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In 2018, something peculiar happened within the art industry. This point it wasn’t another controversial nude or a lost artwork recovered from the Nazi archives. In fact, it had nothing to try with the paint, brush or canvas. That year, a touch known startup called Maecenas introduced a revolutionary concept of tokenization to the industry involving blockchains and cryptocurrencies.
Until then, the art industry was notoriously archaic. The gavel and paddle method was used to sell artwork such as paintings, sculptures, and other art-related accessories.
The auctions, on the other hand, only allowed a small number of attendees and required that the bids be there in person.
Tokenization of artwork is still a relatively new field and the technology has yet to be widely adopted, but it has the potential to revolutionize the art market and open it up to a new set of investors and collectors. Tokenization also offers a better way of tracking the provenance of a piece of art, which can be of great importance and has been a pain point in the art industry for long. As the token is unique, irremovable and traceable on blockchain, it brings trust and transparency to the market. A Blockchain development company or Blockchain technology experts can provide blockchain development services such as artwork tokenization to securely and efficiently manage and track digital assets on the blockchain.
Furthermore, it was challenging to sell the artworks due to their exorbitant costs. What Maecenas did was to show the whole industry on its head. Sometime in September of 2018, the corporate marketed the seminal piece, “14 Small Electric Chairs” by American Pop Art pioneer, Warhol. At the time, this artwork was valued at $1.7 million and therefore the news of a blockchain-based sale attracted many investors, many of whom weren't previously related to the art industry. The eye garnered towards the painting helped improve its valuation to $5.6 million while the unconventional method of sale employed would definitely make Warhol proud.
The art tokenization lets the art piece be owned within the portion. The worth of the art is converted into digital tokens, which investors can own. It lets the smaller investors have the prospect to take a position in expensive art pieces and obtain the simplest value within the future. Tokenization makes the method of buying the art be treated as other investments, including land and shares.
Tokenization transforms the acquisition and sales of art pieces. It also boosts the art industry and witnesses the new world of investment within the upcoming years.
Before you opt to spend your money at the art market, you ought to realize the subsequent things.
According to Bloomberg, the worldwide art industry was valued at a whopping $63.7 billion in 2018. Experts predict that this sector will experience exponential growth within the coming years given the presence of bullish market trends. Blockchain and art tokenization will play a crucial role during this renaissance given the various advantages related to it.
Research
NFTs, or non-fungible tokens, became a popular topic in 2021's digital world, comprising digital music, trading cards, digital art, and photographs of animals. Know More
Blockchain is a network of decentralized nodes that holds data. It is an excellent approach for protecting sensitive data within the system. Know More
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We provide transparency from day 0 at each and every step of the development cycle and it sets us apart from other development agencies. You can think of us as the extended team and partner to solve complex business problems using technology. Know more
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We’ll work with you to develop a true ‘MVP’ (Minimum Viable Product). We will “cut the fat” and design a lean product that has only the critical features.
Designing a successful product is a science and we help implement the same Product Design frameworks used by the most successful products in the world (Ethereum, Solana, Hedera etc.)
In an industry where being first to market is critical, speed is essential. Rejolut's rapid prototyping framework(RPF) is the fastest, most effective way to take an idea to development. It is choreographed to ensure we gather an in-depth understanding of your idea in the shortest time possible.
Rejolut RPF's helps you identify problem areas in your concept and business model. We will identify your weaknesses so you can make an informed business decision about the best path for your product.
We as a blockchain development company take your success personally as we strongly believe in a philosophy that "Your success is our success and as you grow, we grow." We go the extra mile to deliver you the best product.
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