In November 2018, Christie’s New York partnered with a blockchain-based firm called Artory and recorded the most important of its transactions on the ledger technology. The auction house was not just performing business, it was making history.
Fifteen months later, blockchain is creating a major impact in the art market— from giving it greater transparency to tokenization of artwork— the implications of the technology have been widely discussed and experimented with.
Although a lot of doubts regarding regulation and standardization remain, a number of stakeholders have shown a keen interest. As a result, various startups are trying to bring about a positive change in the art business through technology. This is an indication of the major disruption blockchain is creating in the world of paints and canvases.
Is it Really Happening?
The blockchain technology is being accepted and considered by all the major stakeholders in the art market— from the artist to the auction houses— and is effectively changing the way art is bought and sold.
Here are five times blockchain gave a glimpse of how it is capable of revolutionizing the art world:
- In February 2018, artist Kevin Abosch sold his crypto artwork called Forever Roseto a collective of investors for cryptocurrencies amounting to $1 million in value. Many other visual artists are creating digital artworks on the blockchain, establishing proof of ownership through ledger technology.
- Shares of artwork, in cryptocurrencies, are being sold by a Singapore-based firm called Maecenas. The company partnered with the art gallery Dadiani Syndicate for its first sale. It offered a 31.5% stake in a painting by the artist Andy Warhol called 14 Small Electric Chairs. The painting is valued at $5.6 million.
- Conferences and summits, like the Ethereal Summit and the Art+Tech Summit, around the globe are being dedicated to the link between art and blockchain.
- In the year 2018 again, a new blockchain-based auction house was launched by Portion, a collector platform. The project has $5.5 million in funds.
- A number of startups like Codex and Verisart are already in the race to revolutionize the art market.
But Why has the Blockchain Created Such a Stir in the Art Market?
The reason behind the stir in the art market is that the blockchain technology is capable of disrupting it at all levels, beginning with the creation of the art piece itself.
Let us explore how technology is fusing with art to create something even more sublime:
- The Technological Canvas
To begin with, the artists are using blockchain directly in their work. While some artists are creating pieces inspired by blockchain technology, some others are using the technology in the process of creation itself. A form of blockchain art is called collectibles. These collectibles are digital pieces of art created, stored, and traded on blockchain platforms like Ethereum and Counterparty. CryptoKitties and Rare Pepe trading cards are collectibles having a massive following.
Artists are utilizing blockchain in many different ways. Scarab Experiment is a brilliant and innovative idea in which artificial intelligence (AI) is combined with tokenized memberships for creating a piece of art from the merging together of a thousand submissions of community members.
- Ensuring Accountability and Transparency
Blockchain technology is making art more transparent by allowing the tracking and verification of an art piece for validating its authenticity. This could be an almost permanent solution to the problem of forgeries and misattribution rampant in the art world.
- Empowering the Artist
And finally, blockchain can empower the artist by eliminating third parties. Blockchain-based art galleries are profiting the artist by giving him a larger share of the money made by his artwork. An example is Curio Cards, an Ethereum-based platform that gives 100% of the sales share to the artists.
Expanse Tech— Allowing You to Take Art a Step Further
While it is true that a number of players are already actively engaged in the intersection of the blockchain and the art world, there is a lot more which needs to be explored. The marriage between the two seemingly opposite worlds – art and technology – is still at its nascent stage. A lot more imagination and creativity are needed to completely integrate blockchain in the art market. Expanse is a platform that could help bridge this gap.
A fork of Ethereum, Expanse is a blockchain that allows you to create dApps for solving practical problems of the real world by providing you a faster, more secure, more scalable and more powerful ecosystem. What you can achieve with Expanse is only limited by your imagination.
And it is here that you can contribute more to budding blockchain spaces like the art market by your creative and innovative ideas. Just like good paints best serve the great artists, Expanse best serves your great ideas.