Estimated reading time: 2 minutes, 36 seconds

A forthcoming report from CV VC aims to assess blockchain’s ability to mitigate the myriad logistical problems plaguing the art market. The CV VC Global Report was written in conjunction with PwC and distributed by Cointelegraph.

blockchain 3831728 640The new periodical from the joint publishers will also focus on other topics in addition to new uses for blockchain technology in the art market. Among some of the other topics it will cover, per CV VC, are:

  • Brokers and Crypto Banks
  • Crypto Exchanges
  • Custody Providers
  • Platforms and Protocols
  • Token Issuance Companies
  • Venture Capitalists in Blockchain

The inaugural report will dive into the “dynamic, lucrative and compelling” art market, and examine some of the challenges facing those creating, buying and selling high-price pieces. “This market has a very high entry barrier for several reasons. On one side, the unique and best art works are going for extremely high prices and getting access to such pieces can be challenging,” reads a preview of the report. “On the other side, the rest of the art market is highly flooded of choices, making it hard to gain an overview of what is on the market, ensuring the provenance of an artwork or protecting the pieces against fraud and counterfeit.”

Professional broker and collector Niko Kipouros—who founded 4ARTechnologies as a way to improve transparency, efficiency and safety in the art market—shared his insights for the report. Kipouros’ 4ARTechnologies incorporates the security and reliability of blockchain in the hopes of transitioning a “mainly analog” market into a digital one. In doing so, the company aims to make art collector assets “future-proof.” The company offers a unique and identifiable 4ARTdna passport to track the history of a work including changes in condition, ownership and “every transport in a digital, living provenance—for the present and future generations.”

FROM TWITTER

Tom Albright @tomalbright

"Art trading in the world of #crypto. Interesting perspective from @TimDraper on how 'Blockchain will make art trading more flexible and more secure.' https://cointelegraph.com/news/tim-draper-tokenize-masterpieces-to-disrupt-the-art-auction-duopoly"

“Technology is changing the way art is both created and enjoyed. What remains unknown is how far will we take it? Undoubtedly, we need to adapt and drive this change effort,” wrote Kipouros in the report’s preview. “During the digital revolution, some of the artworks can be viewed in virtual reality, enabling access to global showrooms for artists and gallerists, anywhere in the world.”

Kipouros posited the future of art appreciation may, in fact, include greater digitalization and remote access. For that to work, he said, security is critical. “Today, the blockchain technology allows users to manage collections or manage employees, by giving them different levels of authorization and access, and even manage the company account and keep complete control of everything that happens remotely,” said Kipouros. “All of this is done with full privacy and security--only the artwork owner has access to the collection, artwork passports and documentation. Art and tech companies are creating the necessary tools, enabling the artworld to validate and track artworks, whilst the virtual reality features are an evolution of the way art is accessed and enjoyed.”

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