Tech And Art: Blockchain Impact On The Classic Market
By Digital Korsair on ALTCOIN MAGAZINE
Humanity has been producing art of different kinds since the times immemorial. From the simple cave paintings to the works of the Renaissance period — through the centuries, artworks had become more and more distinguished and sophisticated, new genres appeared and mixed, a lot of prominent artists had influenced the entire generations.
Though the nowadays present questionable forms of artworks, the classics are still a top. Moreover, these days of digitalization taking over literally everything and blockchain technologies getting involved in daily lives.
The question is — how the new form of technology advancement can help with today’s problems or improve our experience on a specific stage?
One of the latest recent trends is blockchain — from the collectible and valuable digital kittens and meme trading cards fetching prices of over $100,000 to artificial intelligence (AI) driven artwork, the blockchain technology has now become another artworld trend.
Co-owning of the pictures of Van Gogh, Picasso and so on can soon become popular — impressive enough, with the help of blockchain one can touch the eternal without having to pay astronomical amounts of money.
For example, each picture is divided into pieces. Depending on the picture or pieces size, their amount can vary from 1,000 to 10,000,000 or more. The participant of the project can buy any number of pieces and become one of the co-owners of the picture. Imagine that one can visit the exhibition, see the picture and feel closer to the great work of art — the paintings like “Sunflowers” by Van Gogh or “The Night Watch” by Rembrandt? Digital solutions make the classic pieces of art even more accessible to achieve now.
Blockchain art consists of more than just slapping a piece of art online, however. There are a few things you should know about this emerging market and how it’s changing the artwork for the better.
The Art: Ways Of Blockchain Use
Among the approaches used by today’s digital artists, there is a different way of engaging the blockchain into the industry. Some artists produce stuff in which the blockchain is a subject while others are simply using the technology in their creations.
The Art: Blockchain-Used
However, beyond the collectibles, artists are finding other ways to utilize blockchain technology for their artwork. One example of this is the Scarab Experiment, which combines artificial intelligence (AI) with tokenized memberships to create one piece of art from the combined 1000 submissions of community members. Once submitting the art piece, an investor receives a tradeable Scarab token that gives you voting rights for what artwork the project includes.
The Art: Blockchain-Based
Although not built with the blockchain, numerous works of art use the technology as inspiration. Recently, the first-ever publically commissioned Bitcoin monument was erected in Kranj, Slovenia. Citizens of the city submitted ideas for the memorial via Facebook, and officials chose Bitcoin because of the region’s ties with the industry.
Going from there, blockchain has also influenced Bitcoin graffiti art, renditions of Satoshi Nakamoto, and even the Last (Bitcoin) Supper.
Not the least is one of the most popular forms of the blockchain art like the collectibles — the CryptoKitties and Rare Pepe trading cards have garnered a cult-like following.
These digital pieces of art are directly created, stored, and traded on blockchain platforms like Ethereum and Counterparty.
However, the rareness of each collectible is what drives its value and price. You can quickly pick up collectible blockchain art for as little as $5, but some pieces have price tags of over $100,000.
The Art: Verify & Track With Blockchain
One of the vital points that rate essential enough is not the creation of art — authenticity approvement of rare things. Due to the conducted research, The Fine Art Experts Institute (FAEI) in Geneva stated in 2014 that over 50% of the artwork that they examine are either forged or misattributed to the incorrect artists. With pieces in the fine arts market selling for tens or even hundreds of thousands of dollars, it’s essential that one buys exactly what they want to.
Similar to blockchain’s use in agriculture and supply chain, one can use the power of public immutability to maintain art’s integrity. Meanwhile, some projects are working to tokenize art provenance. Blockchain art provenance is a method of proving the ownership of original creations via blockchain.
How does this work? Simply enough:
An artist creates a new piece and certifies it with a token on a blockchain. When one purchases the artwork from the artist, they transfer the associated tokens.When one sells the piece, the token are transferred to the buyer.
The token transactions are stored publicly, so the buyer can easily track the entire history of ownership back to the artist. If the token doesn’t originate with the artist’s wallet, the artwork is a fake.
This process can be used for physical pieces of art as well as digital works sd they are easily reproducible, associating them with tokens preserves their rarity which, in turn, retains their value.
The Art: Eliminating The Intermediaries
The blockchain art market is best at making middlemen obsolete. Decentralized art galleries are popping up left and right giving most (if not all) of sale proceeds to the artists.
For example,Curio Cards are GIFs and images tied to Ethereum in which artists receive 100% of their sales. Because the cards are on the blockchain, you, as an artist, can choose exactly how many you want to sell. There’s no need to worry about copying, forgery, or substantial fees. This opens up a whole new world of monetization for digital artists.
Even with physical works of art, galleries are using blockchain. Maecenas is a decentralized platform that democratizes fine art. If you’d like to get involved with art investing but don’t have the bankroll to purchase a multi-thousand dollar piece, this platform is for you. On Maecenas, you can invest in a portion of the artwork using the platform’s ART tokens. Additionally, to finance new pieces, galleries can list their artwork to Maecenas users at a fraction of the cost of what an auctioneer or loan would cost them.
The Art: Blockchain Market
If you’re a collector, creator, or just a casual observer, art’s blockchain revolution probably affects you in some way. Even in this rising industry, there are still plenty of ways to get involved and stretch your creative muscles.
Nowadays we witness the widespread of the blockchain which results in the improvement of many existing fields of human activity, opening new horizons while broadening the existing ones and going over the borders with the innovative technology.