Each artwork on the BitPainting platform
is a non-fungible, unique
ERC-721 token.
There is one (and only one) Original for each artwork. Collectors have the option to create Editions of their artworks as determined by the the smART™ contract governing each work.
BitPainting is built on top of the Ethereum network. Ether is required for any transaction that is recorded to the ETH blockchain.
Each artwork is able to create Editions of itself as determined by its smart contract. Collectors are able to create Editions of their works as determined by the the smART™ contract governing each artwork. When a Collector creates an Edition, he/she does so within the tier directly below the artwork’s own tier. For example, an Original is able to create 1st Editions while 1st Editions are able to create 2nd Editions.
Our default Edition Structure is as follows*:
Artwork | Number of Units |
---|---|
Original | 1 |
1st Edition | 5 |
2nd Edition | 15 |
3rd Edition | 30 |
Total (including Original) | 51 |
*Certain artworks may have unique Edition Structures
Speed represents the amount of time it takes for a Collector to create an Edition one tier down. Each artwork starts with a Speed of 10/10. With each Edition that an artwork creates, its Speed declines:
0 Editions Created = Speed is 10/10
1 Edition Created = Speed is 9/10
2 Editions Created = Speed is 8/10
Our Speed Structure is as follows:
Speed | Time to Create Artwork (Days) |
---|---|
10 | 1 |
9 | 5 |
8 | 10 |
7 | 20 |
6 | 40 |
5 | 80 |
4 | 120 |
3 | 180 |
2 | 270 |
1 | 365 |
*3rd Editions are unable to create derivative artworks
We analyzed the average sales price, based on auction results, of all top artists. We then placed these artists into ten tiers. For each tier, we selected a Start Price and an End Price.
In order to accomodate scenarios where we underestimated the Start Price for a specific artist, the Start Price is determined by the following formula: Greater of (a) the Start Price based on that Artist’s Tier; or (b) the running average for all Original Works by that Artist multiplied by 1.10.
Since all works are sold using a Dutch auction, the auction format itself naturally adjusts in scenarios where we overestimated the Start Price, as the price will decline until it reaches the End Price.
All auctions for Originals sold by BitPainting are 24 hours in duration. Pricing for all auctions declines evenly on a straight line basis over the duration of the auction at 15 minute intervals.
Our Original Start and End Price Values are as follows:
Tier | Start Price (ETH) | End Price (ETH) |
---|---|---|
1 | 100 | 1 |
2 | 90 | 0.9 |
3 | 80 | 0.8 |
4 | 70 | 0.7 |
5 | 60 | 0.6 |
6 | 50 | 0.5 |
7 | 40 | 0.4 |
8 | 30 | 0.3 |
9 | 20 | 0.2 |
10 | 10 | 0.01 |
Each work of art on the BitPainting platform is a non-fungible (ERC-721) token, which is stored on the Ethereum blockchain. We have built specialized smART™ contracts which guarantee scarcity, ownership, and provenance. These smART™ contracts allow art collectors to create Editions of their artworks, enabling a form of limited, decentralized supply.
We have chosen to divide BitPainting functionality into four smART™ contracts. This allows us, in the future, to more easily update a particular smART™ contract based on the specific change that we are seeking to implement.
To view our smART™ contracts, please navigate to the links below:
Each BitPainting is unique and its contract specifies:
Responsibilities of the contract are:
Responsibilities of the contract are:
Responsibilities of the contract are:
Responsibilities of the contract are: