The digital art auction will be held today, with exclusive works of art from popular crypto personalities, being the most prominent Vitalik Buterin. It should be noted that the auction will be held with the Cryptograph platform, which has a built-in social element.
The Cryptograph platform
Cryptograph, based in the UK, tries to align profit motive with social impact. For this, you will append the charitable contributions to a token.
The Cryptograph platform launched on June 6, auctioning its own type of digital artwork. It should be noted that these works of art will be stored as unique digital collectibles, known as Non-Expendable Tokens (NFT), which are stored on Ethereum.
What is a non-fungible token (NFT)?
It is a type of Blockchain token that represents a unique asset. Second, they can be fully digital assets or tokenized versions of real-world assets.
Meanwhile, fungibility means that the individual units of an asset are interchangeable and essentially indistinguishable from each other.
The Cryptograph platform and the digital art auction
Aiming to become a market leader in digital collectibles and Blockchain-based artwork, Cryptograph will present pieces of digital art, with new and original memorabilia, from some of the world’s most renowned artists and icons.
Because of this, Cryptograph founder Edouard Bessire said:
“Technological innovation often works in conjunction with legal innovation.”
He also added: “Both are necessary for a new product or service to work. Mainly, being at the forefront of technology, Cryptograph needed the right foundation, to build a lasting business“
For his part, Graham Hann said:Cryptograph has created a sustainable philanthropic platform, which uses Ethereum and smart contract technology, in a new way“
Additionally, working with Cryptograph provided opportunities for teams to share some really creative solutions. Definitely to guarantee the success of the platform and maximize its innovation.
Similarly, Edouard Bessire complemented: “The combination of our experience in the technology and media sectors, working with innovators and our continued commitment to the arts, made for a truly exciting project.“
Vitalik Buterin creates a digital artwork on the Ethereum network
The first cryptogram at auction is titled “Quadratic Funding” by Vitalik Buterin. The piece is a visual formula of Buterin’s vision of a new method of financing public services.
It is necessary to emphasize that Buterin summarizes the concept of Quadratic Financing in this way: “The model encourages people to voluntarily contribute amounts, which together tell the government how much society values a public good. Also, where should that funding go?“
Other participants in the auction
Certainly, Bitcoin’s first adopter Erik Voorhees and Ethereum researcher and developer Vlad Zamfir are also set to auction their own artwork.
Additionally, Bitcoin.com CEO Roger Ver is another of those committed to auctioning off original digital artwork through the new Cryptograph platform. Being the most important thing to favor charitable causes close to their hearts.
In the same vein, Cryptograph co-founder Hugo McDonaugh stated:
“Every crypto that is sold on our platform supports a charitable cause.”
He also emphasized: “Every time a transaction occurs or is bid, it automatically raises money for your charity and for our company Perpetual Altruism“
To finish, the creator of a Cryptograph selects a charity, which will receive a share of the token sale when it is auctioned. Then, each subsequent transaction involving the token, send another donation to the chosen charity.
Therefore, we hope that the digital art auction with the Cryptograph platform will be a success.