VALUE OF AN ART

We define a new term called Value of an Art. This is a unique valorization unit of an art piece. It is a necessary ingredient to cover global, cross border understanding of the value of an art piece. Valuing an art piece enables an easy conversion of this value into different monetary systems and vice versa.

ART CERTIFICATION

We define a new term called Value of an Art. This is a unique valorization unit of an art piece.

Value of an Art applies its own unit of measurement. It is relative to fiat currencies and subsequent changes reflect relative contribution of each currency to value of an art piece. Currently, the majority of the art trade is conducted in US Dollar, Chinese Yuan, Euro and British Pound. Naturally, these currencies will carry the highest weight in the valuing an art unit, but these currencies fluctuate in value, where Value of an Art doesn’t. The weight of each fiat currency in the value of an art unit will be publicly available and updated annually to reflect the trends in relative volumes across the globe. The Value of an Art unit itself and its conversion rates will be updated daily. Thus, it is possible to see how Value of an Art translates to value in every other fiat currency. This allows daily marking to market of any piece of art in a currency independent unit of measurement that follows the trends in the global demand for art.

Value of an Art is a currency independent value, used in the MusesNFT network to understand the value of an art piece, total market cap of an artist and thus provide an understanding of the relative value of an art piece both worldwide and in a specific collection. Value of an Art translates into Muses (MSS) value as is with any other fiat or crypto currency.

If an art piece is traced through verified transactions in a blockchain, then the certification is solved in a transparent, unchangeable and distributed way.

If an art piece is traced through verified transactions in a blockchain, then the certification is solved in a transparent, unchangeable and distributed way.

Technology can solve many paperwork problems, but certification of artwork sometimes needs human involvement, especially if a new artwork, not introduced directly from the author, needs to be created within the system. This situation demands that art experts to give feedback on the provenance and to verify the authenticity of a piece. Experts will have ways to earn Muses (MSS) token through such actions, thus enabling their services to be easily requested and rewarded.