Ever wanted to become a collective owner of a famous piece of art? It’s almost like sharing an apartment with other people of the same block. Sounds too good to be true? It is almost like having a joint company, where you have the rights and special benefits.
Most of us have either been to or have heard of auctions, where one piece of art sells for millions of dollars. These pieces are purchased by individual buyers, who have that kind of money. How about buying a masterpiece with other investors and buyers? That might be the next big thing in the art industry.
Gone are days when only millionaires would only get the chance to own an art by Vinci or Picasso. Now, anyone with limited funds but deep interest in art can choose to be a part of the industry. How? Well, thanks to Blockchain – a technology that everyone has been talking about.
What is Blockchain?
In all likeliness, you must have heard about Blockchain in the world of cryptocurrencies. In fact, popular names like Bitcoin are based on it. In simpler terms, Blockchain is like a virtual ledger, which records all transactions of every user. So, before a transaction can be initiated and completed, it must be verified by every computer on the system. The system basically allows a transaction to be completed based on consensus, and thereby, eliminating the need for middlemen.
The effectiveness of Blockchain for cryptocurrencies is well-known, but the technology is also effective for other industries that involve intellectual property. The concept of art sharing also stems from the same concept. In the future, a piece of art can be sold an exclusive yet collective property, after it has been evaluated by the critics and experts, on such a platform. The value can be divided into smaller parts, which are stored on Blockchain and then sold to interested investors.
To be fair, art-sharing is not a new thing, and many known startups and companies are involved in the process. One of the better-known and growing projects on the block is Artrium.co – which promises to become the ultimate platform for art trading. It is now in the forefront of the industry and promises to offer the right tools to those involved with new opportunities for investors.
Exploring the benefits of Blockchain art-sharing
Many new investors have their concerns related to Blockchain art-sharing, given that the differences between traditional transactions and virtual systems are not as vivid. Of course, some initial homework can always come handy and give a better idea of the benefits offered by Blockchain art-sharing.
Authentication and Attribution
First and foremost, all the selected pieces of art for the system will be verified and evaluated by experts, so there won’t be any questions related to authenticity. Everything from the history to logistics and other aspects will be checked at all levels and stored in ledgers of virtual systems.
No more Middleman
Art trading will be more transparent than ever before, and the need for middlemen, agents and agencies will be done away with. In fact, the transactional costs will be reduced by 100%, which is a big plus for investors.
Source & Transparency
Blockchain art-sharing ensures that every purchase and sale by every user is documented effectively, and therefore, there are no concerns related to security. The records cannot be altered and is accessible to everyone in the system. Basically, the transactional process will become completely transparent, and there won’t be any roadblocks in the process of completing a transaction.
Changing the dynamics of the art industry
As you read this post, the art industry is changing like never before, but will Blockchain art-sharing succeed? It is hard to predict things at the moment, but experts believe that much like cryptocurrencies, the concept of art-sharing will find its calling. Curators, art experts, gallery owners, art dealers and investors are welcome to be a part of the change that will alter the dynamics of the art industry.