Sep 1, 2018 at 15:37
Oct 1, 2018 at 08:17 UTC
High End Artwork Recently Sold For Cryptocurrency
The latest landmark in the field of Blockchain technology is the confluence of Blockchain and Art. Blockchain technology is successfully penetrating the world of art.
In recent development, a London based artist currently residing in Los Angeles is turning heads for selling artwork against cryptocurrencies. Lincoln Townley has reportedly sold his entire artwork by accepting Bitcoin and Ethereum as payment consideration.
Towney is famous for having a client list of Hollywood A-lister. His clients include the likes of Al Pacino, Ronaldinho, and Michael Caine.
Towney strongly believes that his way of selling will transform the industry norms for the better.
“The best thing is it fuels my belief that galleries are secondary to an artist’s success – they just need to look at galleries as another string to their bow. There are so many other ways to get sales with technology.”
Another legendary artist Andy Warhol sold his “14 Small Electric Chairs” collection in London for Bitcoins. These are just two of many instances of this exciting confluence of art and crypto market.
The new way of selling artwork through CryptoCurrency is expected to transform the foundations of the art industry.
The art community is celebrating this confluence of art and cryptocurrencies. For them, it is expected to broaden the market of art and craft and bringing the right value of art.
According to experts using Blockchain technology will change the way art is being valued and sold. Payment by digital currencies provides sales flexibility to the artist along with flexible purchase considerations for a buyer. Digital currencies notably have the unique feature of universal access to all.
The use of Blockchain technology is not just limited to payments. Artists are using smart contacts to finalize the sale deed with the buyer.
Another advantage of using Blockchain technology is to verify the authenticity of the artwork. This benefit is vital for both artists and art lovers. On an estimation, around 40 % of all artwork sold is forged. Blockchain technology can provide a solution to this problem. Blockchain technology uses an open ledger system which is unalterable and easily traceable. This feature can help to evaluate the artwork and trace their origin
This growth of the Crypto-Art market is marked as an extension of cryptocurrencies replacing traditional mechanism of every other sector.