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The NFT Art Market Just Got Safer and Faster - New All-Art Protocol Praised by President of Solana Foundation
Art Exhibition Platform Fights to Bring Liquidity and Regulation to the NFT Market
PRESS RELEASE
ZUG, Switzerland (May 13, 2021) -- Anatoly Yakovenko, the President of the Solana Foundation, praised a new protocol currently under development on the Solana blockchain, the All-Art Protocol. “Fast, low-cost NFTs have the potential to bridge legal rights and digital authentication in ways never before possible,” said Yakovenko. “I’m delighted the All-Art Protocol is choosing to build on Solana, and look forward to their launch.” VR-All-Art, one of the leading platforms for exhibiting and acquiring art in virtual reality, is working on developing the protocol during Solana Season Hackathon.
With the All-Art Protocol, VR-All-Art is aiming to bring constant liquidity to the world of tokenized art by creating a unique type of AMM (automated market maker) liquidity pools for NFTs. The protocol introduces a new standard, the NFT-PRO, designed for stakeholders in the art market. The NFT-PRO standard will enable artists to customize license rights for each art piece they create and embed them into NFT-PRO smart contracts. Through this mechanism, the All-Art Protocol will protect both artists and collectors, while enabling new use cases for owning, exhibiting and trading art on the blockchain.
“What we have witnessed with the latest trend in registering art as NFTs is a lack of proper infrastructure to handle the demand,” said Vitomir Jevremovic, CEO and Founder of VR-All-Art. “Ethereum transactions are slow, while the fees for minting and trading NFTs are skyrocketing. The environmental impact of a single NFT mint is enormous. This is not sustainable. Artists and galleries need affordable ways to put their art on the blockchain and have real-time transactions to handle live auctions. This is why we have chosen Solana. It is the fastest and most promising blockchain with a low energy-consumption footprint. We simply need things to work when people are minting NFTs and creating virtual exhibitions.”
Talking about the NFT standard currently in use, Jevremovic said, “The art market got a good introduction to what blockchain can do for it, but it was a tough lesson to learn because NFTs are just not a good enough solution.” He went on to state, “With the current NFT model, you basically own a string of text in the form of a hash or a link. This is not an art piece. We need better ways to incorporate art license rights into smart contracts. We believe the global art market needs a blockchain standard in line with the regulatory framework for art. Only then can we expect the art market to expand and scale in the digital and virtual space, with more people engaging and transacting value through NFTs.”
The adoption of a blockchain infrastructure for virtual exhibitions is meant to ease art trade in virtual reality while bringing liquidity to the growing NFT art market. The VR-All-Art platform will ensure that art registered on the blockchain through the All-Art Protocol is compatible with established regulations and copyright laws. VR-All-Art invites other platforms to use the protocol and join its efforts to regulate the NFT art market and provide more liquid assets for stakeholders.
Don’t miss any news about the All-Art Protocol and hot NFT topics on Twitter @allartprotocol.
For more details, visit all.art