Several years since the development of Blockchain technology, ups and downs were covered from one end to another. Despite all of that, the art industry has been one of the highly sought after to manifest the potential of digital transformation. Notable changes include market transparency, ownership, tokenization and the overall infrastructure of the artworks net worth.
As numerous questions arise on the regulations, standardisation and governance, there has been a spike of interest by stakeholders and startups across the globe to get into future technology. ABR laid out several important moments in 2018 that involve digital currency’s overall impact in the art world, as well as predictions of the technology in shaping the marketplace in the future; precisely in the year 2020 onwards.
Initially, digital arts projects are challenging to start off at the forefront of blockchain innovation. It commenced as a trial and then as it has gained popularity amongst the community, we get to witness digital marketplaces like Dada.nyc, SuperRare and more. A virtual artwork of an artist was valued at $1 million and it was even offered a huge fraction for cryptocurrency. For instance, for every buyer; 10% of the work will be recorded in Blockchain.
Fractional stakes give such a huge value to the cryptocurrency shares when one work can go up to $5.6 million per year. Back in 2018, Maecenas partnered up with London gallery to offer the stakes in Andy Warhol’s 14 Small Electric Chairs (1990) through cryptocurrencies which include Bitcoin and Ethereum. It became a landmark for art and technology since then. With the usage of token in the arts industry, prices can be see-through and monitored from all continents of entities; but the technology will be able to hike up the overall structure and direction of all the values.
A large number of conferences have been aligned which were majority dedicated to Blockchain. A noticeable increase of art was the Ethereal Summit in 2018 where a global conference placed a huge emphasis for the artistic world of art that includes the event with a live auction. Art+Tech Summit was the first-ever event dedicated to the immersion of Blockchain in the arts industry and it was majorly on the exploration of Blockchain for the huge industry. As the years passed by, we notice a meaningful global impact for the art world in the future technology: Blockchain.
Following up the waves of the art industry, launches and sales of startups in the market are also catching up on the data and strategization. The main purpose is to gather and strategise data and information as well as avoiding pitfalls in the long run. Buying art pieces can be a hassle in the first place, thus; blockchain transfers the management and authentication process from one point to another; the identification, verification, purchasing to appreciating arts at all costs and forms. Technology and arts immersion will not just transform the way things work but offer a huge percentage of future investment in the whole sector.
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