Collecting artworks and masterpieces has been traditionally reserved to HNWI (High Net Worth Individuals) — people with over $1 million in their bank account. How about the everyday people, who appreciate art, but can’t spend millions in buying artworks?
With the blockchain, not only democratizing the access to artworks acquisition becomes a reality but also the type of arts and collectibles has been rethought, leading people to trade new forms of digital art. A recent article by Culture Hack highlights alternative trends in collecting art, totally unknown in the art world prior to the emergence of the blockchain.
Blockchain opens up a world of opportunities for new ways to transact, sign, and store information. While the majority of the population has heard about CryptoKitties, there is much more to the story than simply a game to breed cute kitties. Blockchain technology is bringing the meme economy to reality.
CryptoKitties is an Ethereum blockchain based platform that offers tradable digital cats. Digital assets like Cryptokitties can be traded and are created as rarities, with traceable ownership. The success of CryptoKitties has proven that blockchain technology can impact even the way we buy, collect, or sell arts and collectibles in the digital space.
Generally speaking, creative products like memes, art, and music struggle with publishing content on the internet without worry of piracy. Once content is copied and distributed for free, the value drops and the prospect of a market for that product disappears. For these digital products to build and retain value, they need to be defined by scarcity.
Blockchains like DIPChain and Ethereum help solve this problem for digital art by providing a way to determine and agree upon scarcity. These tools create a platform to issue limited supplies of artwork by putting ownership on the blockchain, which creates globally agreed upon scarcity of these assets.
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