of buying ownership as art, in the cryptocurrency world. The buyers of 0xowns.art will not be recorded as the owners of the art but as participants in the first of its kind global expression of ownership as art.
“Cryptocurrency always struck me as a bit of performance art,” says 0xowns.art’s creator, CalArts MFA Alexander Rafalovich. He further adds, “Cryptocurrencies make no pretense of appeal to anything of intrinsic value. They have value because their communities say they do. That sort of aggressively extrinsic valuation has tended to be the province of art, not of commerce, and certainly not of currency. 0xowns.art has some fun with that idea while appealing to a serious history of artistic critique.”
To participate in the process of turning ownership into art, one can simply visit 0xowns.art and see the current work’s price. After which they can submit ETH to buy the work and set a resale price for others to buy.