Virtual currency and blockchain can be favorable to many that is why Trading on Bitmex is possible to help in investing of these digital currencies. The art community can benefit from this. For decades, the art market has been encountering the issues on counterfeiting and piracy of artworks. By offering an instrument for authenticating the genuineness of an art piece in addition to transparency in its series of custody and history of sales, this permits for the art market to be cleaned of this counterfeiting and restored into the elegance it once was.
According to Graham Goddard, CEO of All Public Art or APA, “The art market is a bit of an enigma, you don’t really get a chance to know the ins and outs of what happening as an artist, you don’t really know what the gallery is doing in terms of authenticating the work, it’s more taking someone at their word.” APA is a P2P art community that is intended to deal with these very problems.
At present, the technology on blockchain is particularly appealing to the art society. The challenge in creating the switch into blockchain space is enlightening the art community worldwide regarding the concept behind it and the advantages it could convey to all individuals involved.
“The art industry remains traditional where pivoting with technology and innovation, has just been a challenge,” Goddard stated. When it comes to business, the art realm has giants as a result of the ascendency of huge art galleries and auction houses. It turns out to be more and more demanding to help rotate the worldwide art community into a position that lets these factions to be more adaptable and flexible with making themselves liberated financially and aiding the entrepreneurial artist to prosper.
An artist is accustomed to holding a paper-trail of records and documents to aid in validating their portfolio. This can be taxing and every now and then onerous since several have to control and work on plenty of facts and figures. Nonetheless, by fashioning a digital trail or record, this grants artists to step into a completely fresh marketing space. Art galleries or other art collectors, on the other hand, are able to authenticate and prove the history and portfolio of the artist. Taking artists and their artwork into the blockchain unravels other possibilities such as the ability for artists to link or make connections with other artists as well as forming a digital market to secure art tools and accessories at reduced rates.