4/ Property rights: 🤝 define relationships between people with respect to the thing they regard as property 🤝 mark the boundaries for an individual’s choices & the group’s ability to act 🤝 establish who can make decisions about how to hold, use, & exchange certain resources
5/ In centralized systems, property rights are mediated by governments & institutions. In decentralized systems using blockchain, smart contracts mediate property rights.
6/ Blockchain components such as smart contracts & ledgers allow us to record provenance & transparent transactions, thus establishing property rights for digital objects.
7/ Within a single blockchain ecosystem, property rights are established by the protocol and upheld by smart contracts. In other words, the blockchain provides a shared trust zone in which users can cooperate.
8/ Moving between blockchains – or trust zones – presents friction because the property rights established on different blockchains are not programmed in a compatible way.
9/ The decision to move digital goods to a different blockchain often depends on the perceived network effects.
10/ With regard to NFTs, bridges enable people to move their tokenized artwork between blockchains. Our work at Bitmark ensures their property rights are secured.
11/ With our bridges, artists & collectors can move tokenized artwork between the trust zones established by Blockchain A & Blockchain B, with the confidence of preserving the collector’s property rights & the artwork’s provenance.
12/ As many of you know, we initially minted Feral File exhibitions on the Bitmark blockchain. In 2021, we built the Bitmark Ethereum Bridge because collectors asked for it. Ethereum had better network effects than the Bitmark blockchain at the time.
13/ This means more people were using, trading, & building with Ethereum than with Bitmark. The Ethereum ecosystem was more robust. So we built a bridge to help our collectors get there.
14/ With our knowledge & experience in token migration, we’re happy to help @pablorfraile’s team build a bridge for @AoristArt artists & collectors to safely move their tokenized artwork from Algorand to Ethereum.
15/ @AoristArt launched in 2021 as a next generation cultural institution commissioning artists at the edge of art & tech. Artists like Refik Anadol, Jonas Lund, & Reisinger Andres released iconic bodies of work during Miami Art Week, Venice Biennale, & Art Dubai Digital.