Blockchain arrives in the art world

Blockchain 2 min 16 Dec 2018
Cover image for Blockchain arrives in the art world
How artists, collectors, investors, and auction houses use blockchain for provenance, shares, and clearer ownership.

The art world is starting to use blockchain to check authenticity and make trading less opaque.

Blockchain already moved past pure finance. Charities, tech firms, and other industries use distributed ledgers for clearer records. Art is next: fewer fakes, harder tax games, cleaner auctions. A few concrete examples:

Artists

More visual artists ship work that never becomes a physical object. Digital files are easy to copy. Registering a piece on a chain can create a proof of ownership that helps protect the original’s value.

Collectors

Fakes are an old problem. Collectors who doubt a work can look at prior owners on-chain. Startups like Codex and Verisart offer registry and certificate services that store physical traits and history so a piece can be verified later.

Art investors

Singapore-based Maecenas began selling shares of artworks with a blockchain token. In a July deal with Dadiani Syndicate, it sold a 31.5% stake in Andy Warhol’s 14 Small Electric Chairs.

Auction houses

Christie’s used a blockchain registry for the Barney A. Ebsworth Collection sale in November, working with Artory. Works valued around $300 million got digital certificates with descriptions, prices, and prior sale history.

How ownership gets clearer

  1. An artist or gallery mints a token for a new work or a completed sale.
  2. When the work is bought from the artist, the token moves to the buyer.
  3. Each later sale moves the token with it.
  4. Sale dates live on a public distributed ledger, so buyers can see who held it before. If the first holder is not the artist or a known gallery, pause before you buy.

Oğuzhan Koçaklı

I have worked professionally in marketing, gaming and blockchain since 2015. I have helped create and carry out marketing strategies for many major brands. These days I work on mobile games and blockchain integration for games. AI has been my hobby for many years.

All posts

Leave a Reply

Your email address will not be published. Required fields are marked *