Blockchain technology has far-reaching benefits when it comes to improving processes and systems, as well as pioneering applications and platforms. However, the blockchain has to have the right capabilities. This is what BSV has continuously done since it was established in 2018. It has successfully restored the original Bitcoin protocol to enable unbounded scalability and create a rock-solid foundation for developers to build on. And these powerful capabilities are what has drawn online art platform BullishArt to the BSV blockchain.
“Our plan is to offer more options to artists, for example creating art within the BullishArt platform, collaborating with other artists and creating collections. We are not looking to become a minting service where anyone can mint anything. We want to keep the high standard of art,” BullishArt founder Francesco Morello said.
With the goal of artist empowerment, what art on blockchain does is it mints non-fungible tokens (NFTs) of artworks and tokenizes it on a single chain to ensure that there is only one copy of each piece. Each piece is also curated by an exert to secure authenticity and traceability. Artists may apply to have their artworks minted by BullishArt.
“We have a form to apply as an artist on the site and after you are selected, there is another form to mint an NFT, but the minting is done by us. We would like to implement a solution on our website that uses BSV to mint directly on our web platform for artists who are approved by our curators. This will automate the minting and the facilitation of the service,” Morello explained.
Through this process, the BullishArt platform then creates a one-stop shop that allows for artists to connect with collectors and curators. BullishArt is currently using the Tezos, Klaytn and Ethereum blockchains; and soon, the BSV blockchain. With the BSV protocol that is set in stone, developers would not have to worry about application interruptions whenever the protocol changes, which also leads to expended time and money as the application adjusts to the changes.
“BARTsv is already available on Tezos, but to airdrop to 5,000 users, it would cost us $1,000. On Tezos, it costs around $0.30 – $0.40 for minting and listing an NFT, and if you want to change the price or other information you will need to spend another $0.10… We would like to be using a much more efficient chain—that is why we are looking at Bitcoin SV, as it has low-cost transactions and a stable protocol,” Morello revealed.
The BSV network is also not limited by any kind of data cap, which makes it possible for a huge number of transactions to be processed at a given time as it scales continuously. This then allows for transaction fees to be at the market’s lowest, with the current average transaction fee of only $0.0017. This is tiny compared to Tezos’ $0.30 and Ethereum’s $3.04. And the fees will only be lowered when the Teranode project is released this year, which is expected to raise the BSV network’s capacity to 50,000 transactions per second.
This is why BullishArt’s recent airdropped fungible token BARTsv operates on the BSV blockchain. Having worked with other blockchain providers, BullishArt knows how big the difference is when it comes to cost-efficiency and speed of transactions. “By contrast, BSV is super convenient and fast. For this reason, it makes no sense to use another chain—we need to have an efficient blockchain.” And this is what will make art on blockchain flourish to create more opportunities for struggling artists worldwide.