Blockchain is often associated with the technical world, where we think that its use cases are limited to improving financial transactions and making business operation seamless. However, it has emerged as a popular medium to create a podium for the direct interaction of the buyer and seller. One of the most unconventional uses of Blockchain could be its application in the world of art. Its one of the most estranged topics that you could think about working together. But, you might be surprised to know that the world of art is steadily finding the immense application of Blockchain in its working. Let us explore how these two are working together and what does Blockchain has stored in for the world of art.
We will be focussing on how the artists and the buyers will be benefitting from this. Whether it is about art valuations or about provenance to digital collectibles, Blockchain has a solution for everything and will make the industry more sustainable.
What is happening around?
If it is about Blockchain’s application in the world of art then we have some great things happening around us. The stalwarts of art have become well-aware about Blockchain and how it can ensure the authenticity of work, right payment and more than anything, it will create a transparent platform that will connect the two parties without any interference.
In order to explore applications of Blockchain, there were dedicated summits that brought forth the issue. In 2018’s Ethereal Summit, the conference highlighted on Blockchain and its impact on the art world. Last year itself, Christie which is one of the world leading auction house held a summit that presented the first ever art and technology summit. In the month of July Maceanas(Blockchain platform) came together with Dadiani Fine Art ( London Gallery) to offer fractional stakes in Andy Warhol’s 14 Small Electric Chairs (1980). 31.5% of the work went for sale in Bitcoin and Ethereum. What we can say is that the art world is strongly realizing the importance of technology in the world of art and how well the two can gel.
Here is how Blockchain will benefit the art world:
1. The Artist – There are many artists who are creating digital artwork. There is a probability of these digital work getting replicated and distributed without the consent of its creator. With the help of Blockchain, the artist can register their work on the platform and establish a proof of ownership. Some of the artists are using the technology on the canvas.
2. The collector – Foreigners invest a lot in buying the artwork. However, their doubt regarding the authenticity of the product still prevails. With the help of Blockchain, we can overcome this problem. Companies like Verisart and Codex are providing a platform where the artist, the collector can register their work, and it gets stored n the ledger and gets time-stamped. Thus, making the information easily traceable and verified.
Thus we see that Blockchain creates a platform which will be beneficial for both the artists and the collectors. Not only it enhances the level of trust, but at the same time, it also ensures that the artists directly connect with the buyer and get the right price for their work. In the times to come, Blockchain will make it easy for all the artists to make use of this platform.
What are the key areas of application of Blockchain in the world of art?
Tracking the origin of the product – With the help of Blockchain, it becomes easier to track the origin of the product or work. Since every information is time-stamped, it is easy for everyone to track the origin of the product thus making it easy to showcase the authenticity of the work.
Limited Edition – Well, did you ever think that there could be a limited edition of digital work, with the help of Blockchain, it would now be possible. The digital artists can now create a limited edition of their artwork. Earlier it was not possible because it was easy to replicate the product.
Directly connect with the investors – There are many people who are interested in investing in the artwork. Not only does Blockchain provides a platform for the artists to showcase their work to the interested people but even the investors can directly invest in the work using cryptocurrency. Although this is a fairly new practice over a period of time, it will definitely transform the industry for good.
The world of Blockchain is slowly evolving and it is formulating an ecosystem wherein the business operations will flourish. It will create a platform which is underpinned by transparency and security, thus ensuring that the work is original. It will eventually establish credibility in the system. Despite the application of Blockchain in the field of art is slowly evolving but we cannot undermine the fact that the change it is triggering will transform the industry forever.