Art Tokenized
In 2018 as I have researched, something really interesting happened amd touched the art world and the whole art industry.
This time it wasn’t another controversial nude painting or a artwork that has been missing for the longest time. In fact, it had nothing to do with the paint, brush or canvas.
That year,startup introduced a revolutionary concept to the industry involving blockchains and cryptocurrencies.
Until then, the art industry was notoriously archaic. Paintings, sculptures and other art types were sold from hand to hand. Meanwhile, the auctions were open to only a limited crowd and aomething only particukar people could attend. and demanded the physical presence of the bidders. Furthermore, the extravagant prices that it most cases were too huge and unreacchable of the featured pieces made it difficult to sell the artworks.
Something tho turned the entire industry on its head. Sometime in September of 2018, the company marketed the seminal piece, “14 Small Electric Chairs, Andy Warhol.
At that exact time, this artwork was valued at $1.7 million which is oh myyy and the news of a blockchain-based sale attracted hundreds of investors, many of whom were not previously associated with the art industry itself.The attention went mostly towards the painting helped improve its valuation to $5.6 million while the unconventional method of sale employed would definitely make Warhol proud.
When tokenizing an artwork as I understood, the following steps take place:
Once a painting or drawing ar any art is selected for tokenization, an accredited curator will aply his view and see the work and set its value.
The they will convert the artwork into digital tokens and issue them to potential buyers.
Then you can purchase the tokens for multiple artworks and be juat like am ivestor, only invest in art.
You can also exchange later the tokens and sell them.
I still do not know how to feel about it, since I dont realy understood. It means that multiple people can get a portion of one artwork?
My social media:
Instagram:
https://www.instagram.com/edgarscreative/
Youtube:
https://www.youtube.com/c/EdgarsArtDrawings
Facebook:
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Ebay:
https://www.ebay.com/usr/edgarsart
