Art has long been considered a unique form of human expression. As such, many worldwide look to art for inspiration and precious art pieces. With the advent of blockchain technology, a new form of art is taking center stage – digital artwork.
Previously unknown artists have sold their artworks as non-fungible tokens, or NFTs, for millions of dollars. These mega trades have given the NFT space a notorious reputation of extravagance, limiting new users with not-so-deep pockets. That is changing with SmarterWorx. The blockchain platform makes artwork for everyone accessible.
Understanding SmarterWorx
SmarterWorx is an art-centric blockchain protocol allowing users to invest in physical and top-tier artwork. With SmarterWorx, crypto enthusiasts and art lovers now have a project to take pride in. SmarterWorx deploys a unique concept that blends real-world art with digital space. The protocol invests in physical artwork with significant growth potential, then tokenizes the artwork before flipping it for a massive profit.
Art pieces derive value from their originality. By creating an NFT of the art piece (also called a connected collectible), SmarterWorx leverages its underlying framework to store and track ownership of the original piece. This way, all counterfeits are rendered valueless. After buying an art piece and tokenizing it, SmarterWorx sells the NFT and physical item on SmarterWorx Marketplace for a profit and uses the earnings to reward its investors.
SmarterWorx deploys its native token, $ARTX, to facilitate on-chain operations. The platform has designed a unique token model with asset-backed reserves for each $ARTX in circulation. All $ARTX tokens are backed by the physical artwork and connected NFTs in SmarterWorx’s portfolio. Additionally, half of the earnings from selling art pieces are used to buy $ARTX from supply to send to a burn address. So, SmarterWorx’s deflationary token mechanism keeps $ARTX valuable over time.
What is Cosmos?
Cosmos is a blockchain protocol billed as the alternative for the resource-intensive, slow, and barely-scalable chains. As a solution, Cosmos offers a network of connected chains, simplifying blockchain for users and developers. Its Inter-blockchain Communication enables different blockchains to communicate, ensuring seamless integration.
Cosmos issues the $ATOM token to nodes and participants securing its network. After peaking at $43 early this year, the token has plunged to around $10.5, a 75% decline. This poor showing has drained investors’ assets despite Cosmos’ unique features like enhanced scalability and lower fees.
What is Polkadot?
Polkadot is a decentralized protocol that connects to different chains, including public, private, and permissionless networks. The protocol’s framework allows chains to connect and transact directly via the Polkadot Relay Chain.
Primarily, Polkadot is built to be the foundation of Web3 apps. With its sharded multichain network, the platform has enhanced scalability to process transaction requests on parallel chains, known as parachains. Polkadot’s native token, $DOT, serves utility roles like staking, governance, and bonding tokens connected to parachains. Through 2022, $DOT has dipped nearly 80%.
Final Takeaway
The crypto meltdown in 2022 has brought in one key lesson for project developers – asset-backing for tokens. Projects whose tokens have no solid backing are at risk of catastrophic collapse. $LUNA and $FTT fell partly because the projects had insufficient reserves. Similarly, $DOT and $ATOM have had similar exposures.
SmarterWorx is leading the way for asset-backed tokens. $ARTX deploys real artwork and connected NFTs to stabilize the token’s value amid market volatility.
Learn More Here:
Join Presale: https://smarterworx.io/buy
Website: https://SmarterWorx.io/
Linktree: https://linktr.ee/smarterworx
