Transient Labs Shares Insights on Provenance, Discovery, and Accessibility in Web3
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Transient Labs has undoubtedly been a leading force in the growth of the Web3 art space and through its recent Creator Conference, a result of its Ghost Week, has unveiled a variety of new tools.
To learn more about the problems these tools aim to address, the challenges the space still faces, and how artists, as well as collectors, benefit from these initiatives — we spoke with Transient Labs co-founders Marco Peyfuss and Ben Strauss as well as COO Chris Ostoich.
Provenance
In an age where the authenticity and provenance of artwork are as valuable as the artwork itself, Transient Labs’ T.R.A.C.E. system is designed to usher in a new standard.
The system aims to redefine provenance and also revolutionize it by infusing physical artwork with blockchain’s immutable properties.
Peyfuss expressed that the impact of T.R.A.C.E., “Marries the tangible world of art and physical goods with the decentralized power of blockchain, ensuring trust, permanence, and accessibility.” By implanting a chip into the artwork, T.R.A.C.E. makes the digital certificate of authenticity inseparable from the physical piece, creating a permanent, verifiable history that stands against time and more specifically answers the issue of counterfeiting.
As T.R.A.C.E. evolves, Ostoich speaks to its potential — from estate inventories to sports memorabilia, the system is poised to transform how we value physical assets. “It’s only a matter of time before we see a creator use a T.R.A.C.E. enabled object in a new way,” he said, highlighting the creative freedom that T.R.A.C.E. offers to artists and collectors alike. He imagines a future where the chip facilitates legal innovations, like embedding royalties directly into physical works.
Discovery
The Launchpad, another recent initiative of Transient Labs, is designed to act as a springboard for discovery, providing a spotlight for artists and creators in a vast ecosystem.
Reflecting on the design, Ostoich shared “Users can discover creations based on the technology used or just simply allowing for discoverability via multiple avenues of exploration gives all creators equal chances for getting seen.”
One fun feature built into Launchpad is the “surprise me” button, which offers a random highlight with each click, an effort to provide unbiased exposure for artists.
Sharing more on how Launchpad could act as an entryway into the world of Web3 for artists, Strauss shared “Launchpad takes a highly intuitive and user-centric approach to the user experience in order to simplify technical barriers.” He further explained that this is accomplished by “abstracting away the complexities typically associated with blockchain interaction and Etherscan usage.”
Accessibility
The third offering to be revealed during the Creator Conference was Payload, which is designed to usher in a shift in art acquisition and promote accessibility.
Mirroring the financing models of real-world assets, Payload allows for installment-based art purchases. Artists, through this model, can reach a diverse array of collectors, not just those with the liquidity for upfront payment.
“Artists can now cater not only to those who can afford a 100% down payment but also to individuals who prefer paying in installments,” Strauss explained, illustrating the democratizing force of Payload in the art market.
The integration of smart contracts within Payload redefines the dynamics of art sales and ownership — introducing flexibility in transactions, enabling artists to sell their work through payment plans and collectors to acquire pieces without the barrier of lump-sum prices.
With the Web3 space under intense regulatory scrutiny, Peyfuss assures that compliance is a cornerstone of their strategy. “We’ve built in mechanics to our sales contracts that will block any sanctioned wallet address from purchasing or selling NFTs,” he states, demonstrating their proactive stance on regulatory adherence.
In Practice
While the above all sounds good in theory, seeing these initiatives and innovations in practice will be the true test to see if they are viable and beneficial to Web3 participants. Thankfully, we don’t have to guess what that might look like, because Transient Labs has already begun implementation.
With the Web3 space under intense regulatory scrutiny, a system like Payload might cause initial concern for regulatory adherence, however, Peyfuss assured that compliance is a cornerstone of their strategy.
“We’ve built in mechanics to our sales contracts that will block any sanctioned wallet address from purchasing or selling NFTs,” he shared, highlighting it was an intentional effort to protect creators and collectors.
Transient Labs’ Launchpad and T.R.A.C.E. system have already seen success in the real world as well. Ostoich shared insights into a recent collaboration with Alpha Centauri Kid (ACK) and “The Muse,” with more case studies to be unveiled at Art Basel Miami.
