Crypto-inverter Tim Draper believes that distributed registration technology is transforming the art industry.
Speaking to Cointelegraph, Draper emphasized the benefits that many of DLT’s major utilities offer the art industry, such as immutability, transparency and traceability:
„People are going to be able to tokenize their art, and that will make art buyers more confident in their buying decision, and artists more happy to know where their art is and who owns it.“
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Draper also noted the emergence of „a cottage industry that is growing so that people can hold shares of masterpieces and store them or ‚rent‘ them to people who want to put them on display but cannot afford to buy them directly.
The investor predicts that the DLT will drive a revolution in the way art is bought and sold, emphasizing the potential for greater decentralization to break down the old art industry hierarchy.
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„I suspect that Sotheby’s and Christie’s have had their duopoly for quite some time, and now there is an opportunity for a newcomer to break into the art world with a new blockchain-centered approach,“ he said.
„Blockchain will make the art trade more flexible and more secure.“
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On June 25, Draper gave a keynote speech to Art&Co, the world’s largest online auction in support of COVID-19, on the theme of the intersection of art and DLT.
„It’s a partnership made in heaven,“ Draper said. „The work of art needs a trace of its provenance and blockchain technology is inherently an immutable registration system.
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Over 240 works of art were auctioned through Art&Co; the funds were shared between seven registered charities and 42 artists. The auction was held for USD 2.07 million, and individual works sold for between USD 1,250 and USD 45,000.
The works comprised a curated collection that addressed issues relevant to the VID-19 outbreak, including depression, health and community.