The internet has revolutionised trade via e-commerce and also unlocked new avenues for people to carry out quick digital transactions, and even manage investments. Although not accepted as part of the mainstream for a long time, cryptocurrencies based on blockchain tech have finally been identified as viable investment vehicles.
In the wake of investors and payment firms opening up to crypto coins, the Emirates has also set a target for carrying out half of all its government transactions via blockchain. In the middle of these developments, Silicon Valley startup Cheeze has arrived in Dubai, and is offering netizens a chance to monetise their images and art through blockchain tech.
The process used for creation of virtual currencies like Bitcoin and Ethereum, will be deployed for converting photographs and visual assets into digital tokens. Once this happens, owners of the crypto tokens can reach out to a larger base of collectors and buyers through online platforms.
Although internet users aren't exactly buying the actual picture in physical form, the tokens act as a certificate of ownership, which authenticates the image and is also protected against forgery, thanks to blockchain tech.
Backed by Emirati property developer Mohammed Al Rafi, the service will empower talented individuals to promote their art and gain maximum value as well as investments for images.
Similar initiatives have been launched in the UAE in past few months, including a campaign designed for female artists to launch their work online in form of digital tokens. This year also saw auction house Chirtie's conduct its first ever online auction of an artwork traded in form of a blockchain-based token.
In the music industry, Kings of Leon joined the blockchain bandwagon by releasing their album on the internet, in form of a digitised token. Twitter founder Jack Dorsey's first ever tweet is also up for grabs as a virtual token, and the bids have reached the $2.5 million mark.
Original article posted on http://mashable.com