Ben Elliot, the French artist, is launching Ben Elliot Token (BET), the world’s first personal cryptocurrency, which supported by the market value of his artworks, as his efforts revolutionize the artwork purchasing and collecting experience that directly pegged to a career.
It has been reported that BET and is expected to launch in 2021, as the value of the token will rise along with the market value of Elliot’s artwork.
However, BET will not be a stablecoin as it may seem at first.
“Ben Elliot Token is following my journey as an artist and my market value. Art goes up and down all the time but is a very stable asset if you consider that a young artist can only go up if he works well enough to make it happen.”
Elliot says that he chose Stellar because he likes the project and ambition behind the Stellar blockchain as it represents “one single network useful for different systems.”
Currently, he is working on the pricing mechanism functionality, which he expects to disclose closer to the end of 2020.
Likewise, when asked on what trading platforms he is going to list the token, Elliot said that he favors peer-to-peer exchanges, but did not name any of them at this point.
It has been analyzed that BET is designed as a decentralized cryptocurrency, as Elliot calls the token an artwork itself by saying that he hopes BET will become one of the few new forms of art that will change the industry.
Apart from collecting BET as an artwork, interested parties will be able to invest in it for profits, exchange with any other currency or spend it on artworks and events.
“BET holders will be part of a community of forward-thinkers involved in the emerging conversations about the creative and financial fields. They will be able to access an online platform where we will offer a program of exhibitions and exclusive contents. They will also be offered to participate in IRL events where they can gather with other holders, meet and discover a program of talks, screenings, etc. At last, they can also convert the tokens into physical artworks at a preferred price.”
By commenting on the token’s compliance with regulations, Elliot said:
“People will be subject to those of their countries in matters of crypto assets.”
However, Elliot states that BET will be the first ever personal token directly tied to his career evolution.
Alex Masmej, the founder of a company offering loans against non-fungible tokens, just recently raised $20,000 after selling his personal tokens on the Ethereum network.
Thus, Masmej promised investors voting rights in major life decisions, participation in his seed funding round, and exclusive sessions.