Recently, blockchain technology had been used by companies in the Art field. Blockchain-powered immutable ledgers can be used to a specific work of art to trace its origin from the artists and finally to its owners. Few companies are using blockchain technology to develop new business channels and trying to make the art world more approachable to a wider customer base.
How blockchain helps artist, collector, art investor, and the auction house
The art industry’s developing interest in blockchain technology is more evident in the media. There is an increase in blockchain and art-related news day by day. Let us see how blockchain can benefit the artist, art collector, art investor, and the auction house.
- The artist
A blockchain platform created exclusively for art makes sure that both the artists and acquirers are benefitted. An artist associated with the purchase will get the right package.
- Art collector
Blockchain can be used to track the origin, ownership, and history of an art piece, thereby proving its authenticity. An art collector can make use of this blockchain, to store the art in the digital ledger and get it timestamped. It can also be used to track physical characteristics and can be accessed whenever there is a need.
- Art investor
The Art investor can be benefitted from blockchain as the cost and fees of the transactions are very less. It can transform artworks worth millions of dollars into small digital units that are easily purchased and sold in real-time without the fear of heavy fees.
- Auction house
An important use of blockchain has led to the introduction of the blockchain-based auction house. Moreover, blockchain technology can help the auction house by increasing the long-term data transparency and security for the information regarding artworks. Further, the blockchain-based auction house guarantees the reduction in online auction frauds like non-payment or non-delivery in online auctions.
Companies from the art industry using blockchain
Blockchain technology can be used in specific works of art to trace its path from artists to the owners. Below given are the companies which are deploying blockchain technology to develop new business channels and make the art world more accessible.
Cryptograffiti can be considered as one of the earliest artists to explore the cryptocurrency domain and also one of the first to discover how cryptocurrencies can support artists through alternate revenue channels. Currently, Cryptograffiti work reuses the materials from sectors that are disrupted by the blockchain technology.
DADA can be described as a visual communication network where non-artists and artists communicate with each other over drawings by creating art together. DADA id is backed by Ethereum and the transactions are carried out using smart contracts. Further, this platform functions as blockchain fueled artist’s marketplace where they can sell their work of art using smart contracts.
Artory registry traces the origin of the art and other related collectibles by using blockchain ledger and make sure the custody is tamper-proof and authentic. Also, it maintains an immutable and secure digital registry where collectors can confirm their ownership without their identity.
- Blockchain Art Collective
The blockchain art collective is the fastest growing network of artists that uses blockchain to authenticate the artist’s work of origin, journey, and legitimacy. This is done by creating a certificate of authenticity by using blockchain technology where the data is available to all parties.
Verisart‘s framework is used to verify and certify art using the Bitcoin blockchain. It is a blockchain-based platform that helps its users to develop secure digital certificates for collectibles and art. With the help of blockchain, they can connect their works to their original records.
- All Public Art
By using blockchain technology, All Public Art permits art collectors and artists to do business with one another by using smart contracts, thereby eliminating the need for intermediaries. Aside from reducing the costs, it also secures the Peer-to-peer transaction by validating it.
- Rare Art Labs
Rare Art Labs is described as a digital gallery for artists. The artists can sell scarce copies of their digital artworks and can earn crypto. Also, Rare gives guidance to the artists on how to and how much to sell their works.
Monegraph provides an open platform where anybody can register their workings on the Bitcoin blockchain. Monegraph’s developing suite of cloud-based tools and blockchain permit the artists to integrate their workings in their social media profiles, personal website, and several other platforms, where the communications are done with their customer.
Cryptoart integrates offline Bitcoin storage along with digital art, offering buyers an easy and safe way to secure their cryptocurrency in a physical form; by reducing the risk of stored bitcoin being hacked or stolen.
Artlery offers a convenient platform for valuing, pricing, and selling art. Moreover, it’s mobile application permits artists to trace their digital versions of their artworks, and can be shared through custom links online. Artlery depends on an art-based cryptocurrency called CLIO and offers easy and immediate payments by bank transfers.
When purchasing art, a face to face transaction with the artist is hard to replace, especially the blockchain is still in the adoption stages by the art industry. Although the innovations in the blockchain technology are helping the technological transformation of the art sector, it still needs to progress. We need to keep an open mind and see how blockchain technology is integrated into the art industry in the future.