HOW ARE WE, a performance art film, consisting of 15 short works filmed in COVID-19 lockdown, has been tokenized on the Ethereum blockchain.
It has been reported that a mechanism has been put in place to reward the project’s contributors whenever the asset is sold.
However, a legally binding contract grants the rights to the film to the holder of the ERC-721 token in which the hash and metadata of the artwork are stored. For example, this means that if the Museum of Modern Art wanted to purchase the piece, it would first need to acquire an Ethereum wallet.
Additional tokens have been minted and distributed between the contributors to the film.
It has been analyzed that if someone buys the piece, the proceeds will be split based on the percentage holdings of these additional tokens.
Likewise, for any further sales, 10% of the sale price will go directly back to the original artists. Any fan donations sent to an Ethereum address will also be split between contributors.
Rob Solomon, the head of blockchain technology of HOW ARE WE, said that the idea behind the project was commissioned by the Onassis Foundation.
Thus, he added:
“Digital art forms have exploded in recent decades. Technology enables today’s artists to mix otherworldly music, draw up complex illustrations, and produce impossibly augmented films … While we’ve dramatically advanced the means by which art is created and shared, we’ve yet to adequately advance the means by which legitimacy is proven and artists can own, and be compensated for, their work.”