Binance released its highly anticipated proof of reserves (PoR) on Friday, providing blockchain-based evidence for the Bitcoin on its books. However, many in the crypto community question Binance’s approach, and aren’t fully convinced that they have the transparency they’re looking for. The Move to Proof of Reserves As Binance explained in its announcement, the exchange’s transparency system will add multiple tokens and networks within the next two weeks. For now, it solely validates its Bitcoin holdings. The company’s initial audit…
Since its debut in 2008 and Bitcoin’s introduction, blockchain technology is achieving new heights every day. It incorporates the use of a decentralized ledger for information storage. With its infiltration into industries globally, companies are seeing more benefits that blockchain technology offers. Security and ease of transactions and record-keeping are getting better by the day with more innovations applied to the technology.
Art has been around for a long time and is depicted in many forms. The richness contained in the sector requires preservation of its dignity. It is only right that the art industry is adapting to blockchain and its endless probabilities. The art scene encounters a variety of issues that compromise the legality of the market. Fraud and forgery is a significant problem to curb; blockchain technology can rid the market of the same while improving the creative sector.
Blockchain and Art Creation
So, how can the implementation of blockchain technology change creativity in the art sector? Here are several ways blockchain technology manifests its power in art creation.
- Blockchain-inspired Art
Blockchain technology captured the attention of multitudes of people a long time ago. Creators of art pieces are now producing compositions based on the tech. One of the most notable pieces is the first Bitcoin monument in Kranj, Slovenia. For the piece, the public contributed ideas of the statue before officials settled on Bitcoin.
More Bitcoin-based art is coming up daily, with people gaining more appeal to blockchain in general. The first impressive painting is Leonardo Da Vinci’s Last Supper replica by a French artist, You. The Last (Bitcoin) Supper depicts the currency, laptops, and QR codes, among others. The art piece is one of many representing similar ideas.
- Blockchain-powered Art
Blockchain-powered art uses blockchain technology to thrive. The creations require the input of the tech to bring it to completion.
One such notable art creation is Plantoids. The blockchain-based robotic plant-like forms have a design that allows it to appear, behave, and grow like an actual plant. Their features include self-replication, self-sustainability, and self-governing. These sculptures are in public places for aesthetic value and viewing by people.
Bitcoin donations by people to the plantoids allow them to reach a reproductive stage. During donations, people can interact with the plantoids on a personal level. Once at the reproductive phase, a plantoid initiates discussions with designers, artists, programmers, hackers, and makers to create the next planetoid. It is a bid, with all the Bitcoin donated as a reward for winning the bid.
Another form of blockchain-powered art is the Scarab Experiment. It involves artificial intelligence and tokenization. There are 1000 submissions of art from different people, which they combine to form one final art piece using AI imaging technology. Once you submit a piece of art, you receive a Scarab token and a say on the last piece’s ideas.
- Art Collectibles
Collectibles are pieces created, preserved, and exchanged on blockchain-based platforms. There is a variety, including clothes, shoes, stickers, stamps, cards, and memes. These platforms enable ownership, interactions, displays, purchasing, and selling of the collectibles.
A more significant advantage is a huge audience to show off your creations and collections to. One of the best-known platforms for collectibles is CryptoKitties.
Benefits of Blockchain Technology in the Art Industry
Blockchain technology is not only of help in digital art-making but also the advancement of physical art platforms. Old forms of art have a better future with their introduction to the digital age. These implementations rid us of problems that come along with traditional types of art transactions.
Let us see some cases of how blockchain technology is revolutionizing the art industry.
Buyers can attain the history of an art piece with its introduction to a distributed ledger. It is possible to get the information on past owners up to the artist himself. Since it is difficult to alter the information on a blockchain, it is hard for anyone to fake or forge it.
Transparency of the processes improves along with the security, authentication, and proof of ownership. A stolen art piece cannot sell if the blockchain states it as taken. Therefore, pirated and forged merchandise loses its value on the market, making efforts to sell a fool’s play.
Provenance provisions in blockchain help with a censorship-free platform for new creations. Once they are available on the blockchain, no one can tamper with their existence. All forms of art’s relevance and value are present more than ever, allowing their spread very minute on all networks.
- Digital Markets
The selling of every art form is more comfortable with digital blockchain platforms for the same. Bidding can be online with ownership rights issued through smart contracts. The use of tokens makes the identification, transfer, and tracking of the rights less tasking.
Digital museums offer exhibitions on an online platform, which makes the process available for enthusiasts globally. The digital presence of artwork further helps to advertise potential upcoming artists who lack exposure in traditional settings.
With blockchain markets having a decentralized feature, artists can interact personally with their buyers. Intermediaries who may diverge the rules of what you do with your pieces are out of the picture.
The transactions are faster with third-party omission, unlike in traditional forms. In a decentralized market, affordability is nigh. You can now purchase art for less than $10. Besides, without the need for auction houses and galleries, there are lesser mouths to feed – lowering art prices significantly.
- Art Redefinition
The discrediting of digitally created art has been a trend for a long time with reactions to lack of creativity. However, blockchain is enabling the expansion of the digital art scene. Once anybody is willing to pay for such pieces, it opens a gateway to increasing their value.
Furthermore, blockchain is revolutionizing the creation and presentation of art. Plantoids are proving this fact on many levels. Painting and sketching are straightforward, using algorithms to aid in them. Presentation on canvas is no longer necessary. Screens can display art with high resolutions. Blockchain, in this case, helps with the authentication of the art.
- Cryptocurrency Exchange
The era of the necessity of Fiat currency to pay for art is passing. With the introduction of blockchain technology, the facilitation of cryptocurrency exchange is used for faster transactions at lower costs.
Blockchain adaptation into the art industry evolving the market to greater heights. With the traditional art platforms facing multiple controversies in terms of authenticity, security, and expense. The technology provides a way to express creativity while preserving its values.
Companies worldwide such as Maecenas, Verisart, Artory, and Blockchain Art Collective, among others, are upcoming with blockchain basis for art dealerships are gaining popularity and giving people a chance to create, view, purchase, and sell art. Since this is just the beginning of a lifelong relationship between the two entities, we are yet to see more of what they hold.