The efforts of French artist Ben Elliot to revolutionize the buying and gathering experience of the artwork have resulted in what he claims to be the world’s first personal cryptocurrency directly linked to a value of career.
Not a Stablecoin though
But BET isn’t going to be a stablecoin as it may seem at first. “Ben Elliot Token is following my journey as an artist and my market value. Art goes up and down all the time but is a very stable asset if you consider that a young artist can only go up if he works well enough to make it happen,” Elliot said.
The artist says he has chosen Stellar because he likes the project and ambition behind the Stellar blockchain as it represents “one network that is useful to different systems.” Elliot is currently working on the functionality of the pricing mechanism, which he expects to reveal closer to the end of 2020.
When asked on what trading platforms he will list the token, Elliot said he favors peer-to-peer exchanges, but at this point hasn’t named any of them.
Collecting tokens as art
BET is a decentralized crypto-currency. Elliot calls the token a work of art itself, saying he hopes BET will become one of the few new art forms that will change the industry.
Aside from collecting BET as an artwork, interested parties will be able to invest in it for profit, exchange or spend it on artworks and events with any other currency. Elliot said further:
“BET holders will be part of a community of forward-thinkers involved in the emerging conversations about the creative and financial fields. They will be able to access an online platform where we will offer a program of exhibitions and exclusive contents. They will also be offered to participate in IRL events where they can gather with other holders, meet and discover a program of talks, screenings, etc. At last, they can also convert the tokens into physical artworks at a preferred price.”
Commenting on the token’s compliance with regulations, Elliot said that “people will be subject to those of their countries in matters of crypto assets.”
Although Elliot claims that BET is the first personal token directly linked to his career development, Alex Masmej, founder of a company that offers loans against non-fungible tokens, recently raised $20,000 after selling his personal tokens on the Ethereum network.
In major life decisions, participation in its seed funding round, and exclusive sessions, Masmej promised investors voting rights.