Key Information

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.

Product History / Roadmap

January, 2018 BitPainting development begins. May 14, 2018 BitPainting launches as a Closed Betaon the ETH Ropsten Test network. 2018 May 31, 2018 BitPainting launches, in Early Accessmode, on the ETH Main Network. Summer, 2018 Planned Features & Updates:     Visualize your artwork in physical     settings (“View In Room”)    Sharing functionality    Collector Status mechanism    Auction notifications Fall, 2018 Planned Features & Updates:     Mobile application    Ability to order a Companion     Sculpture.    Augmented reality mode.    Ability to accept FIAT currency     and credit cards.    Partnerships with contemporary     artists.    Ability to print Digital Ownership     Certificate.    Integration with select 3rd party     marketplaces.    Referral invite system. 2019 To be announced

Key Mechanics


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

Contract Structure

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:

Paintings Contract

Each BitPainting is unique and its contract specifies:

  • Artwork name
  • Artist name
  • Edition structure
  • Speed structure and artwork speed
  • Original (parent) and Edition (child) artworks

Responsibilities of the contract are:

  • Releasing Original artwork (only for BitPainting team)
  • Canceling Original artwork release (only when unsold and only for BitPainting team)
  • Sending artwork as a gift

Auctions Contract

Responsibilities of the contract are:

  • Calculating price of artwork during auction
  • Starting auction
  • Canceling auction
  • Bidding on auction and buying artworks

Editions Contract

Responsibilities of the contract are:

  • Setting the edition structure:
    • -  One Original
    • -  1st Edition quantity
    • -  2nd Edition quantity
    • -  3rd Edition quantity
  • Creating editions of given artworks

Storage Contract

Responsibilities of the contract are:

  • Stores all data for the application
  • Allows altering certain data after security and data integrity checks are met