Art has an ally in the blockchain. In recent years, a lot of projects are changing the art market, keeping up with the habits and needs of new generations of buyers.
The blockchain for the authenticity of the art
The value of a work of art depends on the dating and the sure attribution to an artist. Experts certified the authenticity, for example, before an auction.
What would happen with the integration of the blockchain in this authentication process?
,If a painting is sold at auction (and certified) and then it passes from hand to hand, thanks to the blockchain, additional certifications are not required.
The blockchain records each transaction safely. Its structure consists of blocks of information. Each recordings is linked to previous transaction. These recordings constitue a ledger.
The blockchain tracks every change of ownership. An immutable track because each recording can’t be modified.
More security and transparency in order to guarantee the authenticity of the work of art.
The blockchain for investing in the art
An American study has analyzed how the art market is moving and who are the users. The interesting datum regards the generation of Millennials that purchases art as an investment. Unlike the Baby-boomers, pure collectors and reluctant to sell, Millennials see the artwork as a financial asset to be resold at the right time.
The blockchain is strengthening this trend. With the blockchain, in fact, you can invest the amount you want and become the owner even of a part of the work.
This allows the creation of an expanded base of investors that is able to pour liquidity into the market and above all to support young artists.
The blockchain and the tokenization of art
The entrance of the blockchain allows to revolutionize digital art.
Up to now, the digital artistic work doesn’t have any value of exchange as it is easily reproducible and therefore not unique.
By applying the blockchain, you can certify the first work, turning it into a token.
The tokenised work will be the original … the authentic one. Therefore the one that will have an exchangeable value
The blockchain and auction houses
By applying the blockchain to online auctions, it is now possible to guarantee transparency and security in related transactions.
The diffusion of the auctions allowed to bring a wider audience closer to this type of sale.
People perceive the online auction as informal, unlike the exclusivity with which the prestigious auction houses are perceived.
Furthermore, online auctions do not include intermediaries between the artist and the buyer, all for the benefit of saving.