Provenir Derivative Token (PDT)

The Provenir Derivative Token (PDT)

The Token owner encodes usage rights to the art asset in the PDT. Each PROVENIR can have multiple PDT’s. PDT’s are linked to a specific PROVENIR and represent and grant rights to create derivatives (prints, copies, publish, derivative work of Photographs, signed silver gelatin photo prints (black and white), archival pigment prints, signed platinum prints (expensive black and white prints), lithograph prints of paintings etc.). The PDT’s cannot be unlinked from the PROVENIR but can be cancelled by the owner if unsold. The PROVENIR owner can create and sell these Tokens at will, granting specific rights to print copies and other derivatives such as 'n' number of canvas prints, digital prints, etc. Benefits to the token owner include the fact that they do not have to sell their Art but can continue selling the usage rights and permissions, thus establishing a steady stream of revenue from royalties and one-off permissions to use. At any one time, for any single PROVENIR, there can exist a number of PDT’s – with varying permissions. For example, one PDT can allow a one-time print permission of a certain number of copies on canvas within 12 months. Another PDT could be a ‘no time restriction’ permission to print 10 copies and so on. Controlling the circulation of prints / copies through use of PDT's for art will solve a fundamental problem in the industry – uncontrolled duplication of paintings and photography prints.

When a PROVENIR is on ‘Not For Sale’ status, a buyer will still be able to buy derivatives or prints of art, if permitted by the artist. In this case a buyer can make a request, which may be accepted or rejected by the Art owner. In case of acceptance a particular amount of ETH or ARISTON currency will be transferred to the art owner’s account and the download permissions granted to the user. There would be a limited number of access rights granted to the buyer. The entire process, including currency paid and the degree of permissions would be stored in Blockchain through smart contracts.