As for Launchpad, artists like Bhare, 0xdgb, Tjo, and more have utilized its “Story Inscriptions” feature to elevate the provenance of their works and at the same time provide a deeper connection between their artwork and collectors.
However, a growing concern amongst art critics and some artists alike is that innovative offerings or systems tend to favor the tech-savvy and in turn exacerbate inequality. Some artists even feel that if they can’t keep up with the next tool or mechanism they’ll be left behind as a result.
Speaking to this, Strauss, said “The pace of innovation in the blockchain and NFT space is incredibly rapid, making it challenging for even the most tech-savvy artists to keep up,” he explained.
It’s worth noting, that while it’s advantageous for artists to be aware of technological trends, the key is to select tools that resonate with their artistic vision and goals.
Transient Labs is acutely aware of the inequalities that technology can exacerbate. Strauss outlined their efforts toward inclusivity, stating “We aim to make the Web3 experience as frictionless as possible… and we are committed to providing educational resources and support to artists and collectors who may be new to Web3.”
Continuous Refinement
As Web3 technologies continue to evolve, the question of keeping platforms like Launchpad both intuitive and state-of-the-art for artists becomes crucial.
Ostoich provided insight into Transient Labs’ approach, stating “Innovation is a system. One that you can design and implement.” The platform aims to achieve this through what it calls Innovation Engineering to continuously refine and develop Launchpad, ensuring it remains at the cutting edge of the digital art showcase.
In the future, with payment structures like Payload, Strauss envisages a transformation in art ownership and collector investment behaviors. This model promotes an inclusive art market, where the concept of ownership is more accessible and equitable. Artists gain a broader audience, and collectors enjoy more flexibility and participation in the art they value.
Through T.R.A.C.E., Launchpad, and Payload, Transient Labs aims to enrich the tapestry of art and technology while also fostering a more inclusive, transparent, and secure environment for artists and collectors.
State of Web3
Beyond the new tools and solutions provided by Transient Labs, Peyfuss shared a broader examination of the dynamic Web3 landscape and identified some areas that need to be further addressed, including education, the evolution of creator royalties and the upholding of decentralization, as well as democratization.
“Creator education is probably still one of the biggest challenges we face,” he shared, adding “Smart contracts and the NFT standards are still relatively new and there are a lot of moving pieces in terms of where metadata is stored, what ownership means on a contract, and more. Comparing contract providers can be a challenge, especially for people who haven’t programmed smart contracts.”
To bridge this gap, for lack of better phrasing, Peyfuss explained that Transient Labs is and will continue to put resources into creator education, particularly around topics like contract differences, metadata security, and the use of the blockchain as a creative tool.
As for the evolution of creator royalties, a vital aspect of the NFT space and a cornerstone of digital art’s appeal — Peyfuss acknowledges the difficulty in creating a loophole-free token standard and instead stresses the role of platforms in enforcing marketplace royalties. The future, as Peyfuss sees it, lies in developing tools and systems that incentivize adherence to royalty standards and in doing so support creators.
Another cornerstone of the space is the concepts of decentralization and democratization, protecting these foundation values could be critical to the future of Web3. Touching on this, Peyfuss said “This again is a societal shift that needs to happen and education plays a pivotal role. Without people truly understanding the why behind NFTs, decentralization, and democratization, we’ll slowly see the foundations erode. Transient Labs promotes full creator sovereignty and uses decentralized technologies, like Arweave, to ensure the decentralization of NFTs.”
Looking at the future of the space in a five-year horizon, Peyfuss said “If it’s not clear to everyone, the Ethereum ecosystem is here to stay. People will realize that NFTs are the basis of every digital object on the internet. This shift can make websites interoperable, removing the walled gardens that social media has developed. This will become more and more invisible to users, but it’s a shift happening.”
He also envisions wallet technology evolving to prioritize user-friendliness while maintaining the ethos of self-custody, in addition to anticipation of a new wave of digital assets, with emerging use cases in identity, transactions, and licensing.
“It’s not just more amazing art coming to web3, or more traditional artists making the leap – it is actually the technologies, applications and enabling protocols that will drive the next wave we’re all getting ready to surf,” Peyfuss said in conclusion.