The impact of Blockchain on the billionaire art market of the debate was debated during the Miami Art Week

[ad_2][ad_1]<div _ngcontent-c14 = "" innerhtml = "

Fans of blockchain and cryptocurrency have gathered together with famous art collectors, billionaire investors and colorful fashionistas during this year's Miami Art Week.

Starting the week-long discussions was The Art of Blockchains, an event hosted by billionaire Adam Lindemann, a passionate art collector who has been studying blockchain technology for over a year. Lindemann also serves as an investor in several blockchain initiatives, including Artblx, the company that organized the conference.

The discussions during the event focused on the growing role of blockchain technology in the billionaire art market, in particular in terms of the ability to tokenize works of art and to offer investment to several stakeholders through splitting.

From a technical point of view, you can take advantage of any resource, "said Chris Eberle, Chief Operating Officer of Swarm, a platform used to tokenize the resources of the real world. "However, the design and the most common use case for tokenization is for resources that have real value, such as graphics.Once these assets are tokenized, that is the process of converting their property into digital tokens that can then be bought, traded or simply held, these items can be made available for fractional ownership.This is a great trend we are starting to see in the art community. "

Lindemann has also made clear that he believes in tokenisation and fractionation "are obvious next steps" for the management of the artistic heritage, a class that has already earned millions. During the Art of Blockchains, Lindemann explained the potential in terms of collaboration, as well as the parallel between the way in which value is created both in art and in cryptocurrency.

"Art Basel and all the galleries it contains have made art an asset class promoting it together in these very expensive things," Lindemann said in a Article of the vulture. "I mean, art is already a cryptocurrency at this point."

Also the tokenization and the splitting of the property have been widely discussed in Art Decentralized, an event hosted by Alexis Johnson, founder of Light Node Media. The panel discussions took place inside the Pearl Lounge at Nikki Beach, an elegant venue decorated with works of art created by VESA, a well known cryptic artist and founder of Artforcrypto.com.

"Tokenisation in the art world, and in any industry in reality, is a powerful administrative and financial tool.Tiketization refers to the ability to create a secure, unique and digital identity and to assign terms related to this identity, all enabled through coded smart contracts and data encryption, "explained the rapporteur Jacqueline O & # 39; Neill, founder and CEO of Blockchain Art Collective, a platform that uses blockchain and NFC-enabled authenticity certificates for security to protect physical art and artifacts.

For example, if an artist or museum wants to have a liquidation event to finance the creation of future works or to raise funds for future capital projects, they can exploit their artistic resources by assigning terms that allow the distribution of fractional ownership to investors. concerned. Instead of having to wait for a gallery or auction house to sell an art piece in its entirety, or to have paintings sitting in a warehouse or on the walls of a museum, you can now grant investors Access to portions of those expensive art objects. Why is it good for investors? They can enter the art market at a much lower price, allowing them to diversify their investments and not be prevented from doing so due to the prohibitive costs of buying a full art work, as opposed to partial. Greater liquidation is good for artists, galleries and museums, "said O & # 39; Neill.

However, while some members of the art community seemed enthusiastic about the benefits of tokenization and ownership splitting, others remained suspicious. The former president of Sotheby & # 39; s, Nanne Dekking, who is now the founder of Artory, a blockchain-based company used to register transactions and verify the authenticity of works of art in auction houses like Christie's, expressed a different opinion.

"Is it really good for an art work when suddenly there are 2,000 people involved? I'm inclined towards no," said Dekking.

In addition, the artists conveyed skepticism towards third parties who portrayed their works of art. The independent artist, Johnny Dollar, shared his concerns.

"Artists should fine-tune their digital art on their own, without the need for third-party guardians, I also think that physical objects can not be tokenised, because this would require the trust of a third party to verify validity."

The proof is in the data

While many discussions about tokenizing art tended to focus on financial gains, some blockchain enthusiasts made a point to mention the role that data play in all of this.

