Bid in Live Art Auction with Cryptocurrency Launching Globally at the Ethereal Summit
Art & collectibles are now more accessible thanks to the blockchain, with Codex Protocol enabling bids with cryptocurrency in upcoming auctions along with provenance-based traceability of valuable assets worldwide.
The Ethereal Summit on May 11–12 marks the first days for bidding in the $2 trillion arts & collectibles (A&C) asset class using the Codex Protocol. At the upcoming Live Art Auction hosted by Codex, ConsenSys, and Rare Art Labs, for the first time, arts and collectibles will be written into an immutable title registry; the Codex blockchain, during a live charity auction.
Auction items during the two-day event will include exclusive works from artists pioneering the intersection of art and technology, including CryptoKitties, cryptograffiti, Kevin Abosch, Jessica Angel and more to be announced, alongside details of the works to be auctioned, in the days leading up to the via Telegram and Twitter/CodexProtocol.
Ethereal Co-Creator and ConsenSys Director Jesse Grushack noted;
“The sale of artworks by Codex Protocol and Rare Art Labs will surely be a highlight of this year’s event. It will showcase to the world that blockchain is more than just a buzzword. It’s a technology with the potential to make a tangible impact on the modern economy and society. We look forward to seeing the auction promote artists working in this important area and demonstrating real interest in arts and collectibles from the crypto community.”
For those not attending the summit, LiveAuctioneers, a leading online marketplace for collectibles, antiques, and fine art auctions will host the online platform enabling bidding to occur from wherever you are. Those who wish to see the catalogue before the event may browse the artworks here.
Artists featured in the upcoming auction and those that acquire their works will be part of an emerging blockchain art market, playing an important role in the dissemination of technology — advancing ways to create, purchase, distribute, and capitalize on works. As CryptoArt has gained traction with digital blockchain artworks selling for as much as $39,000 at the Rare Digital Arts Festival earlier this year, now, blockchain technology is reaching even further beyond the screen and embedding itself, in essence, to both virtual and physical artworks.
Bidding for art and more is first accomplished by acquiring cryptocurrency. The Codex Protocol Dapp, Biddable, takes deposits using Ethereum. Next, leave a refundable deposit that will be held in a smart contract. Finally, when you win a bid in an auction, settle your invoice in fiat or cryptocurrency (BTC or ETH). The process is seamless and straightforward. There is no fiat required, and a Biddable deposit allows you to register to bid in as little as 5 minutes with 100% chance of approval.
To participate, register here. During and following the Ethereal Summit, those interested in purchasing art with cryptocurrency will be able to do so anywhere in the world by using the LiveAuctioneers.com platform, which utilizes the Codex Protocol. Over 25,000 exceptional items are available via LiveAuctioneers each week. Recent popular auctions hosted by LiveAuctioneers have featured Collectible Toys and Urban Fine Art, Viking Jewelry, and Stevie Ray Vaughan’s guitar.
As the first to adopt the Codex Protocol and its first DApp, Biddable, in the short term, Biddable will make bidding easier for LiveAuctioneers’ audience of 12 million users, enabling bidding with cryptocurrency, and bringing an influx of crypto-wealth to auction houses. Over the long term, Codex will create a larger and more trusted art and collectibles market by working with an industry consortium that currently represents over 5,000 auction houses with 10+ million items sold annually and $6+ billion in annual sales.
Today, auction houses lose substantial revenue to bidders who abandon items they’ve made bids for and won. Because of this, many auction houses require extensive financial disclosures from potential bidders just to participate. With Biddable, anyone can bid easily and instantly without invasive financial disclosures.
With the adoption of the Codex Protocol and with provenance finally secured for investors, as blockchain developers and entrepreneurs build DApps upon it, the A&C asset class will become an increasingly more desirable part of a diversified investment portfolio. The A&C asset class has the value of non-correlation to macroeconomic swings and geopolitical uncertainties, which provides great appeal to the crypto-wealthy and smart investors alike (we’ll go into detail about this in another post next week).
As industry stakeholders make use of the Codex Protocol decentralized title registry for the provenance of arts and collectibles, a wealth of possibilities will open up for all who wish to purchase or sell works, protect their assets, and capitalize on blockchain art opportunities.
Proceeds from the auction will go to the Foundation for Art & Blockchain, which has been created to support artists creating works with or about blockchain and artists using blockchain to distribute their works.
Contact Codex Protocol via Telegram or Twitter with any questions, and be sure to register here to participate from anywhere in the world instantly, with privacy, security, and ease.
Written by Adrienne Burke-Moran
Content & Community at Codex Protocol