More

    Top 3 Ways Blockchain Technology Can Improve and Transform the Art Industry

    The number of blockchain-based solutions for the art industry has been increasing steadily of late. Similarly, leading companies within the industry have also been adopting the technology.

    This is an indicator that the art industry is experiencing the blockchain revolution. Below are some of the ways that blockchain technology can be used in the art industry, along with the challenges and opportunities they present.

    Tracking The Origin Of Artwork

    Blockchain technology is renowned for its immutability. This means that all information regarding an artwork can be stored in an unalterable system. Nowadays, forgeries are a common occurrence in the art industry, but blockchain technology could be the solution to this problem.

    The challenge, however, is the entry of falsified data onto a blockchain. The immutability aspect means that such data would be impossible to remove. As a result, there are concerns about the entry of data for physical artwork on blockchain registries. Therefore, the people who enter the data should be credible to avoid adverse implications.

    Decentralization Of Art Investments

    Blockchain-based art startups are offering fractional ownership of artwork to their users. This means that users can diversify their portfolios by purchasing several fractions of a variety of artworks.

    However, the art industry has considerably lesser liquidity as compared to other sectors of the economy. This means that art investments have lower profit margins than other forms of investments. Moreover. Conservative investors are usually reluctant to invest in assets that they cannot have in their possession.

    Access To Limited Edition Digital Artwork

    Blockchain technology has made it possible to access limited editions of digital artwork that were previously inaccessible. Digital artists can now create limited editions of their works. This in itself is a means of earning income. Before the introduction of the blockchain, digital art was challenged by plagiarism and piracy.

    According to Anne Bracegirdle, the associate VP and photography specialist at Christie’s, blockchain technology is the ideal solution to the security issues facing digital art. Anne believes the blockchain can create an all-encompassing ecosystem that tracks provenance, is decentralized and has an inbuilt payment platform. Anne also revealed that people are interested in digital art, pointing out that an artwork was sold for $140,000 earlier this year.

    Christie’s Auction House has declared that the impending major sale of artworks is going to be recorded on the blockchain. While the adoption of blockchain in the art sector is still relatively low, the future looks promising!

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,350FansLike
    2,770FollowersFollow
    4,133FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Bitwise Plans To Target Retail Investors With Its Crypto Index Fund

    Bitwise has revealed that plans are underway to allow the retail market to participate in its large-cap index service. According to CoinDesk, Bitwise is working...

    Binance's Educational Platform Opens Up Government Approved Office in Shanghai

    Binance, one of the most popular crypto exchanges in the crypto-verse which also has many subsidiaries including Binance Academy (a blockchain and crypto-centred educational...

    XRP Trying to Retrace Months of Underperformance But Remains in a “Corrective” Structure

    XRP is up 12.5% but could still jump another 23%, A clean break above $0.21 would be “very bullish” Ripple granted an exemption...

    23k BTC on CME Futures and 50k BTC in Options Expiring Today

    Bitcoin is currently down 0.05% in the past 24 hours trading around $6,640 after hitting $6,872 last night, yet again rejected at $7,000 level....

    Microsoft Files Patent To Mine Cryptocurrencies With Verified Body Activity Data

    Giant software manufacturer, Microsoft is seeking to capitalize on the new crypto hype. The firm is seeking to introduce its own cryptocurrency that will...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.