The crypto investor Tim Draper believes distributed ledger technology is changing the art industry.
Talk to Cointelegraph Draper emphasized the advantages that many of DLT’s main suppliers offer for the art sectorsuch as immutability, transparency and traceability:
“People will be able to label their art, and that will make art buyers more confident in their buying decisions, and artists will be happier to know where their art is and who it belongs to.”
Fractional ownership disrupts the art industry
Draper also noticed the emergence of a “craft industry that is growing so that people have supplies of masterpieces and store them or rent it to people who want to exhibit it but cannot afford to buy it directly. “
The investor predicts that DLT will revolutionize the way you buy and sell Art, highlighting the potential for further decentralization to overthrow the old hierarchy of the art industry.
“I suspect that Sotheby’s and Christie’s have had their duopoly for some time, and Now a newcomer has the opportunity to penetrate the art world with a new blockchain-focused approach“said.
“Blockchain will make art trading more flexible and secure.”
COVID019 Charity Art Auction
25th June Draper gave an opening speech for Art Co, the world’s largest online auction in support of COVID-19on the topic of the interface between art and DLT.
“It’s a partnership in heaven,” said Draper. “”The artwork needs a trace of its origins and blockchain technology is inherently an immutable recording system“”
More than 240 works of art were auctioned off through Art Co; The funds were shared between seven registered charities and 42 artists. The auction was held for $ 2.07 million and the individual works were sold for $ 1,250 to $ 45,000.
The work included a curated collection that addressed topics relevant to the COVID 19 outbreak, including depression, health and community.