24 Dec How Blockchain Changed The Art World In 2018
Great article I had to share by Zohar Elhanani.
How Blockchain Changed The Art World In 2018
2018 has brought both highs and lows to the art market. Auction records were broken, confidence levels wavered, paintings were shredded, and social media continued to change the artist’s role in the industry. One of the most notable changes was the increase in vibrant conversation around blockchain, which is being introduced to broaden the market’s transparency, track ownership and provenance, and provide an infrastructure for the tokenization of fractional artwork sales.
While there are many unanswered questions related to regulation, standardization, and governance, there is clearly a heightened interest by various stakeholders and multiple startups aiming to introduce these new technologies. This is prompting a robust discussion regarding their potential to disrupt the market, as well as the inherent challenges they may face.
Here are some of the key moments from 2018 involving digital currency’s impact on the art world, and some predictions on how this technology might help shape the marketplace in the future.