Lynx Art Collection, an online art retailer, recently announced that its sales have increased up to four times since its site began accepting cryptocurrency payments.
The hype that follows virtual currencies has not decreased since the value of most of them has skyrocketed towards the end of 2017. Bitcoin, the pioneering currency has seen price values that exceeded $ 19,000 in that period and other coins like Ethereum also saw significant increases. After the peak, attention was drawn to the industry as investors continued to enter. This caused a change in the way cryptocurrencies were seen previously as a store of value in a new way of solving various real-world problems.
The shift led to the adoption of these virtual currencies for application in various industries, from finance, real estate and education, to data privacy, shipping and even art. The number of problem startups using blockchain-based solutions, the technology behind most cryptocurrencies has increased significantly. Although cryptocurrency remains extremely volatile, this has not prevented users from trading and using it as a store of value to purchase items.
When the subject of digital resources is addressed, fine arts are not exactly what comes to mind. However, the potential application of blockchain technology in the industry can solve several existing problems with provenance, crowd ownership, investment and ease of payment.
To date, several companies have emerged that merge cryptocurrency with art. While Lynx Art does not necessarily use blockchain technology to solve a problem, the site allows users with cryptographic resources to easily pay for an extraordinary artwork in a traceable and fast way. In addition to allowing cryptocurrency users to pay more conveniently, the platform has also accepted artists who offer encrypted art
Lynx Art Collection is an online art gallery that has created a lot of enthusiasm since its inception for its viral graphics, acceptance of popular cryptocurrencies like Bitcoin and Ethereum and its portrayal of works of d & # 39; encrypted art. The famous online gallery was created in 2012 when its creators designed a poster that became viral online. Since then, the company has expanded its reach and its artist base to create an incredible art that illuminates every room and stimulates conversation. The name "LYNX" represents the "Link" between the users and the artwork offered on the platform, as well as the emotional ties that these users could have with them.
Lynx Art has partnered with Art.com, Discovery Channel, Touch of Modern, Space.com and continues to expand. The brand became even more popular in 2018 when they started accepting Bitcoin as a means of payment. Ethereum followed shortly thereafter and the company now also accepts Litecoin. The last coin added to the sheepfold is Tron, a popular and equally controversial currency.
The announcement was made through a Reddit post of "Frankreddit5" which said: "I am happy to announce that we are now accepting TRON as a form of payment for all of our cryptic art works, space and science! At the cashier choose "coinpayments" and then Tron on the next page! "
Although Tron might not seem like an obvious choice compared to Ripple and Bitcoin Cash, it is not hard to see why he was chosen. Tron is a blockchain project that functions as a content distribution platform for members of the digital entertainment industry. The currency is gaining popularity and has increased traditional adoption due to its acceptance at the sector level as a means of payment for artistic flows. An art work known as Tron Quantum is currently sold out on the Lynx Art Collection site.
In addition to its use as a payment method, Tron is appreciated by many cryptocurrency users for several personal reasons. The platform recently celebrated its one-year anniversary with the release of a Tron Chrome extension and the TRON virtual machine (TVM). The platform also announced its partnership with Bittorrent, a popular peer-based file sharing platform.
According to Tron, another secret announcement is coming that has not been revealed. Tron has a current price value of $ 0.018, a market capitalization of $ 1,214,944,721 USD and is the eleventh largest cryptocurrency. All these factors have helped make money a favorite among cryptic users.
A recent post Reddit from the company highlighted the fact that the addition of cryptocurrency payment methods to their site caused an increase in sales. The post of cryptocurrency subreddit user, Frankreddit5, has announced that sales have increased by 427%.
"I just wanted a moment to sincerely thank this community.We started our business in 2012 but we did not start accepting Bitcoin as a form of payment until the beginning of 2018." The user commented.
He did not provide further details, but still managed to cause a stir on the platform. In addition to Bitcoin, Ethereum, Litecoin and Tron, Lynx Art Collection also accepts Monero and Nano.
The extensive selection of encrypted art on the platform spans NEO, ARK and even Qtum, ensuring that every user finds at least one thing they like. Art works embody everyday humor in the cryptocurrency sector, including a well-known "FAILED PREDICTIONS OF TECHNOLOGY" and a Nocoiner metal panel. The pieces recall the daily trade and the difficulties and joys faced by the average investor of cryptocurrency. They are recognizable and include concepts discussed in normal conversations within the industry
The use of technology is not new in the art industry, and a significant example is the range of various digital building blocks to create digital paintings. 3D printed sculptures and Cloudpainter, a robot that creates paintings with the use of Artificial Intelligence (AI) are other good examples.
According to Christiane Paul, director of the Sheila C. Johnson Design Center at the New School & # 39; s Parsons School of Designing in New York in an interview with Bloomberg, the artists have engaged for a long time with the technology most recent. Paul also emphasizes the importance of this as a way for artists to participate in the evolution of culture and technology.
As for the new technology, blockchain is somewhere at the top of the list. The art industry has seen notable applications of this technology mainly in the form of payment methods. One example is Maecenas, an online art investment platform that allows users to partially own a piece of work, along with other owners, such as owning shares in a company.
The SHA256 gallery is another online art gallery that accepts cryptocurrency payments. Another example of blockchain application in the art industry is Scarab, a program that uses artificial intelligence and smart contracts to create a work of art using the presentations of various artists on the Ethereum blockchain. There are also collectible items like Cryptokitties that bring a new kind of value to traditional collectible art.
Cryptocurrency is slowly becoming a normal addition to the art industry. According to Frank McKeever, co-founder of Lynx Art, so many people in space were looking for new and exciting things to invest their money on. Payment with cryptocurrency and encrypted art provides an advantage never before seen. Because of this and the buzz that surrounds the technology, many people have spent a lot of money just to get their hands on this art. Some pieces of art have sold for less than $ 50 while some cost more than $ 100,000. There are many other implications of this technology and as time goes on the art industry could find new and more creative ways to apply it.