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August 10, 2023

BENNFT Selects Aventus to Marry Fine Art, Philanthropy and Web3

BENNFT, a new blockchain-first art & design platform, set to harness the power of Web3 to enable a new vehicle for the global fine art and design community along with an arm for philanthropic fundraising, powered by Aventus

London, August 10, 2023: Blockchain-first art & design platform BENNFT launches today, offering a fair and inclusive platform for the global fine art and design community. It is powered by Aventus, a Web3 company that offers blockchain solutions for enterprises.

Leveraging the power of Web3, BENNFT sets out to empower artists, collectors, galleries, studios and museums including the complete eco-system by enabling them to explore new opportunities, establish trust, and reshape the art market, fostering creativity, collaboration, and fair compensation for artists. Additionally, through tokenisation and smart contracts, BENNFT will enable the verification of artwork.

BENNFT uses the power of NFTs and Aventus’ technology to also enable an innovative method of fundraising for philanthropic endeavours, focused primarily in the creative conservation space. The proposed pilot projects in this space vary from fundraising for Elephant Conservation in Asia to animal-human coexistence projects and bringing attention and awareness to endangered species via token drops.

As a first step, BENNFT has partnered with Dhoomimal Art Gallery, the oldest contemporary art gallery in India, which has played a pivotal role in shaping the art landscape in the region. BENNFT will tokenise four iconic artworks owned by the gallery, enabling Dhoomimal to generate new revenue streams, engage fans on a global scale and open itself up to the wider blockchain ecosystem via Aventus Network, which is part of the Polkadot platform.

Alan Vey, Founder & CEO, Aventus, comments: “Blockchain has the potential to revolutionise industries within the entertainment sector, bringing unprecedented opportunities for artists to regain autonomy, creating direct-to-fan engagement levels unlike anything we’ve seen before, and for the artists to reap the majority of the return, with commissions on Web3 content often being as high as 80%. Marrying this opportunity with philanthropic causes makes BENNFT a true visionary, and we’re proud to be powering their important endeavour.”

Capt. Rahul Damodaran, Co-Founder, BENNFT, adds: “Blockchain technology has the potential to revolutionise the art world by providing new ways for artists to monetise their work and for collectors to authenticate and track ownership of pieces. We’re just beginning to scratch the surface of what’s possible with this technology, and I believe it will play an increasingly important role in the art world in the years to come. It is fitting that the next monumental change in the human revolution via Web3 will be through art, and Aventus’ expertise in the Web3 space and patience in understanding our project’s goals and ambitions makes them the perfect partner in this mission.”

Farah Siddiqui, Co-Founder, BENNFT, concludes, "Blockchain's influence on the art industry is already in progress, encompassing verification tools for tracing origin and authenticity, proof of ownership, and innovative art collection methods. Operating as a decentralised digital ledger, blockchain ensures heightened security and dependability. Leveraging the remarkable blockchain capabilities of Aventus, our projects uniquely merge the realms of art, philanthropy, conservation, and real-world causes, making it an unparalleled endeavour."

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