We explore how companies like Maecenas, Codex Protocol, DADA.nyc, R.A.R.E and Image Protect are using blockchain to help change the art industry.
The art market grew to $63.7 billion in 2018, according to an Art Basel report, but many consumers can’t afford to enter it. Artwork prices can reach into the hundreds of millions and fees can be as high as 20%.
Offering the ability to buy and sell fractions of paintings will bring a new customer base into the industry. Have you ever wanted to own part of a Van Gogh? Now you can.
In May, Modigliani’s Nu Couché (Sur le Côté Gauche) was sold for $157.2 million. Now, unless you happened to buy bitcoin in 2012, you probably don’t have that kind of spare change.
Maecenas wants to democratize the fine art industry, making it available to everyone. This involves selling fractions of artworks with lower fees.
Each fraction will be linked to a token, recorded on the Ethereum blockchain. This means investors can be confident that they own that fraction. The fraction will increase in price along with the value of the artwork.
Did you know?
Fractions of the painting by Andy Warhol named "14 Small Electric Chairs (1980)" were sold on the Maecenas platform
Ever bought a watch online and wondered if it was stolen? Often there’s no easy way to check.
With a digital registry of art and collectible items, it will be possible to prove that you own an item. It will also be faster and cheaper to transfer ownership.
Did you know?
Apps can be built on the Codex protocol, such as Biddable, which allows you to pay for artwork and other goods with cryptocurrency on the auction site LiveAuctioneers.
This is bad news for artists. When their art can be shared to millions of potential customers for free, they lose out on a lot of money. Blockchain can prevent this from happening by keeping records of sales and ensuring that the artists profits from every transaction.
DADA.nyc is an online gallery for digital art. Art can be resold on the gallery and the artist will continue to earn money per sale. This encourages a positive second hand market for digital art and enables artists to make a living.
Auctions are stuffy places full of rules. Crypto breaks this wide open by letting you bid on digital art from anywhere in the world at any time.
R.A.R.E. is an online digital art marketplace with an auction that lets you bid in real-time with prices in Ethereum or in RARE tokens. This means artists have their work opened up to the whole world.
It also uses proof-of-ownership to help tackle the problem of digital theft.
A bugbear for photographers is finding their photos used in news articles and promotional pieces without a dime of compensation. It’s not easy to get them taken down either.
Image Protect is creating a registry for digital content so that artists can keep ownership over their work. This means photographers can monetize their work and stop it from being stolen.
It will also use its IPTrack internet monitoring to crawl the internet and find unlicensed uses of digital content. Image Protect will take action on behalf of its photographers and offer a way for the image to be display in a monetized way.