Upcoming Digital Art Platform on the Waves Protocol
While there is a growing problem in the current NFT market for Bitcoin and Ethereum built platforms, SIGN Art is developing a solution
Upcoming Digital Art Platform on the Waves Protocol.
While there is a growing problem in the current NFT market for Bitcoin and Ethereum built platforms, SIGN Art is developing a solution. The scalability issues of Bitcoin have been showing for a few years and the art market is affected by it, specifically if you sell low cost art – For such digital artists it is almost not worth it to participate in the market anymore. The instability of Ethereum’s gas fees is also proving to be an issue, some artists have reported fees of up to $75 at certain times, this proves that Ethereum is no reliable option.
Signature Chain is a project built on the Waves Protocol, since its launch in September 2018 many developments have been made. The initial focus of the project was to offer digital data certificates on the blockchain, this resulted in the sign-web.app (https://www.youtube.com/watch?v=YgR58B8i9-Q). This web app is packed with features such as Mass Transfers, Multi-Party Agreements, File Certification, E-Mail Certification, FIAT options, Quick Purchase options and customization themes. During the development of the web app, the plan to simplify and market target certain use cases was already being made, the first of which being digital art.
The idea of SIGN Art was simple, a digital art gallery that is certified on the blockchain. Artists would be able to show their art off as a portfolio on their profile page. During the development research of this platform, the team came to the conclusion that building an NFT market on top of SIGN Art would enable the world of digital art to prosper – digital artists would be able to prove ownership while also having the ability to transfer their ownership.
Above this, the existing problems in the current NFT markets came to mind. Inefficient, high cost and the problem was ever expanding. SIGN Art would be built on the Waves Protocol and offer the ability to create and transact NFT’s for a super low cost, almost instantly. The transaction fee on Waves is fixed, meaning there are no surprising high fee moments.
There is no use of browser extensions, instead Waves Protocol offers Waves Signer. Using Waves Signer, people will be able to log into the web app with their Waves address without installing anything, thanks to there being no extension needed, SIGN Art will also be mobile friendly.
As of late (30th of June) a UI demo has been released for SIGN Art (https://www.youtube.com/watch?v=EbbwU-qlXBQ). The team is very open to feedback. Soon a public beta of SIGN Art will be released, this version will include the initial planned features for SIGN Art, a digital art gallery with everything being certified on the Signature Chain dApp – keep in mind that any art added to the platform will automatically have an NFT created for it, this way once the NFT market is implemented you will have the option to put your art for sale. During the public beta, artists will be able to comment on anything they’d like to see added or changed on the platform, all feedback will be thoroughly listened to.
The next development milestone for SIGN Art will be the implementation of the NFT market, this will offer artists the ability to list their art for sale. Other users and artists will be able to purchase a copy of the art with NFT ownership using either SIGN, WAVES or USDN – SIGN having a fee incentive.
After the implementation of the NFT market many other features can be added to the platform which will improve the overall user experience. The feedback from users on SIGN Art will be a crucial role in this development phase.
The future for digital art is looking bright, the market is growing at a quick pace, more and more digital artists are starting to take advantage of blockchain technology – and SIGN Art is going to contribute to this future.