Exploring the Impact of Cryptocurrency and Blockchain on the Arts

Exploring the Impact of Cryptocurrency and Blockchain on the Arts

Cryptocurrency NFT
August 12, 2021 by Editor's Desk
736
One of the most unconventional applications of Blockchain could be its use in the world of art. You might be surprised to know that the world of art is now experiencing significant use of Blockchain in its works. Whether it is art valuations or provenance to digital collectibles, Blockchain has a solution for everything and
Impact of Blockchain on Art

One of the most unconventional applications of Blockchain could be its use in the world of art. You might be surprised to know that the world of art is now experiencing significant use of Blockchain in its works. Whether it is art valuations or provenance to digital collectibles, Blockchain has a solution for everything and can make the industry more sustainable. Let us explore how these two are working together and what does Blockchain has in store for the world of art.

How Blockchain will benefit the art world

The stalwarts of art have become well-aware of how Blockchain can ensure the authenticity of work and the right payment as well as create a transparent platform that’ll connect two parties without any interference.

  • The Artist – There are several artists who are creating digital artwork. There is a probability of these digital works getting replicated and distributed without the consent of their creator. With the help of Blockchain, artists can register their work on the platform and thereby establish proof of ownership. 
  • The Collector – Foreigners invest a lot in buying artwork. However, they still doubt the authenticity of the product. Blockchain can help overcome this problem. Companies like Verisart and Codex provide a platform where the artist can register their work, and it gets stored in the ledger and gets time-stamped. This makes the information easily traceable and verified.

Thus we see that Blockchain creates a platform that will be beneficial for both the artists and the collectors. Not only does it enhance the level of trust, but also ensures that the artists connect with the buyer directly and get the right price for their work. In the coming days, it will be easy for all artists to make use of this platform.

What are the key applications 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 an artwork. Since every piece of information is time-stamped, it is easy to track the origin of the product, thus showcasing the authenticity of the work.
  • Limited Edition – Did you ever think there could be a limited edition of digital work? It was never possible because it was easy to replicate the product. Through Blockchain, digital artists can now create a limited edition of their artwork. 
  • Directly connect with the investors – There are several people who are interested in investing in artwork. Not only does Blockchain provides a platform for artists to showcase their work to people but also allows investors to directly invest in the work using cryptocurrency. Although this is a fairly new practice, it will definitely transform the industry over a period of time.

The world of Blockchain is slowly evolving and is formulating an ecosystem wherein business operations will flourish. It will create a platform that is representative of transparency and security, thereby ensuring that the work is original.