The use of cryptocurrencies in the art market is, at the moment, a minority, but there is more to read the latest reports to understand its current growth: if it continues with its expansion, we will soon see its inclusion as a habitual payment revolutionizes this market .
Little by little we are seeing how more and more institutions of the art world accept this new mode of payment. Among them we can see The Dadiani Fine Art, a London gallery that, in addition to Bitcoin, also accepts Ethereum, Litecoin and Dash. Its director, Eleesa Dadiani, points out in an interview that the use of cryptocurrencies gives access to her works to the international clientele, without the need of the uncomfortable change of currencies. At the time, it is attracting the attention of large economic forces that previously did not invest in art.
"We are combining business ethics and old world practice with the new world of technology - the current system is becoming obsolete and needs to be revolutionized. The cryptocurrencies will provide a bridge from the elitist and centralist market of the fine arts to a decentralized open source world where many more will be able to become part of this stimulating market. "
The world of art is accepting the use of cryptocurrencies thanks to its ability to identify the place of origin of the work of art in question, also generating a simple timeline to follow for buyers and others interested in the art world. Nor is this strictly the general rule: Sotheby's declared its null decision to allow the entry of cryptocurrencies as a method of payment in their transactions. On the other hand, we have the example of the Austrian Museum of Applied Art and Contemporary Art, the first museum in the world to take the step and buy art through bitcoins.
In the United States the use of cryptocurrencies is mixed, according to the statements of Joe Pinar, the director of cybersecurity of the Gemalto company, the use of cryptocurrencies by retailers is less than one percent, while in other territories such as Japan is believed that more than 260,000 retailers will use Bitcoin in the next ten years.
The main problem with the use of Bitcoin is that the settlement of payments is slow and its value is highly volatile. Only time will tell if cryptocurrencies will become an integral part of our daily life in the near future, and in the art market.
