REAL protocol
Updated September 15, 2023
How do we ensure the NFT is transferred with the real world asset and vice versa?
At the time of sale, the funds along with the NFT are placed in an escrow smart contract. Once the artwork is received by the buyer and deemed compliant, in REAL V1, the buyer confirms via their Artrade profile to unlock the funds and the NFT. In REAL V2, this will be done by scanning a NFC chip. Therefore, both parties have an interest in the completion of the sale: one to receive the funds and the other to obtain the NFT as proof of ownership of the artwork.
What is a NFC chip?
A Near-Field Communication chip (NFC chip or NFC chipset) is a silicon component or Integrated Circuit (IC). When connected to an appropriate antenna, an NFC chip enables short-range, wireless communication between two devices. Simply put, NFC chips allow to give the features of a digital object to a physical object.
How do we affix them to the physical artwork?
The chip needs to be adhered to the artwork, on the back of a canvas or wherever it’s feasible on your piece.
When do we receive the NFC chips?
The NFC chip, set to be part of the forthcoming REAL Protocol V2 in Q2 2024, hasn’t been integrated into our current V1. In REAL V1, buyers are required to manually confirm receipt of artworks and guarantee fair transactions. When the NFC chip is introduced, for every newly minted artwork will be automatically sent a NFC chip to the artist’s address.