FACT
Fine Art Collectible Token Framework
Today NFTs are in a primitive state, technically and conceptually. We have on-chain contracts, metadata and content on distributed networks as table stakes when deploying a project. The Fine Art Collectible Token (FACT) aims to reimagine what is possible, bringing superior production, experience, provenance and authenticity auditing to the domain of collectibles. The FACT framework raises the bar for art, offering a path that will deliver a robust experience in art appreciation, rigid provenance and optionality for collectors when it comes to the medium of production and ownership . The Greats collection is deploying the Fine Art Collectible Token for its superior implementation quality and improved standardization
The framework focuses on 4 key pillars: Experience, Production, Provenance and Audit
Production
The FACT standard framework defines an implementation of an NFT collection that supports both digital and physical production of a painting. You will mint the digital production version with The Greats presale. A collector can then mint(for free) a physical production NFT which will be bound to a physically produced painting of the work via your chosen vendor. The physical production service nor cost of creating the physical painting with your chosen vendor is included in the sale of The Greats.
The physical production NFT functions as a backing of the physical painting and validates its provenance, history and correct production specifications(from the metadata). The artist is not required to enable physical production but if they wish to do so, the concept enables it to be done properly via their specifications and direction.
Experience
NFTs to date typically deliver a very limited experience to collectors, investors and creators. Today our main options are to go to OpenSea or Rarible and observe a work in the same squarish box that everyone gets. An NFT adhering to the FACT concept will deliver an environment tailored for the piece of art with the lowest barrier of entry(e.g. a direct URL link) necessary to experience the art. The goal is to set the context, stage, feeling and story of the art while you observe it. The Greats will deliver each NFT its own private viewing gallery which delivers a superb, rich experience to the observer. The entire experience is stored in the metadata that lives with the NFT.
Provenance
The origins and creation of an NFT seem fairly simple but often lack the needed continuity for artists and collectors to have necessary assurances for who created a piece of work and any tracking of its journey as a digital or physical NFT. The blockchain does provide extremely reliable tracking for all identifiers(e.g. contract address, token ID, IPFS CID etc.) once it is minted but the moments leading up to the mint also need some amount of verification and validation from the artist themselves.
Artist Attestation
The Greats collection follows the FACT framework to meet the standard for provenance. The FACT standard calls for the artist to create a visual image or video attesting to the work, perhaps even its intent and upload it as part of the metadata for a piece of art. This also includes the artist's signed signature along with their official blockchain address. This artist attestation metadata lives with the NFT and can always be retrieved in the future.
Owner Attestation
For physical production via the physical NFT the FACT framework calls for owners of the physical NFT to follow a process which adds value to their production and follows a standardized process to provide rigid provenance which will preserve long term value. The Greats collection will support this framework as all buyers will be able to mint a physical NFT for the physical production of a Greats painting or trade it to someone else who will be able to do so. All this is tracked in the metadata.
Audit
The Greats project team is adhering to the FACT framework as it relates to audits. It is crucial that any project focused on delivering fine art must be audited by a third party to ensure adherence to a technical implementation standard. Developers and creators of an NFT project must submit their technical implementation to reputable smart contract audit agencies to verify proper implementation of not only the FACT concept via core functions and conditions but general security of the smart contract for purposes of preserving provenance, existence and experience.