In order to maximize the market’s transparency, trace ownership, and origin, blockchain has been introduced. The art market has already experienced many changes over time including highs and lows. As a result, the artist’s role in social media also frequently changed. Due to making the tokenization of the art industry, blockchain has come into the play to make the transactions more transparent.
Artists are interested in the blockchain
There is so many evidence concerning blockchain with artists nowadays, and it is increasing fast. Their presence and interest in this industry have proved that they are creating their art relating to blockchain technology. Besides, there is some important summit held on blockchain technology recently. And, these summits like 2018’s Ethereal Summit have emphasized the association of artists with blockchain technology. 0xowns.art can assist you in understand it better.
Also, Christie is a world-famous auction house where the summit emphasizes on the relationship between art and tech. And, the speakers of the summit declaration that the present art world is almost ready to cope with the fast-growing blockchain technology.
100% transparency was assured for the artists
A recent report says that some blockchain platform companies started their partnership with Fine Art for the betterment of their business. There some furniture was sold in cryptocurrencies. They used Bitcoin and Ethereum for their transactions. The share amount went up high. So, you can consider it a milestone for the journey of art and technology to go hand in hand.
The system or technology offers to use blockchain and token to make the deal faster, transparent, easy and also saves time and cost.
Christie’s auction house to record sales to prove the artist’s involvement
When artwork of the artists make a partnership with the blockchain-based company, their sales rise too fast and make a record in the history of the art world. And all the transactions were made through blockchain for a better and safer way.
Due to the blockchain technology, transactions data was saved and stored effectively without making any disruption. And, it is also considered to be the fact behind the record-breaking sale of the art world.
There launched a blockchain-platform auction house on demand
Because of the growing demand in the art world, there launched a blockchain-based auction house where all the deals can take place at the same time with more transparency. It helps any artists to consider it as their own auction house for their artwork sales. They can sell both physical and digital artwork too. All the transactions will be made through blockchain or ethereum so that there establish the transparency of any deal which is most needed.
Many fear this could put the optional market in danger, as brilliant contracts composed on the Ethereum blockchain would supplant the clearing procedure of a helping trade.
Digital artists also use the technology to grasp the ownership
As the digital form is easy to reproduce and sell, blockchain technology enables digital artists to have the advantages greatly. Now, digital artists can sell their artwork though blockchain technology without any tension because of having full transparency of any deal.
It started to experience what to happen. But finally, it works well for digital artists. A digital artist named Kevin Abosch has made a virtual artwork named ‘Forever Rose’ which valued for one million US dollars and declared shares. He managed to record a 10% share of any buyer in the blockchain technology as well.
Artists should also consider
In spite of the rising lines in the blockchain technology market, there is also some drawback as well. An art finance conference expected to see the performance of art and blockchain technology together. Their ambition did not meet their expectation. Sometimes, blockchain technology can lead to forgery and malfunctioning in storing data and arise some issue making the deal perfect.
Yes, it is true that for the art world, it opens a new window before the artists. Along with that, there are some difficulties to overcome and a long way to go ahead.
That being stated, advancements in blockchain are driving the innovative change of the artwork market. This remaining parts, in any case, only one piece of a more extensive discussion about art, innovation, and the eventual fate of venture.