Carrie Eldridge, founder and CEO of ATO Gallery, the gallery division of the ATO platform, which is called the "stock market for artists", underlined that while the tokenisation is revolutionary, the data gathered from a draft on a blockchain network are extremely useful.

Using data to quantify an artist's career, we have created a way to fine-tune their collections that give artists access to new liquidity, a community of patrons, knowledge of their fans both geographically and demographically, and a range of others. benefits. For the first time, collectors will have the opportunity to know at any time what is the real value of an artist's works that sell value for the entire collections from which they bought a piece, as well as a way to experience some of the residual appreciation gains . Yet none of this would be possible without data collected through a blockchain network. Blockchain is a system without trust and there is transparency when data is saved. In other words, you have millions of people who accept information that is saved and stored. And once the data is saved, it can not be easily changed. This is one of the biggest factors that the blockchain really provides. "

However, the challenges remain. According to Zike Wu, co-founder and CEO of Artventurethere is a lack of structured data, which makes it difficult to form data on the art market.

Currently, only auction houses have made public their auction sales data, but this is only the tip of the iceberg. Most transactions are still going through the primary market and their data can not be accessed. Furthermore, there is a lack of regulation. The opaque nature of the art market has given the privilege to important dealers or institutions to trade the market, and this behavior is impossible to measure. I believe the next revolution to hit the art market will come with an analytical approach. As identified by Deloitte, "Today the art and collectibles market requires increasingly precise analytical and managerial tools, capable of covering the lack of uniform standards and regulations". "

Is the art world ready for blockchain technology?

While the speakers of the art-centered blockchain events discussed how blockchain technology is disruptive, many members of the art community remain intrigued about how the Blockchain will actually have an impact on this market.

During his panel at the Art of Blockchains, Nanne Dekking claimed to be aware of "only one company with a blockchain successful case" to date – the Maersk shipping titan, which uses technology to verify its supply chain.

However, the co-rapporteur of Dekking, Emmanuel Aidoo, head of Credit Suisse's Distributed Ledger Technology, said that he personally manages seventeen blockchain projects. However, he could not go into further details, saying: "We are not public about everything we do".

">

Fans of blockchain and cryptocurrency have gathered together with famous art collectors, billionaire investors and colorful fashionistas during this year's Miami Art Week.

Starting the week-long discussions was The Art of Blockchains, an event hosted by billionaire Adam Lindemann, a passionate art collector who has been studying blockchain technology for over a year. Lindemann also serves as an investor in several blockchain initiatives, including Artblx, the company that organized the conference.

The discussions during the event focused on the growing role of blockchain technology in the billionaire art market, in particular in terms of the ability to tokenize works of art and to offer investment to several stakeholders through splitting.

From a technical point of view, you can take advantage of any resource, "said Chris Eberle, Chief Operating Officer of Swarm, a platform used to tokenize the resources of the real world. "However, the design and the most common use case for tokenization is for resources that have real value, such as graphics.Once these assets are tokenized, that is the process of converting their property into digital tokens that can then be bought, traded or simply held, these items can be made available for fractional ownership.This is a great trend we are starting to see in the artistic community ".

Lindemann has also made clear that he believes that tokenisation and splitting are "the next steps" for the management of the artistic heritage, a class that has already earned millions. During the Art of Blockchains, Lindemann explained the potential in terms of collaboration, as well as the parallel between the way in which value is created both in art and in cryptocurrency.

"Art Basel and all the galleries it contains have made art an asset class promoting it together in these very expensive things," Lindemann said in a Article of the vulture. "I mean, art is already a cryptocurrency at this point."

Also the tokenization and the splitting of the property have been widely discussed in Art Decentralized, an event hosted by Alexis Johnson, founder of Light Node Media. The panel discussions took place inside the Pearl Lounge at Nikki Beach, an elegant venue decorated with works of art created by VESA, a well known cryptic artist and founder of Artforcrypto.com.

