Blockchain is a genuinely new innovation platform that is available worldwide to everybody and is structured on multiple devices. According to The Harvard Business Review, it depicts it as an open, disseminated record that can record exchanges between two gatherings proficiently and in an undeniable and perpetual way. If you are not acquainted with blockchain, you might be comfortable with the digital currency Bitcoin.
What many people are not aware of is that in addition to currency, blockchain can be utilized for art and intellectual property. There are many benefits of assimilating blockchain technology and art. The art community has been facing problems of fraud and counterfeiting for years now. Blockchain can provide a system to validate the credibility of the art piece and make the process entirely transparent.
Many artists are drawn to the concept of blockchain being integrated into the art community. However there may be a handful of challenges that may occur during the integration of art into the blockchain paradigm. To make the transition smooth, educating the art community across the world about what blockchain is about and how it could benefit the art world. According to the CEO of AllPublicArt he states, “The art industry remains traditional where pivoting with technology and innovation, has just been a challenge.” The art world is dominated by well known established galleries and auction houses such as Sotheby’s, which dominate the art community. This makes it problematic to help the art community become more entrepreneurial and have the financial freedom from the big institutions.
I have many friends that are artists, and one of their complaints is bookkeeping and keeping records. They get tired of keeping a paper trail of their portfolio, expenses, clients and so forth. Nonetheless, by creating some sort of a digital ledger would allow art dealers, galleries to authenticate the history and the artist’s portfolio without going through the hassle of having a meeting with the artist. This makes it easier, because the artist’s portfolio can be accessible to any gallery or dealer in the world thanks to blockchain.
By incorporating the artists work into the blockchain system it enables other artists to network and view each other’s work. It will create a digital forum for other artists to interact with one another, which can also result in a marketplace – artists can purchase different types of canvases, paintbrushes and ideas.
Transparency
Currently the art community isn’t really transparent, at least to the public; the high-end art market is intentionally obscure. So the terms and pricing of certain artwork remain a mystery. It might be very confusing for a new artist in the industry to know how much he/she is receiving from the proceeds, how much the gallery’s, auction house and dealer’s cut is. Blockchain will allow full transparency, and less opaqueness in the system.
Another way transparency and blockchain will help the art world is when an art connoisseur wants to purchase a piece of art, they want to be certain whether the art they are purchasing is authentic. The blockchain would attach a certificate of authenticity to the artwork itself, which later on can be used for future exchanges and deals.
Are Galleries and Auction Houses interested in Blockchain?
This has been the main question since the beginning. Many artists and online platforms such as Dada.nyc have shown interest in blockchain. Auction houses such as, Sotheby’s and Christie’s have stated that they are anticipating introducing blockchain technology within the next few years or so. In spite of that, most galleries have stated that they will not have any intention of using blockchain for art.
The elite art world does not want to consider integrating into blockchain, mainly because they want to continue the way they have been dealing with art for decades. Secondly, the blockchain market would be taking away from the profits the galleries, art dealers and exhibitors. That would disturb the whole ecosystem of the art world; nonetheless blockchain will remain more prominent in the digital art community.
Maecenas is the first open blockchain platform that provides access to high-end fine art. This will allow individuals to purchase shares in a Basquiat, Van Gogh, Picasso etc. Since the blockchain system cuts out intermediaries, which reduces a lot of the transaction costs. Check out ICO ratings and more information on Maecenas here.
Help create an Identity for emerging artists
Building a name in the art community is extremely important. It takes many years for an emerging artist to get his/her name out in the art world. If a big gallery or collector becomes fond of the emerging artist’s work it can obviously be a big break through and be great for sales. Blockchain will allow the artist to have an identity and give the artist a chance to become bigger.
Through the blockchain system, artists can track the movement of their work, where it has been exhibited, who has purchased it and so forth. During the course of their career, an emerging artist can build their reputation in the art marketplace.
The art world has existed for centuries; it does not like to make many adjustments and changes. However, the industry has promising future – we shouldn’t be expecting big curators and galleries using the blockchain system anytime soon, but it is a start. Digital art and emerging artists can benefit from this system, which will make art more accessible and provide more exposure.
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