The Power of Art: 4 Cases of Using Blockchain in the Art Industry
Blockchain can make the art industry more efficient and transparent. Why is it necessary to improve the creative sector? Art is what makes the world more fascinating and enchanting, from a vivid painting to a sweeping away performance; it is fundamental for our development. Even so, the art sector is suffering from many perils that affect artists, collectors, auction houses, art admirers, and investors. However, the world is not standing still: artists and art enthusiasts are adopting new technologies to enhance their niche and bring more security and transparency.
Many would say that such an ancient act as art doesn’t match with digital innovations. Yet, many companies and art stakeholders would disagree, because as art doesn’t have any boundaries, technologies become one of the most effective ways to adjust the sector to the current market. Art sector development isn’t only about creating; it’s also about inclusion and experimenting. In this article, we will discuss how the art industry is using blockchain technology to complement the creative process.
4 Blockchain Use Cases and Their Feasibility in the Art Industry
- Cryptocurrency payments
If you still think that blockchain and cryptocurrency are only for the tech community, it’s time to change your mind. Many innovation leaders in the art industry use crypto as an additional payment option. It opens the door for a more transparent and secure exchange and gives broader opportunities for buyers, collectors, and art investors. Cryptocurrency market is high in value; thus it prompts longevity. Virtual payment features ensure that there’s no middleman to charge fees or apply lousy exchange rates. Art buyers can transfer money for a piece within a few seconds with no bank or government involved.
2. Tracking provenance
Provenance of an art piece is a fundamental part that creates value. When art collectors trade works, it is necessary to know what techniques and materials were used. Without a doubt, it’s easy to get this information from artists, but when the piece is traveling from one owner to another, it becomes harder to track its provenance. Another severe issue is when there is no proof of authenticity. Blockchain can solve these problems by storing piece records on a ledger.
These operations aren’t that new in the market, for example, LuxTag® a digital tagging solution provider offers a provenance tracking service. The company registers all valuable information about the artist and work and ensures an accessible platform for all authorized parties to exchange information. By empowering blockchain, the art industry can provide authorized data to make art exchange more reliable.
3. Transparent marketplace
The art industry is facing tremendous rates of counterfeit and stolen artworks…
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