Impact of blockchain in the art world

Copyright © Blockchain Council www.blockchain-council.org
IMPACT OF BLOCKCHAIN IN THE ART
WORLD
Blockchain is often associated with the technical world, where we think that its use cases
are limited to improving financial transactions and making business operation seamless.
However, it has emerged as a popular medium to create a podium for the direct interaction
of the buyer and seller. One of the most unconventional uses of Blockchain could be its
application in the world of art. Its one of the most estranged topics that you could think
about working together.
2

But, you might be surprised to know that the world of art is steadily finding the immense
application of Blockchain in its working. Let us explore how these two are working
together and what does Blockchain has stored in for the world of art.
3

We will be focussing on how the artists and the buyers will be benefitting from this.
Whether it is about art valuations or about provenance to digital collectibles, Blockchain
has a solution for everything and will make the industry more sustainable.
4

What Is happening Around?
If it is about Blockchain’s application in the world of art then we have some great things
happening around us. The stalwarts of art have become well-aware about Blockchain and
how it can ensure the authenticity of work, right payment and more than anything, it will
create a transparent platform that will connect the two parties without any interference.
5

In order to explore applications of Blockchain, there were dedicated summits that brought
forth the issue. In 2018’s Ethereal Summit, the conference highlighted on Blockchain and
its impact on the art world. Last year itself, Christie which is one of the world leading
auction house held a summit that presented the first ever art and technology summit. In the
month of July Maceanas(Blockchain platform) came together with Dadiani Fine Art (
London Gallery) to offer fractional stakes in Andy Warhol’s 14 Small Electric Chairs
(1980).
6

31.5% of the work went for sale in Bitcoin and Ethereum. What we can say is that the art
world is strongly realizing the importance of technology in the world of art and how well
the two can gel.
7

Here is how Blockchain will benefit the art word:
1. The Artist – There are many artists who are creating digital artwork. There is a
probability of this digital work getting replicated and distributed without the consent of its
creator. With the help of Blockchain, the artist can register their work on the platform and
establish a proof of ownership. Some of the artists are using the technology on the canvas.
8

2. The collector – Foreigners invest a lot in buying the artwork. However, their doubt
regarding the authenticity of the product still prevails. With the help of Blockchain, we can
overcome this problem. Companies like Verisart and Codex are providing a platform
where the artist, the collector can register their work, and it gets stored n the ledger and
gets time-stamped. Thus, making the information easily traceable and verified.
9

Thus we see that Blockchain creates a platform which will be beneficial for both the artists
and the collectors. Not only it enhances the level of trust, but at the same time, it also
ensures that the artists directly connect with the buyer and get the right price for their
work. In the times to come, Blockchain will make it easy for all the artists to make use of
this platform.
10

What are the key areas of application of Blockchain
In the world of art?
Tracking the origin of the product – With the help of Blockchain, it becomes easier to
track the origin of the product or work. Since every information is time-stamped, it is easy
for everyone to track the origin of the product thus making it easy to showcase the
authenticity of the work.
11

Limited Edition – Well, did you ever think that there could be a limited edition of digital
work, with the help of Blockchain, it would now be possible. The digital artists can now
create a limited edition of their artwork. Earlier it was not possible because it was easy to
replicate the product.
12

Directly connect with the investors – There are many people who are interested in
investing in the artwork. Not only does Blockchain provides a platform for the artists to
showcase their work to the interested people but even the investors can directly invest in
the work using cryptocurrency. Although this is a fairly new practice over a period of time,
it will definitely transform the industry for good.
13

Conclusion
The world of Blockchain is slowly evolving and it is formulating an ecosystem wherein
the business operations will flourish. It will create a platform which is underpinned by
transparency and security, thus ensuring that the work is original. It will eventually
establish credibility in the system. Despite the application of Blockchain in the field of art
is slowly evolving but we cannot undermine the fact that the change it is triggering will
transform the industry forever.
14

Blockchain Council Certifications
You can check out our certifications, and kick start your career in the Blockchain
space today.
● Certified Blockchain Expert
● Certified Blockchain Expertv2
● Certified Blockchain Developer
● Certified Smart Contract Developer
● Certified Solidity Developer
● Certified Ethereum Developer
15

THANK YOU!
Any questions?
You can mail us at
hello@blockchain-council.org
Copyright © Blockchain Council www.blockchain-council.org 16

Impact of blockchain in the art world

Recommended

Recommended

More Related Content

Similar to Impact of blockchain in the art world

Similar to Impact of blockchain in the art world (20)

More from Blockchain Council

More from Blockchain Council (20)

Recently uploaded

Recently uploaded (20)

Impact of blockchain in the art world