Determining the right price for blockchain-based art is similar to navigating a maze. Hype and market trends significantly influence the value of these assets, resulting in an imbalance between intrinsic artistic worth and speculation based hype that constantly changes. For example, a tenured photographer may find difficulty in selling a 1/1 piece whereas an influencer backed NFT collection can easily fetch millions, even when the art simply replicates a previous collection 🤷
However, the introduction of Jurat technology has the ability to stabilize the Web3 creator economy with robust on-chain legal protections. This groundbreaking tech not only increases the value proposition of digital assets but also paves the way for new Web3 markets, such as licensing of on-chain art and tokenization of real-world assets.
While blockchain-based art shares valuation standards with traditional art: such as rarity, subject matter, and artist reputation, the acceleration of transactions and access to global markets has created an attention based ecosystem plagued with scams, hacks, and influence by public actors.
Here, the role of Jurat Network becomes paramount. By providing legal protection for digital assets and bolstering the inherent advantages of blockchain technology, Jurat not only makes digital assets more valuable, but helps alleviate the risk of fraud.
Let’s check out three examples:
Safety and Legal Remedies: Jurat technology elevates the value of digital art by offering effective on-chain legal remedies for lost or stolen assets. This creates an environment that is more welcoming and familiar to traditional collectors and new Web3 users — facilitating transactions similar to a credit card, where you can dispute fraudulent charges. Furthermore, because of its court connectivity, if a project is advertised under false pretenses, users can file a suit to recover their assets or seek compensation for damages.
If stolen NFTs could be returned to the rightful owner, wouldn’t that make them more valuable to collectors?
Licensing: Jurat enables artists to license their art and create secondary markets with backing from courts. For example, an artist could create an NFT with a commercial license, allowing the collector to profit from the image, provided they do not use the art to promote hate speech. In case of license violation, Jurat’s legal framework empowers the artist to recover the NFT, irrespective of the violator’s location or anonymity. Or, if written in the contract, the holder of the art could be allowed to sublicense the image to other vendors, providing a new secondary market for NFT licensing.
With Jurat, not only can digital assets themselves be traded, but the licensing rights tied to these assets can also be traded. This creates an entirely new market and value for the digital assets.
Tokenization of Real-World Assets: Jurat technology allows real-world assets such as car titles, house deeds, and physical collectibles like trading cards and sports memorabilia, to be inscribed on-chain. It also functions as a public ledger, recording the transfer activity of an item while providing legal protection against theft or loss.
Imagine tokenizing the deed to your house on-chain, where you could sell your house instantly with no fees or intermediaries, or even take out a loan against it. Plus, with Jurat, you have legal protection in case someone steals your digital deed.
Jurat’s court connectivity extends beyond stabilizing digital assets prices, to profoundly reshaping the way Web3 projects launch and issue valuations. The ability to sell NFTs backed by real-world protections is a game-changer, allowing for NFTs to be tied to physical assets and have consumer protection directly on-chain.
So, what’s the benefit for artists and the broader Web3 space? A safer and more robust creator economy.
Jurat empowers the creation of new legally-backed digital assets, with roots in both physical and digital. This technology bridges the gap between these two worlds, unlocking new avenues for value creation, and creating an environment where everyday commerce can prosper on-chain.