Scrypted, a technology startup focused on bridging the gap between digital assets and the Metaverse, announced that they have been selected as the integration partner for Cryptoart’s upcoming Non-Fungible Token (NFT) release.
Scrypted, which recently joined the residency program at the Virginia Serious Game Institute (VSGI), is a Metaverse-centric startup backed by a team of veteran game and virtual world developers concentrating on solving the complex problems at the heart of Web 3.0. Their expertise in cryptocurrencies, blockchain technologies, and smart contract development makes them uniquely qualified to tackle the challenges underlying the evolution of the next generation of the Internet.
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The latest project for Scrypted is a partnership with Cryptoart, which has been selling physical art that incorporates Bitcoin themes and blockchain technology since 2013. Especially famous for their artwork doubling as a secure storage mechanism for cryptocurrency, their very first piece of physical fine art, “Patriot” by Ukrainian artist Alexander Fedosov, was released nearly a decade ago in a sold-out, limited-edition printing of 280 pieces.
Since 2013 Cryptoart has sold thousands of pieces of fine art to the cryptocurrency community, and recently announced that its entire portfolio will soon become form-agnostic, meaning it can seamlessly move on-and-off the blockchain as digital and physical assets. Scrypted will be responsible for creating the smart contracts that govern these transactions and provide owners unprecedented provenance over their fine art. Owners will have non-commercial reproduction rights and the ability to display their artwork and commission physical reproductions for personal use.
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“The Cryptoart project is particularly exciting because it requires such interactive code,” commented Tim Cotten, Founder of Scrypted. “It presents unique utility for an NFT in the form of the artworks’ lifecycle: from physical to virtual and back again. Cryptoart came to us because the boilerplate NFT code for ERC721 and ERC1155 tokens just can’t cut it. The technology we built specifically handles authenticating existing clientele while preventing front-running and fraud, as well as the redemption and conversion of the art itself into NFTs.”
Scrypted is also providing full-stack web development services for Cryptoart to make the onboarding process for clients as easy as possible, featuring soft wallets and web-based guided user experiences for redeeming existing artwork as NFTs or purchasing new editions. Additionally, Cryptoart will have access to Scrypted’s Asset Management Pipeline (AMP), a web-based platform that makes adding new artwork to NFT smart contract as simple as using a web form.
Given the rise in value of Cryptoart’s collectible art pieces since 2013 it’s likely that many existing customers will take advantage of their newfound ability to redeem their fine art as an NFT.
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