Great news for art lovers! Art Galleries are now accepting Bitcoin, once a controversial cryptocurrency, as a form of payment for art pieces. Dadiani Fine Art Gallery in the UK and the Theirry B Fine Art Gallery in Melbourne showcasing Melbourne designers are the first to initiate this trend. Unfortunately, there are numerous artists around the world represented by different galleries. Many artists may not be able to utilize this new method due the lack of resources and connections. Restricting the use of bitcoin in the art commerce to a limited number of galleries means that only a cadre of artists can display showcases of their masterpieces though this means.
The online art gallery BitcoinGallery.com is doing its best to increase available art for purchase using bitcoin so that it can be accessed by any potential buyers. Currently, masterpieces by contemporary artists such as Alec Monopoly, Deborah Azzopardi, Robert Bissell, Cheryl Kelly, Walfrido Garcia, and Alexei Butirskiy are being showcased in BitcoinGallery.com. To authenticate art by proving chain-of-ownership, the artists need to register each art piece on the Bitcoin blockchain using ArtChain.info. This also allows buyers to confirm if an art piece is authentic because it truly originates from the artist. ArtChain.info registration for an art piece is free. After registering, ArtChain bitcoin will be deposited into the Artist/Gallery bitcoin address to register their first ten art pieces.
If you are interested to purchase any art piece using bitcoin, Bitcoin Gallery.com will assist you in acquiring the piece as well facilitate the transaction. To prove the authenticity of the art, they can request the artist register the piece on ArtChain.info as well. In the event you want to sell off the art to be used as private decoration and design, you will have the option to transfer digital certificate of authenticity to the new buyer through the blockchain.
Blockchain aims to prevent art forgery by generating certificates of authenticity that cannot be forged or modified. Since it is unchangeable and permanent, this record of ownership and certificate of authenticity is etched into the Internet forever, ending with the current owner of an artwork. Trading artwork is faster and easier and conveyance costs are lowered, reducing risk on all sides by cutting off fraudulent behavior.
Other than preventing theft and forgery, blockchain also provides protection and empowers artists for innovative ways to monetize their work. The art market is growing. New platforms are being introduced that allow artists to display their masterpieces besides in museum showcases. Artlery, another art platform, is designed around an art-backed cryptocurrency called the CLIO. It utilizes tools to track engagement with art providing effortless methods for valuing, pricing, and selling art.
Blockchain make it easy for businesses to use new methods of processing digital transactions. If artists use this technology to authenticate and track their work, costs involved in verifying transactions can be reduced. The need for trusted third party validation such as appraisers can be removed as well. Blockchain has definitely redefined the art industry. Identifying fake or counterfeit items are no longer hard to establish. This incorruptible technology could be a big impact on the art market.