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Bustani Gallery offers a distinct approach to art collecting that provides unparalleled transparency, provenance, and convenience. In the coming years, physical artwork that is verifiable through an associated NFT on the blockchain will be the greatest proof of authentic ownership. To provide clients with assurance of proper setup and care of their blockchain assets, Bustani Agency offers digital asset management of smart contracts, virtual assets, and cryptocurrencies.
Artworks are minted by Bustani Agency and are offered on Manifold Smart Contracts. Tokens are “dynamic” with metadata being subject to change. Collected works may be used solely for personal, non-commercial use. Please contact info@bustani.agency to request commercial usage.
What is the blockchain?
A blockchain is a digital record of transactions. It is called a "chain" because it consists of a series of blocks, which are records of multiple transactions. Each block contains a unique code, called a "hash," that distinguishes it from every other block in the chain. It also contains the hash of the previous block, which ties the block to the previous block and creates a secure, chronological chain of transactions.
The most well-known use of blockchain technology is in the creation of digital currencies, such as Bitcoin. However, it has many other potential uses, including supply chain management, voting systems, and identity verification.
One of the main benefits of blockchain technology is that it is decentralized, meaning that it is not controlled by a single entity. This makes it very secure, as there is no central point of failure that could be exploited by hackers. It also means that transactions on a blockchain are transparent and cannot be altered, making it an ideal platform for recording and verifying transactions.
What are non-fungible tokens (NFTs?)
Non-fungible tokens (NFTs) are digital assets that represent ownership of a unique item or asset. They are called "non-fungible" because they cannot be exchanged for other tokens or assets on a one-to-one basis. This is in contrast to "fungible" assets, such as currencies, which can be exchanged for other assets of the same value.
NFTs are usually built on top of a blockchain platform, such as Ethereum, and are stored in a digital wallet. They can represent a wide variety of assets, including artwork, collectibles, in-game items, and even virtual real estate. Because they are unique and can be verified on the blockchain, NFTs have become popular as a way to authenticate and sell digital assets.
Some examples of NFTs include digital artworks that are sold at auction for millions of dollars, rare virtual collectibles that are highly sought after by gamers, and even tweets that have been turned into NFTs and sold for significant sums of money. NFTs have gained a lot of attention in recent years, and they are a growing area of interest in the world of digital assets and collectibles.
What is a smart contract?
A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist on the blockchain network.
Smart contracts allow for the automation of contracts, which can streamline processes, reduce the risk of fraud, and reduce the need for intermediaries. They can be used for a wide range of applications, including supply chain management, real estate, and financial transactions.
The terms of a smart contract are enforced by the blockchain network, which ensures that the terms of the contract are carried out as intended. This helps to increase the security and reliability of the contract, as it reduces the risk of fraud or errors.
What does it mean to own a digital collectible / NFT?
Owning a digital collectible, also known as a non-fungible token (NFT), means that you have unique ownership of a digital asset. This can include artwork, in-game items, virtual real estate, and other types of digital assets.
When you own an NFT, you have the right to use, sell, or transfer the asset to someone else. The ownership of an NFT is recorded on the blockchain, which allows for the ownership of the asset to be verified and tracked.
NFTs can be stored in a digital wallet, similar to how physical collectibles are stored in a physical location. Some people choose to display their NFTs on their personal websites or social media profiles, while others may choose to keep them private and simply hold onto them as a form of investment.
Overall, owning an NFT means that you have exclusive ownership and control over a unique digital asset.
Does every digital collectible come with a print?
Every digital collectible is labeled as either blockchain ownership and print, or just blockchain ownership. The labeling of a digital collectible will indicate whether or not it comes with a physical print. Digital collectibles that are labeled as blockchain ownership and print come with a physical print, while those that are labeled as just blockchain ownership do not come with a physical print. It is important to carefully review the labeling of a digital collectible before purchasing to understand what is included with the purchase.
Can the agency manage the NFT on my behalf?
Yes, the agency offers private management of digital assets on behalf of its collectors even if a physical print is not included. Please contact info@bustani.agency for more information.
What services does the agency provide for traditional clients and collectors?
