From Paris to New York, art shrines around the world have attracted art collectors around the world for many years. People seek to buy from creative artists and create a limited number of valuable works of art.

Once the blockchain technology was launched, it quickly found a “position” in the art field. Through the blockchain technology, artworks are easier to access and trace, and at the same time, the methods of creation and perception are changed. This provides new opportunities for collectors, art galleries, museums, art brokers and artists.

With the continuous evolution of the intersection of blockchain and art, we are quietly entering the “new era of digital art” supported by blockchain technology.

Bitcoin hidden in the murals of Paris

In January 2020, Pascal boyart, a French Cryptologist and street artist, painted a street mural “guiding people’s freedom in 2019” at 156 aubervilliers Avenue, 19 district, Paris, France, in order to celebrate the 10th birthday of the genesis building, and hid a $1000 bitcoin in it.

Under the media’s attention and dissemination, this news set off a “National Tourism” boom.

Six days later, Antoine Feron, a blockchain technical engineer, solved the “mural puzzle” and announced its solution on the Internet.

However, the mural received numerous media reports in a short period of time, attracting countless people to inspect the wall in person. Investors in encryption found the commercial potential of “digital art”.

The history of blockchain technology in Art Circles

Blockchain technology can be used not only to register and collect art data, but also to build a “center” for creative artists around the world.

Scarab project is a typical case of “blockchain + art” application. Scarab is an experimental Association of artists, founded in 2014, which focuses on creating a single work of art from thousands of submitted images using image processing technology supported by artificial intelligence, combining different artistic creation methods. To be a participant, you need to register and submit an artwork, which in return will receive a scarab token that grants members of the Scarab community the right to vote.

In recent years, blockchain platform, which provides Gallery certification and registration services for collectors and artists, has been actively developed. When art works are registered on the blockchain platform, their details (such as historical and physical characteristics) will be recorded and stored in digital ledgers, and time marked accordingly. Through this technology, the data of the atlas will be easier to verify and detect, and can not be replaced.

This blockchain art platform ensures that artists have a legal connection with the purchase of artworks, and both artists and art buyers can benefit from it and obtain corresponding income.

Emerging “digital art” market

Although some artists may continue to paint with brushes and framed canvases, the rise of “digital art” has attracted new collectors interested in different media art. For example, a well-known digital art work called “Eternal Rose” was sold for $1 million in 2018, which stimulated interest in the blockchain art market.

With the development of technology, art will continue to flourish in various ways, but the “digital art” market allows artists to freely and easily sell their works and attract more collectors through the blockchain.

“Our attitude is to find ways to provide services for these artists, while using blockchain to provide them with a new mechanism and a market for selling artworks,” said the head of blockchain’s “digital art” platform

How blockchain blossoms in digital art market

According to hiscox Ltd., the insurance company, allpublicart was launched in 2015 to expand online art sales. According to the report, its online art market is growing at an annual rate of 24% and is expected to reach $9.58 billion by 2020. It said that after registering on its platform, each author can publish their works in exchange for APA tokens, the amount of which is equal to the author’s income.

Edward Hopper, chop suey is estimated to be worth about $70 million.

In november2018, New York – Christie’s, the world’s leading art dealer, announced that it would conduct encryption registration test of art transactions on the blockchain, which is part of a unique cooperative development with the leading art market company art, which was the industry’s first creation, and a new wave of “digital art” market was set off.

Collectors have said that each piece of art sold at Christie’s auction will include a secure, encrypted certificate for the successful bidder to use, providing a permanent digital record of art related information. This makes every artwork and every user have a unique digital identity, and everyone can obtain the right confirmation information by tracing the art treasures blockchain, which helps to establish the integrity mechanism of the art market and improve the market liquidity.

Is blockchain the future of art?

According to a research report, the annual market scale of art forgery and fraud is as high as 6 billion US dollars. It is not uncommon for artworks to be true or false to be distinguished, and unknown sources.

The combination of blockchain technology and cultural artworks, on the basis of decentralization idea, blockchain and smart contract, will put an end to a series of problems existing in the traditional cultural art financial industry, such as fake goods, high price, difficult management and traceability.

Every piece of art is a digital collection – a digital object that is password protected and tracked on the blockchain.

Collectors can safely purchase “digital art” through cryptography technology similar to Ethereum, and choose to sell or trade the work when the demand for art is high. If a work is sold or traded, the artist still has the authorship of each work to ensure that all credit is ultimately attributed to them.

Through the blockchain platform, people can more easily access the transaction history of Artworks (including ownership, exhibition history, written records, circulation records and other key information), and use cryptocurrency to invest, which greatly reduces the transaction cost of the art industry, and essentially owns the ownership of artwork.

From the forefront of blockchain art asset token to the establishment of decentralized art property rights registry, blockchain technology is promoting innovation in the field of digital art. Blockchain technology can not only control the distribution of digital assets, but also record important information about the source, making it easier for investors to enter the art market.

This latest technology has invaded the art world with a lightning bolt. It is estimated that by 2020, putting the complete ecological chain information of artworks into the blockchain will become a new trend in the art world.

Editor in charge: CT

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