Blockchain technology is revolutionizing all industries. But, what about art industry? In this article, we are going to talk about blockchain as a solution to art industry.
COVID-19 pandemic affected the art industry significantly. Many museums and galleries closed due to hygiene protocols. As a solution, blockchain can play a significant role in order to solve the issue. This article is an interview with the founder and CEO of 4ARTechnologies, Niko Kipouros.
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Blockchain as a solution to art industry; the biggest challenges art industry is facing with
Since COVID-19 pandemic became a serious issue, most of the galleries, exhibitions and museums shut down their business. So, the question here is that how artists and other people involved in this industry could survive. If people have to stay home and don’t attend in public events, how artists keep doing their work and sell their products.
As a result of this situation many artists switched to online business in order to keep their sale and auctions alive.
How can blockchain help artists in this process?
The blockchain can bring unexampled accountability to this industry. In addition, it provides decentralization on an institutional level. It can automate the daily art handling tasks as well as provide decentralization to the art sector. In fact, the current technology is not able to do what blockchain is capable of doing.
Blockchain as a solution to art industry; tokenization of art work
The tokenization in art industry makes the art work available for online trading as well as handled digitally. The tokenization in art industry can be in two different ways. It could be either a single token per art work or multiple token, which allow a good deal of various ownership.
The single token would be useful for art collectors and those, who are interested in having better management of their collection.
Furthermore, it gives the chance to previously untradable artworks to be available in the art market. It could really help the public institutions, which were struggling with lack of funding.
More interestingly, by using blockchain-based tokenization, an artwork can be owned by many people. It makes the collecting more democratic and accessible than before. As a result, it provides completely new ways to own and enjoy art.