Blockchain has the potential to revolutionize the art industry, 60 billion dollar industry in an immutable software. It will empower the artists, art investments, transactions will take place without intermediaries and provide frictionless P2P interction.Talk to Our Experts
We create solutions to the problems faced in art industry with the help of smart contract. Blockchain Art Authentication can prove the ownership of an art piece as well as protect the IP rights of an artist even after the trading of a work of art. It lowers the barriers in the conventional art market faced by interested buyers and sellers. Blockchain transaction take place in a trusted environment, where entire transaction history is recorded and could be accessed by anyone on the blockchain with the help of key.
Smart Contracts are contracts based on computer algorithms that not only deliver the contract terms, but also execute the purpose of the contract within its terms. The code and agreements contained therein usually exist across a distributed, decentralized blockchain network, such as Etherum. There is no central system, authority or intermediaries to execute the smart contract.
Ownership in art industry, there are numerous cases of plagiarism and in the offline system it’s easy to claim someone else’s work as your own. By registering work on blockchain, artist can establish proof ownership and get to keep the IP rights to their artwork when their tokenized art pieces are sold.
Decentralized art is protected as well as can be viewed by anyone in the network i.e direct contact between buyer and seller. There is no need of intermediaries which gives a certain independence to the artists.
Trustless that is the core of the blockchain, rather than one central authority all the data is shared in a distributed ledger that is visible and accessible to all this approach prevents tampering of data hence improving the reliance and authenticity of an art piece.
Blockchain offers faster transactions as compared to the traditional system, making settlements easy and fast due to smart contracts hence making monetary transactions between buyer and an artist becomes faster and easier.
0x Protocol , Kyber Network, Augur, Bancor, ENS (Ethereum Name Service )
web3.Js, Ethers.Js, 0x.js, ReactJs, Truffle, Drizzle ,ethPm, openZepplin, Embark
Truffle, QuillAudits, Mythril, Slither
Infura and IPFS, Storj, Sia, SWARM
Aztec , NuCypher
Plasma, Loom Network, Celer, Matic
The global art market grew 6% in 2018 to 67.4 billion in sales according to economist Clare McAndrew’s report “The Art Market 2019,” released by Art Basel and UBS, however, despite the 6% growth, 57% of dealers saw their sales decline in 2018. This follows a trend over the past decadeLearn More