​​Lobus Starts NFT Platform Throughout the art world's hist | NFT Community

​​Lobus Starts NFT Platform

Throughout the art world's history, artists and galleries split an initial sale fee of 50/50. When the piece is resold at auction, or through private art dealers or collectors, the artist receives nothing, which in some cases means millions of dollars lost for the artist.

Several years ago Sarah Wendell Sherrill and Lori Hotz (both Christie’s alumni) established an artists’ equity management platform - Lobus, which allows artists to self-manage their assets and essentially represents their own bank. The platform manages $7 billion in assets for clients such as the Rothko family, Louis Vuitton Foundation, and Gagosian.

Today Lobus implements NFTs in its work by certifying authentication of physical work and building an artist’s ownership into that certificate. This means that every time the piece resells, the artist will receive a fraction of the sale.

On Lobus, this will be possible through a new blockchain-based marketplace that the company is launching this week. There will also be new tools available to artists, such as smart contracts with equity and royalty capabilities.

This model already exists on the blockchain with digital artwork, but it has yet to cross over to the traditional art world in a meaningful way. Adopting a blockchain and starting to attach artists’ ownership to what we know as royalty and resell rights, can create a healthier art market with the artists at the center of it.

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