Dubai, UAE, Dec 19, 2022, ZEXPRWIRE, The Sastanaqqam project is a decentralized ecosystem centered around the use of it’s token. The project was created with the goal of bringing artwork to a wider audience and making it more accessible to everyone, using blockchain technology to switch from a traditional business model in the art industry to a decentralized one.
The Sastanaqqam ecosystem consists of five parts: the NFT Rental Place, NFT Marketplace, Virtual Museum, Staking Platform and Launchpad, and P2E Games. The Blue Token, Sastanaqqam’s native cryptocurrency, and crypto-based Sastana Wallet connect all parts of the ecosystem. The project aims to grow and manage each part of the ecosystem in a traditional way while leveraging modern technology, with the goal of making each aspect of the business sustainable and profitable within the first year.
The overall goal of Sastanaqqam is to make the Blue Token viable as a stand-alone cryptocurrency and eventually without seeking external investment.
The impact of NFTs on the traditional art market
Non-fungible tokens (NFTs) are changing the art industry in a number of ways. Here are a few reasons why:
- Ownership: NFTs provide a way to prove ownership of digital artwork, making it easier for artists to sell and for buyers to purchase. This can be especially useful in the digital art world, where it can be difficult to prove ownership of a digital file.
- Accessibility: With NFTs, artists can make their work more accessible to a wider audience. Instead of being limited to physical copies or exhibitions, NFTs allow artists to sell their work online, potentially reaching a larger audience.
- New income streams: NFTs provide artists with a new way to generate income from their work. In addition to selling physical copies or exhibiting their work, artists can now sell NFTs of their work, providing them with a new revenue stream.
- Transparency: NFTs provide a level of transparency to the art market. Smart contracts used to create NFTs can make the buying, selling, and market capitalization values of a work public record, making it easier to track and verify the value of a piece of art.
NFTs are changing the art industry by providing a new way for artists to sell and distribute their work, and for buyers to purchase and own it. They also provide transparency and accessibility to the market, making it easier for people to access and appreciate art from around the world.
How Sastanaqqam can be a game changer for traditional art ?
The Sastanaqqam project aims to bring traditional art to a wider audience and make it more accessible to everyone through the use of blockchain technology and non-fungible tokens (NFTs). By switching from a traditional business model in the art industry to a decentralized one, Sastanaqqam aims to make artwork more accessible and allow artists to reach a larger audience.
One way that Sastanaqqam can be a game changer for traditional art is through the use of its Virtual Museum. This feature allows users to browse and view traditional artwork online, providing a new way for people to access and experience art from around the world.
In addition, the NFT Marketplace and Rental place allows artists to sell/rent their work as NFTs, which can be bought, sold, rented and traded like traditional art. This allows artists to reach a larger audience and potentially generate new income streams.
Overall, Sastanaqqam’s use of blockchain technology and NFTs has the potential to revolutionize the traditional art industry by making it more accessible, transparent, and decentralized.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Bengaluru Bytes journalist was involved in the writing and production of this article.