Using Codex: a step by step guide from start to finish
From buying a work to selling it and everything in between, we’re showing you how to use Codex to secure your valuable collectible
We’re taking a step by step look at how to use Codex Protocol to create a Digital Provenance Certificate called a Codex Record. We will follow a painting through purchase and registration on Codex, to appraisal, sale and onwards, using the real life example of white paper (Iota 2),by Andy Boot, purchased by a private collector and registered on Codex.
Step 1: Securing provenance documentation after purchasing an item
All collectors know that collecting and securing documentation is a crucial step when purchasing a new piece. All receipts, documents and provenance information organized and collected because a collectible’s value is determined by its provenance.
Whitepaper (Iota 2) was purchased by a private collector at the Ethereal Auction.
Step 2: Sign in to Codex
After purchase, the next step is to log in to the Codex Viewer. This buyer signed up using their Gmail account, but you can also use an email address, a Microsoft, or Facebook account. If you are particularly tech-savvy you can link your blockchain wallet directly to Codex.
Step 3: Create a Codex Record for the item
Now that you’re signed in, you can create a Codex Record for your item to add it to the registry. Add all relevant provenance information, describing the item, the sale, and upload documentation supporting the item’s identity and history.
- To create the Codex Record Codex Record, sign in to your account and click the “add new asset” button under the “My Collection” tab.
2. Fill in the metadata fields with the description of the item, adding any receipts or documentation to the “additional files”. More on that later.
3. Check out the guide for creating Codex Records here
Step 4: Get the artwork tagged
Now that the work is registered on the blockchain you can access service providers to build up a comprehensive provenance for the item and simplify secondary services. Start by using Codex’s partner, Tagsmart, to get the work DNA tagged. This creates a secure link between your piece and its digital record.
Order your tag of choice from our partner and apply it to the back of an item.
Upload the certificate of your tag to the Codex Record under “additional files” section.
Step 5: Get the artwork appraised
Getting your artwork appraised by a professional is of paramount importance in maintaining a comprehensive provenance record. Having its market value established and documented by a professional helps you to sell the item at the maximum price possible, as there is little room to dispute its value, and your asking price, on the secondary market. The appraisal will be used as a benchmark for your item by industry professionals when you insure, transport, lend or sell the item.
Easily get a professional appraisal report online through ValueMyStuff.com. Upload a photo of the item and all supporting provenance information (which is already conveniently stored in your Codex Record).
Once you have received an appraisal report via email in the form of a .pdf, upload the document to the Codex Record under “additional files” in the provenance section.
Step 6: Get a Codex Record Certificate of Authenticity
Codex now offers Certificates of Authenticity that link directly to the Codex Record of the item. These act as another piece of supportive documentation for provenance records. Upon request, Codex will send the owner of the Record a QR code certificate that scans directly to the Codex Record.
Keep the certificate with you and upload the .pdf to “additional files” in the Record.
Step 7: Keep Your Record up to Date
Changes in provenance are quite common. Old receipts are found, photographs resurface with new information, wills are updated and more. Provenances are not stagnant, so your Codex Records shouldn’t be either. Modify your Codex Record at any time to reflect the most up to date version of your item’s identity and history.
All modifications of a Record are recorded on the blockchain, so future owners of the item and Codex Record will be able to view the history of changes. Read this article for a comprehensive breakdown of how changes are tracked on the blockchain.
Step 8: Sell the item
When you are ready to sell the item associated with the Codex Record, easily pass along the Record to the new owner.
When viewing the Record, hit “transfer” and enter the new owner’s email address or blockchain wallet address into the pop-up box.
The recipient will receive an email notification to claim the Record and voilà, the Record is now theirs.
With the comprehensive provenance that has been created for the item, proving the item’s authenticity is frictionless and valuation is indisputable. The seller gets the highest price for their work and the buyer is confident they are purchasing an authentic item.
Step 8, pt 2: Selling the item (digital art)
If the item registered on Codex is a piece of digital art, sell it through OpenSea Marketplace. All public Codex Records are automatically indexed to OpenSea, making anything uploaded to the Codex Registry instantly available for purchase on OpenSea.
Codex is the leading decentralized asset registry for the $2 trillion arts & collectibles (“A&C”) ecosystem, which includes art, fine wine, collectible cars, antiques, decorative arts, coins, watches, jewelry, and more. Powered by the CodexCoin native token, the Codex Protocol is open source, allowing third-party players in the A&C ecosystem to build applications and utilize the title system. Codex’s landmark application, Biddable, is a title-escrow system built on the Codex Protocol, which solves long-standing challenges in auctions: non-performing bidders, lack of privacy and bidder access. The Codex Protocol and CodexCoin will be adopted as the only cryptocurrency by The Codex Consortium, a group of major stakeholders in the A&C space who facilitate over $6 Billion in sales to millions of bidders across tens of thousands of auctions from 5,000 auction houses in over 50 countries.