Blockchain: the definitive force for revolutionizing the art market

Imagine you can go now online and become a collective owner of Da Vinci’s Mona Lisa. Joke? A painting shared with other people like a block of flats? Not like a block of flats, but more like a joint stock company with special benefits.

We got used to traditional auctions where pieces of art are sold to individual buyers who are ready to pay dozens of millions for a single painting. But what if several buyers cooperate and own one piece of art altogether?

Fine art is nowadays ceasing to be a luxury that is not affordable for non-millionaires. In the nearest future you will be able to be an owner of parts of Picasso’s, Monet’s or Rembrandt’s paintings or give them as a present on your Mum’s birthday. If this statement does not sound convincing to you, a question may arise: what this system will be built on? The answer is one word, the word which is being number-one topic in the last months: Blockchain.

What is a Blockchain?

You may have already heard of this word in the articles concerned with such popular crypto currency as Bitcoin, which is also constructed on Blockchain. In brief, Blockchain is a virtual ledger that records all transactions of every user. Before a transaction can be done, it has to be verified by every computer involved in the chain. It turns out that the system is based on decentralisation and consensus of the users that enables them to operate without a middleman.

Though Blockchain is now mostly used for virtual currency, it can be perfectly applied to other spheres such as intellectual property. This is where the phenomenon called ‘art-sharing’ stems from. In order to sell a piece of art as a collective property, a painting, after being carefully evaluated by experts, is divided into smaller parts that are stored on a Blockchain platform and then sold to customers.

Art-sharing is a fast-growing business that has already involved numerous startup initiatives as well as some big companies. One of the leading projects is, a low-friction platform for art trade. Being in the forefront of the art investment industry, the team is aimed at providing members with necessary tools and attracting new investors.

What benefits do I get from Blockchain art-sharing?

This question may worry those who are newbies in the field of crypto trade as, at the first glance, there are no vivid differences between the brand-new virtual system and traditional transactions as, for instance, purchasing in online stores.

Authentification and Attribution

The authenticity of a painting would not be questioned anymore: the history of a piece of art and its genuineness are approved by experts and stored in the ledges of millions of machines.

Absence of Middleman

There is no more need in stores, agencies, sellers as intermediary activity is reduced to zero. The best thing about it is that the transactional costs are up to 100% less.

Provenance & Transparency

Every purchase of every user is documented in the other stakeholders’ computers and therefore it is securely verified and unalterable. Some modern platforms dealing with art-sharing can help a customer to trace the history and delivery of a piece of art so that transactional process becomes purely transparent.

The market is actively developing while you are reading this sentence

It is difficult to definitely predict the success, especially in such a fragile field as art market. However, the team dealing with the new phenomena of crowd-buying and Blockchain art-sharing is being formed right now. Curators, gallery owners and art dealers are all welcome to bring the art revolution to life.

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