"Tokenisation in the art world, and in any industry in reality, is a powerful administrative and financial tool.Tiketization refers to the ability to create a secure, unique and digital identity and to assign terms related to this identity, all enabled through coded smart contracts and data encryption, "explained the rapporteur Jacqueline O & # 39; Neill, founder and CEO of Blockchain Art Collective, a platform that uses blockchain and NFC-enabled authenticity certificates for security to protect physical art and artifacts.

For example, if an artist or museum wants to have a liquidation event to finance the creation of future works or to raise funds for future capital projects, they can exploit their artistic resources by assigning terms that allow the distribution of fractional ownership to investors. concerned. Instead of having to wait for a gallery or auction house to sell an art piece in its entirety, or to have paintings sitting in a warehouse or on the walls of a museum, you can now grant investors Access to portions of those expensive art objects. Why is it good for investors? They can enter the art market at a much lower price, allowing them to diversify their investments and not be prevented from doing so due to the prohibitive costs of buying a full art work, as opposed to partial. Greater liquidation is good for artists, galleries and museums, "said O & # 39; Neill.

However, while some members of the art community seemed enthusiastic about the benefits of tokenization and ownership splitting, others remained suspicious. The former president of Sotheby & # 39; s, Nanne Dekking, who is now the founder of Artory, a blockchain-based company used to register transactions and verify the authenticity of works of art in auction houses like Christie's, expressed a different opinion.

"Is it really good for an art work when suddenly there are 2,000 people involved? I'm inclined towards no," said Dekking.

In addition, the artists conveyed skepticism towards third parties who portrayed their works of art. The independent artist, Johnny Dollar, shared his concerns.

"Artists should fine-tune their digital art on their own, without the need for third-party guardians, I also think that physical objects can not be tokenised, because this would require the trust of a third party to verify validity."

The proof is in the data

While many discussions about tokenizing art tended to focus on financial gains, some blockchain enthusiasts made a point to mention the role that data play in all of this.

Carrie Eldridge, founder and CEO of ATO Gallery, the gallery division of the ATO platform, which is called the "stock market for artists", underlined that while the tokenisation is revolutionary, the data gathered from a draft on a blockchain network are extremely useful.

Using data to quantify an artist's career, we have created a way to fine-tune their collections that give artists access to new liquidity, a community of patrons, knowledge of their fans both geographically and demographically, and a range of others. benefits. For the first time, collectors will have the opportunity to know at any time what is the real value of an artist's works that sell value for the entire collections from which they bought a piece, as well as a way to experience some of the residual appreciation gains . Yet none of this would be possible without data collected through a blockchain network. Blockchain is a system without trust and there is transparency when data is saved. In other words, you have millions of people who accept information that is saved and stored. And once the data is saved, it can not be easily changed. This is one of the biggest factors that the blockchain really provides. "

However, the challenges remain. According to Zike Wu, co-founder and CEO of Artventurethere is a lack of structured data, which makes it difficult to form data on the art market.

Currently, only auction houses have made public their auction sales data, but this is only the tip of the iceberg. Most transactions are still going through the primary market and their data can not be accessed. Furthermore, there is a lack of regulation. The opaque nature of the art market has given the privilege to important dealers or institutions to trade the market, and this behavior is impossible to measure. I believe the next revolution to hit the art market will come with an analytical approach. As identified by Deloitte, "Today the art and collectibles market requires increasingly precise analytical and managerial tools, capable of covering the lack of uniform standards and regulations".

Is the art world ready for blockchain technology?

While the speakers of the art-centered blockchain events discussed how blockchain technology is disruptive, many members of the art community remain intrigued about how the Blockchain will actually have an impact on this market.

During his panel at the Art of Blockchains, Nanne Dekking claimed to be aware of "only one company with a blockchain successful case" to date – the Maersk shipping titan, which uses technology to verify its supply chain.

However, the co-rapporteur of Dekking, Emmanuel Aidoo, head of Credit Suisse's Distributed Ledger Technology, said that he personally manages seventeen blockchain projects. However, he could not go into further details, saying: "We are not public about everything we do".