PAINTINGS AS A REAL-WORLD ASSET (RWA) USECASE
The world is seeing a rapid change in how assets are given value, transferred, and stored. This change is brought about by the advent of blockchain technology and real-world assets (RWAs). RWAs are fungible or non-fungible tokens that represent assets from the real world, such as a car, a house, or a painting.
Introducing paintings into the RWA asset class can provide unmatched market liquidity, new investment opportunities, open up new markets, and challenge the traditional art dealer market.
SCHEDULED PRODUCTION MAKES STABLE SUPPLY
For any new market to be attractive to investors, it needs to have a predictable supply. This becomes obvious when looking at how Bitcoin mining distributes Bitcoin in a predictable manner to the miners participating in securing the network. Often, artists' production is unstable, making it difficult to predict the price and amount of artworks over time.
A solution to this is scheduled production, mimicking how Bitcoins are minted. This means that artists must create a binding contract that legally fixes their production to be stable over time.
The benefits of a stable production that is tokenized into RWAs are tremendous. Not only can investors rest assured that they are not diluted by a sudden supply shock, but it will also become easier for new investors to understand the artist's practice. The works will have a linear progression and can be easily cataloged directly as RWAs on the blockchain.
MEET STING AND DEVIATIONS
Since 2015, I have been working on this idea, and I think the time is now right to put it into practice. I have worked on two fixed schedule painting series: one called STRING, which started in 2015, and one called DEVIATIONS, which I began working on in 2023. STRING has a release schedule of one month, meaning there now exist more than 100 STRING paintings, all of the same size, each painted at one-month intervals. DEVIATIONS consists of smaller, same-sized paintings with a one-week interval, and around 60 of them already exist.
This makes the two painting series a perfect use case to test paintings as RWAs and bring a new way to handle, trade, collect, and store artworks to the market.
