The $64 billion art market is embracing blockchain and cryptocurrencies to sell paintings worth millions of dollars by the likes of Picasso
Cryptocurrencies and their underlying technologies are becoming increasingly popular in the world of fine art.
for an undisclosed amount. Idoneus used its own "IDON" token to make the purchase, and said it is pioneering the use of its cryptocurrency for luxury purchases.The sale of a Picasso for cryptocurrency exemplifies its widening acceptance in the art world, estimated to be worth $64 billion globally in 2019Now, artists and collectors are not only trading in cryptocurrencies but using the blockchain tech that underpins them to try and determine authenticity and ownership.
"Even if the gallery that you bought it from shuts down, then you still own the artwork," explained Bailey. "You wouldn't expect a gallery to come to your house and burn your artwork after they close down. Whereas, with digital artwork, until now, that's kind of what happened." He added: "There's a very big market for people that are looking now into alternative investment, but asset-based. The ones that take on the cryptocurrency as an investment are, I wouldn't say they were gamblers as such, but they take on more risks."
According to Townley, this is all evidence that the traditional "stuffy" art world is in decline. He said: "The model doesn't work anymore; it's dead, it's over, it's gone."
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