In this blog, we curate relevant and remarkable content related to blockchain, cryptocurrency and the digital economy. This interesting piece written by Andrew Rossow and published in Forbes explores why the art community need blockchain. Read on.
After decades of facing the strokes of counterfeiting and intermediary price manipulation against its palette, the art industry is ready to turn its pages into the world of blockchain.
The art market has been facing the issues of counterfeiting and fraud for decades. By providing a mechanism for validating the authenticity of the artwork as well as transparency in its chain of custody and sales history, allows for the market to be cleansed and revitalized into the elegant beauty it once was.
“The art market is a bit of an enigma, you don’t really get a chance to know the ins and outs of what happening as an artist, you don’t really know what the gallery is doing in terms of authenticating the work, it’s more taking someone at their word,” said Graham Goddard, CEO of AllPublicArt (APA), a P2P art community designed to address these very issues.