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Built by the hands of Antonio Stradivari in the early 1700's, to the digital wallets of classical music enthusiasts in 2024, the sound and craftsmanship of a Stradivarius violin will never be replicated.
The distinct Stradivarius sound is often credited to the instrument's make-up of dense wood sourced during a time of low solar activity, its body style and slim f-holes, a rich varnish, and techniques that have since been forgotten by luthiers over the course of centuries.
Only 650 of the estimated 1,000 instruments crafted by Stradivari remain today.
"I think what music really taught me is pattern recognition.", Yat Siu ascribes the technical skill to his musically inclined household.
Growing up in Austria and Vienna, Yat's mother was a professional opera singer and became an opera director. Yat practiced three different instruments: piano, flute, and cello. Learning an instrument requires discipline, which he used to earn his first degree in music. Yat also mentioned how he hadn't played music for a long time, but now enjoys performing again for his children.
Gaining access to a Stradivarius is extremely difficult, but the opportunity to play one can change the trajectory of a musician's career. What if the instrument could be more accessible to its community?
Yat's act of tokenizing a Stradivarius violin sparks the opportunity for music enthusiasts to own a piece of something they appreciate and understand. He points out that tokenizing real-world assets can help lower the barrier-to-entry for people who are priced out of collecting within their interests.
“Our thinking about tokenization and value is about network effects. In other words, the more people who get to own or share something, the more the value increases.” - Yat Siu
Leveraging blockchain technology to collect and tokenize assets can increase the public’s access to seemingly unattainable asset classes, but it also provides transparency and provenance for network participants. Every single on-chain transaction is tracked to its time, date, value, and wallet address.
Imagine following the life of a Da Vinci painting, or the journey of a Van Gogh, from creation to present. Would you like to know precisely when it was created? Whose hands it has traded? Where has it been displayed? How was it stored? The public nature of blockchains can help answer questions about on-chain asset history in real time.
The 1708 Empress Caterina Stradivarius violin was tokenized on the Ethereum blockchain with the help of Galaxy.
"I actually wanted to give the community of musicians a way to say ‘actually, this kid should maybe have a chance to play this instrument.’", Yat provides his perspective on how accessibility and network effects can help assets become priceless pieces of culture.
A ‘network effect’ is a phenomenon whereby a product or service gains additional value as more people use it, but it’s important to consider the value of each participant when determining a network’s value.
“Just because a network has more users doesn’t necessarily mean it is of greater value or has a more valuable network effect than a smaller network.” - Yat mentions in his essay covering the topic.
The effects of networks in web3 are intensified because they are designed to be open, permissionless, and interoperable; enabling contributors to come and go freely, but most importantly to take control of their digital property. Interoperability allows participants to be nimble across various networks, exposing retention as a critical factor when building in web3.
Each token holder is unique because they own a specific piece of a network; empowering them to participate in the advancement of said network. Depending on its structure, holders can gain access, begin developing their digital reputation, and in some cases earn the authority to make impactful decisions or even vote on a group’s actions taking place in real life.
The possibilities stemming from token-empowered digital communities could fuel another paragraph post, but just imagine a group of fellow musicians nominating their favorite violinist for the opportunity to play an instrument crafted by Stradivari in 1708.
As we step further into an era defined by digital property rights, the possibilities of tokenization paves the way for a new community of enthusiasts who thrive on shared experiences and collaborative ownership.
Track the journey of the 1708 Empress Caterina Stradivarius violin on the Ethereum blockchain: here
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