We might think of cyberpunk artwork when someone uses art and technology in the same sentence, but this time the focus is on the blockchain. With the start of 2018’s fair, blockchain enthusiasts got to talk about its rising influence on the art market.
How are art and blockchain related?
Forgeries and copyright issues have become a frequent problem in the art market. With the evolution of blockchain technology, artists are now able to protect their work securely and efficiently. Moreover, they also got to establish proof of ownership and collectors could secure themselves from forgeries by registering and tracking art pieces on a decentralized network. Even investors have a chance buy art shares via crypto.
The key to securing art on the blockchain is tokenization. It refers to forming a digital token, representing a piece of art on the network. It also allows easy tracking of a transaction at any stage.
What was discussed during Miami Art Week?
Billionaire, art collector and blockchain enthusiast, Adam Lindemann, held The Art of Blockchains event in the Miami Art Week. One of its key points was tokenization. It could also open a single artwork to multiple investors with the help of fractionalization. These two processes are the “obvious next steps” for managing art assets.
Lindemann remarked the way you create value in both crypto and art. According to him, “art is already a cryptocurrency at this point”- as the value is solely defined by the market, and it is easily transferred worldwide.
In a different event, called Art Decentralized, participants shared similar views. Founder and CEO of Blockchain Art Collective (BAC), Jacqueline O’Neill, explained that the tech could improve trust in the niche by implementing encoded smart contracts and data encryption.
With the rising trend of various asset tokenization, we can expect that the bond between art and blockchain will deepen in the near future.