Codex Protocol + Feral Horses
We are proud to announce that we are partnering with Codex.
What is Codex?
Codex is a blockchain-based decentralised title registry for Art & Collectibles that collectors and industry players alike desperately need.
Supported by a large industry consortium, the Codex Protocol stores ownership and provenance while ensuring privacy for collectors. It will allow collectors to more easily find what they want, and ensure authenticity. Consequently, Codex is the first step to achieving a larger and more accessible art and collectibles market.
In the past, centralised title registry efforts have failed to succeed due to the difficulty to build trust in entities holding critical information about possessions and intermediaries. The strength of Codex is the way they understood both the market’s needs and pains and designed a decentralised solution thanks to blockchain technology.
Why do we love what they do?
First and foremost, Codex wants to tackle one of the biggest, if not the biggest, challenge that the art market faces: Trust.
Thanks to its provenance-based protocol, Codex can start a revolution that will contribute to bringing both visibility and trust to the art and collectible market, and, it is a great honour for Feral Horses to be actively contributing to such a meaningful industry change.
“The global art & collectibles market is approximately $2 Trillion, yet today there is no way to prove who owned what, when. This is especially important in art & collectibles, because almost the entire value is based on provenance and authenticity. Collectors have always balked at disclosing their assets to a central authority. Now, with the blockchain, they can prove ownership without compromising privacy. This will enable art and collectibles to flourish as a financial asset class, resulting in a larger, better, and fairer market for collectors, intermediaries and artisans.” — Mark Lurie, Codex CEO
On the long term, if this Title Registry is widely adopted, the art & collectible industry transaction value could grow by hundreds of billions of dollars and over $6 billion losses from fraud and forgeries could be prevented.
NB: Not sure why provenance is that critical within the art market? Then, listen to Vishal Kumar, Data Analyst at Sotheby’s.
How are we going to collaborate exactly?
Feral Horses is becoming a Codex Partner. We will record transactions when introducing works of art on our Art Stock Exchange. In the future, when the artworks that we have under our management are sold and exit our market, we will also record these transactions on the title.
Overview of the Metadata uploaded on the blockchain by Feral Horses:
Step 1: Feral Horses adds simple descriptive metadata. This will be artwork name, dimensions, price, artist etc…
Step 2: At volume, Feral Horses also adds timestamps with close prices and cap tables regularly. This will help to map the price fluctuation on Feral Horses market.
Curious to know more about Codex?
Have a look at their Whitepaper.
Feral Horses is the Stock Exchange for Art. We have reached our £100,000 target and are now overfunding on equity crowdfunding platform Seedrs.
Curious? Discover our campaign here.
