Of Art Tokenization, Blockchain, and Provenance with A Sprinkling of Non-Fungible Tokens

Of Art Tokenization, Blockchain, and Provenance with A Sprinkling of Non-Fungible Tokens

The global art market grew 6% in 2018 to 67.4 billion in sales according to economist Clare McAndrew’s report “The Art Market 2019,” released by Art Basel and UBS, however, despite the 6% growth, 57% of dealers saw their sales decline in 2018.

Blockchain is a whole new world for artists.

They will finally not have to worry about becoming the next Picasso or something. They can do just fine selling their art on blockchain. However, for that, we’ll need a population willing to buy and store on the blockchain.

And with time, I believe that will happen.

Gone will be the days of sale of frauds in the art market.

Millions, if not billions, worth of fake art is sold every year. The fraudsters would face a hard time doing so on the blockchain.