SmarterWorx Brings Ever-Growing Art Market to DeFi – Can ARTX compete with SOL or MATIC?

Art, as an expression, is highly valued. That explains why iconic paintings, like the Mona Lisa created in 1503, remain pricey. The surging interest in art has resulted in a rapidly expanding market. However, only a few people can reach the pinnacle of art ownership as the pieces are overly expensive.

With the revolutionary blockchain technology, you'd expect the art market to be decentralized. Well, now it is with SmarterWorx. The platform enables investors to pool resources and own otherwise expensive artwork through fractionalized NFTs (F-NFTs).

What is SmarterWorx?

SmarterWorx is a decentralized art-centric protocol that curates the best physical art with high resale value. The platform tokenizes collected artworks and issues F-NFTs to investors. Basically, SmarterWorx is to art what the stock market is to companies. SmarterWorx mints bits of the NFT and allows users to own part of an NFT they otherwise wouldn't manage to purchase fully.

Now, the fast-growing art market can leverage the benefits of NFT technology and decentralization to scale further. For instance, retail investors can buy F-NFTs of popular artworks via SmarterWorx and earn revenue when the platform resells the artwork and connected NFTs for profit. SmarterWorx also spares you the hassle of storing and insuring a physical art piece. So you focus on growing your investment.

The asset-backed $ARTX token powers operations on SmarterWorx. This hyper-deflationary token maintains its price floor with backing from the real-world artwork in SmarterWorx's portfolio. Also, proceeds from art sales are split equally to reward investors and buy back and burn $ARTX from the supply. This SmarterBurn mechanism fends off inflationary effects on $ARTX to gradually raise its price floor.

How Does SmarterWorx Compare to Solana and Polygon?

Solana is a highly scalable layer-1 blockchain built to offer efficient decentralized finance (DeFi) solutions. The platform deploys a custom-built and integrated consensus mechanism comprising the Proof-of-Stake (PoS) and Proof-of-History (PoH) mechanisms. Its native token, $SOL, facilitates on-chain processes. Following the collapse of crypto exchange FTX.com, $SOL fell 60% due to exposure to FTX's trading intermediary, Alameda Research.

Unlike Solana, Polygon is a Layer 2 blockchain built to provide scaling solutions for the underlying Ethereum Network. The chain's EVM compatibility allows Ethereum developers to move their apps to Polygon and leverage its scalability to achieve faster transaction speeds – up to 65,000 transactions per second (tps). Polygon's $MATIC token has dipped 60% in 2022.

Solana and Polygon have established projects, and both platforms rank among the top 20 coins by market cap. However, $SOL and $MATIC have declined significantly this year. One key reason for this dip is that the tokens lack asset backing. Considering this year's bearish markets, $SOL and $MATIC prices have dropped sharply. $ARTX contrasts $SOL and $MATIC for its price floor stability through asset backing.

Conclusion

Holding asset reserves was mainly left to stablecoins which peg their values to fiat currencies or other commodities like gold. Asset reserves help sustain and steady the price of tokens. As such, ordinary crypto projects looking to curb volatility crucially require to hold liquefiable assets. SmarterWorx leads the charge toward a stable crypto market by backing $ARTX with physical artwork.

Learn More Here:

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Website: https://SmarterWorx.io/

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