Why Blockchain Will Impact The Art Market

By Elena Zavelev of New Art Academy, Forbes.Com



Will blockchain revolutionize the art market? The growing number of art-tech startups aiming to bring greater transparency and transactional security to the industry as well as the adoption of the technology among the top players definitely indicates so! In order to best understand what blockchain can bring to the art market, let’s take a look at the main ways that it can be utilized, as well as the opportunities and challenges that they present.

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Digital Dilemma: Will the Art Market Embrace Blockchain’s Promise of Transparency?

Written in collaboration with Lindsay Moroney, COO of Artory

Furthering the cause of transparency and establishing trust are the ideals expounded by blockchain enthusiasts, but efforts to implement this technology in order to create a digital registry for artworks will certainly take time. Will the market resist, and will increased transparency improve the market and make it more efficient, or will it scare away vendors and buyers?

According to Lindsay Moroney, COO of Artory, a secure registry of artworks, about 85% of art buyers want a certificate as proof of ownership.

The Art of Blockchain - Part 2

The Art of Blockchain - Part 2

“… when and where it was displayed, for how long, and even how it was transported from point A to point B; how many hands - and whose hands - touched it along the way, etc.  All this can be recorded in that highly secure and immutable manner for which the Blockchain is known.”