According to a recent article in Forbes, the Art industry is growing increasingly interested in the potential uses of Blockchain technology to broaden the transparency of the market, track ownership and provide tokenisation to allow fractional sales of artwork.
2018 saw conferences such as the globally respected Ethereal Summit place particular emphasis on the art world cementing its importance by holding a live auction and the Art+Tech Summit hosted by world leading auction house Christie’s.
July saw the first fractional sales when 31.5% of Andy Warhol’s 14 Small Electric Chairs when up for sale in generating $5.6 from cryptocurrencies including Bitcoin and Ethereum proving that there is both an interest in using Blockchain and crucially that the technology works on a large scale.
Dragon Art has been allowing art lovers to purchase pieces from the Dragon Art website using Dragon Coin for almost as long, absolutely proving that they are at the cutting edge of the evolution of this market. Concerns about fractional sales affecting the secondary market for art are easily solved through the use of Dragon Smart contracts which make it clear exactly who owns what.
It is well-known that for artwork to have value, provenance and authenticity are its main driving force but traditionally it has been impossible to have complete confidence in both for many artworks. The use of Dragon Blockchain, however, enables art to be permanently memorable and expertly protected throwing the door open to a new era of trust in provenance and authenticity.
Dragon artist San B goes a step further by also including a unique holographic record embedded in the crystals of his work. Such a measure could be adopted across the entire Blockchain/art world to provide a hybrid authentication method should permanent ledgers need to be modified or corrected over time.
Dragon Blockchain continues to allow easier access to the market, reduced transaction costs and they are helping to lead the technological transformation of the art market. Additionally, by choosing Dragon, you have the added value of access to Dragon’s primary vertical market which allows unparalleled access to casinos and hotels across Asia to drive sales forward.