Artrade, the first art tokenization marketplace on Solana, has reached a significant milestone by digitizing an original artwork by Picasso. With a market cap of $180 million and over 6,000 active users, the platform is transforming the art market with its ATR token.

Artrade: A market that innovates in digital art

Artrade, the platform that enables artists to convert their physical creations into Real World Assets (RWA) on the Solana blockchain, has set a groundbreaking precedent by announcing the first tokenization of an original work by Pablo Picasso.

Since its initial $7 million fundraising round in 2021, Artrade has built a functioning marketplace with over 6,000 regular users, reaching a market cap of $180 million as of January 2024.

Artrade’s technology is anchored in its REAL protocol and the use of NFC chips, which allow the seamless conversion of physical artworks into digital assets, ensuring fail-safe traceability between the physical piece and its digital representation.

The platform’s catalog has expanded to include works from renowned artists and brands such as Kaws, Medicom Toys, Bearbricks, Swatch x Omega, Banksy, Warhol, Basquiat, Pokémon, Louis Vuitton, Kith, Bape, Daniel Arsham and Disney. Each piece is protected by the REAL protocol.

Decentralized governance that rewards your community

On the technical front, Artrade integrates Web3Auth, allowing users to create accounts via Google. The platform also features an in-app wallet and a community-driven token burn mechanism for ATR, with weekly burns determined by user votes.

Artrade’s DAO governance operates through a participatory model, where the community votes to select artworks to be tokenized. These pieces are then listed exclusively on the ATR marketplace, generating revenue that is redistributed to token holders.

The staking program offers three strategic levels:

  • Backers: A minimum of 25,000 ATR provides 15% APY and a 10% discount.

  • Sponsors: Starting at 100,000 ATR, this level offers greater benefits.

  • Ambassadors: Investing at least 250,000 ATR grants 25% APY and a 30% discount on artwork.

Artrade’s economic ecosystem includes a 5% transaction fee, an incentive program through the DAO, and staker discounts. These mechanisms scale with the platform’s adoption rate, with the ultimate goal of optimizing the tokenization of artworks.

To drive growth, Artrade launched the “Army ATR” initiative. Funded by the DAO, this program rewards the creation of high-quality content that is rigorously manually vetted.

Artrade is reshaping the art market by creating a robust bridge between the physical and digital worlds. With its cutting-edge blockchain technology and innovative economic model, the platform is positioning itself as a major force in democratizing art and driving the NFT revolution.

The article Artrade tokenizes Picasso’s work on the Solana blockchain appeared first on BeInCrypto Brasil.