The agency is able to manage the digital asset on behalf of the collector if the collector is only interested in the physical print. A consultation to discuss this option is free of charge, and the collector is welcome to request the NFT from the agency at any time should they decide to set up a digital wallet in the future. The agency offers this service to make it easy for collectors who are not familiar with blockchain technology to still verify their physical art pieces and ensure that their ownership is properly recorded. The agency understands the importance of verifying ownership and is happy to assist collectors in this process.
I’m interested solely in the print - what is the benefit of owning the NFT?
There are several benefits to owning the non-fungible token (NFT) in addition to the physical print of a digital collectible.
One benefit is that the NFT serves as a digital certificate of authenticity, verifying that the physical print is a genuine and unique piece of art. The NFT is stored on the blockchain, which allows for the ownership and authenticity of the asset to be verifiably recorded and tracked.
Another benefit is that owning the NFT can potentially increase the value of the physical print, as the NFT is often considered to be a collectible in and of itself. The value of NFTs can fluctuate based on market demand, and owning an NFT may potentially increase the value of the physical print over time.
In addition, owning the NFT may also give the collector certain rights or privileges, such as the ability to display the artwork online or access certain exclusive content related to the piece.
Overall, while owning the physical print of a digital collectible may be the primary goal for some collectors, owning the NFT can provide additional benefits and can enhance the value and uniqueness of the physical print.
How do I setup a digital wallet?
To set up a digital wallet using MetaMask, follow these steps:
Visit the MetaMask website (https://metamask.io/) and click on the "Get MetaMask" button. Follow the prompts to install the MetaMask extension for your preferred web browser.
Once the extension is installed, click on the MetaMask icon in your browser to open the application. Click on the "Create a Wallet" button to create a new wallet. Follow the prompts to create a secure password for your wallet. Make sure to write down your password and store it in a safe place.
Read and accept the terms of service, then click on the "Create" button. You will now see a screen with your "Seed Phrase." This is a series of words that you will need to use to restore access to your wallet if you ever lose access to it. Make sure to write down your seed phrase and store it in a safe place.
Click on the "Next" button, then confirm your seed phrase by typing it into the provided field. Once you have confirmed your seed phrase, your wallet is set up and ready to use. You can use it to store and manage your digital assets, including non-fungible tokens (NFTs).
It's important to keep your password and seed phrase secure (never to be shared with anyone) and to regularly back up your wallet to ensure that you do not lose access to your digital assets.
What percentage royalties do Bustani Artists receive?
Bustani Artists receive 90% of the proceeds from primary sales of their artworks and 6% of the proceeds from secondary sales. The percentage that the agency receives is largely utilized as a re-investment into the career of the artist, including marketing and promotion efforts, studio space, and other expenses that can help the artist to continue to create and share their work with the world.
It is important to note that the percentage of royalties that an artist receives can vary depending on the terms of the contract and the specific arrangements between the artist and the agency or other parties involved.
How are the artworks printed?
The artworks are most either printed on aluminum or archival paper and are finished on the recommendations of the artist, taking into consideration the needs and preferences of the collector to suit their intended display location.
For example, if the collector plans to display the artwork in a high-traffic area or in direct sunlight, the artist may recommend a coated aluminum print that is more resistant to fading or damage. On the other hand, if the collector is looking for an archival quality paper print to frame, the artist may recommend a specific type of paper based on the color(s) of the image.
What is a dynamic token?
A dynamic token is a type of non-fungible token (NFT) that can be updated or modified over time. This means that the ownership, metadata, or other aspects of the token can change based on certain conditions or triggers.
For example, a dynamic token might be set up to automatically update with the latest information about an artwork, such as the artist's latest exhibition history or the latest market value of the piece. Or, a dynamic token might be set up to allow the owner to make certain updates or changes to the token, such as adding their own personal notes or annotations to the piece. The process of archiving artwork onto the blockchain requires information to be added constantly, and dynamic tokens allow for flexibility in updating and modifying the information as needed. Once the works are complete, the agency plans to lock the tokens into permanence to ensure the long-term integrity and security of the art.