Blockchain In Art – news feed
Christie’s, the auction house with a history going back over 250 years, has announced a pilot scheme to use blockchain for auction data.
The result of a partnership with blockchain art startup Artory that was revealed Thursday, Oct. 11, the Christie’s will use the technology to provide details and certificates of purchases to buyers.
The plans, it says, were “timed to coincide” with the upcoming $300 million sale of U.S. modernist art in London and Los Angeles this month.
Brooklyn-based startup Snark.art has launched its blockchain laboratory to tokenize creative artworks of artists. The startup is kicking off with a partnership with acclaimed artist Eve Sussman whose project 89 seconds Atomized will be tokenized on the blockchain network and distributed to art lovers in pieces of digital blocks, which the company calls “atoms.”
The art market is on the threshold of big changes that can be brought with Blockchain technologies. Blockchain suggests the decision for the key stumbling blocks of art market such as questions of provenance, transparency, copyright, ownership, valuation and authenticity of art. The actuality is provided by growing online art sales – $3.75 bln in 2016, which was an 8.5 percent share of the overall market (up 15 percent from the year before). Seeing the potential, art startups are already building real-world applications based on Blockchain.
The blockchain technology that powers cryptocurrencies such as Bitcoin has been much discussed for its potential to record copyright and provenance for works of art. Codex, a company co-founded by Mark Lurie, Jess Houlgrave and John Forrest, aims to launch a provenance-based protocol this year, creating a decentralised, blockchain-backed title registry for the art market.
Crypto artist cryptograffiti, who is known for his street art throughout the Bay Area and the Pacific Northwest, recently sold an artwork titled “Black Swan” for 1 millisatoshi (an infinitesimal amount). The “micro auction,” as cryptograffiti calls it, took place over an implementation of the Lightning Network (LN), a web of payment channels built on top of the Bitcoin blockchain that enables off-chain transactions.