Leaders in humanitarian aid, finance, technology, and more have embraced the distributed ledger known as blockchain to bring transparency to their operations. The art world is experimenting with it as well, seeing the technology as a way to revolutionize how art is bought and sold, thwart fraud and tax evasion, and reduce friction during the auction process. Here are the many ways that buyers, sellers, and enterprising artists are embracing this new medium.
The Artist
Visual artists are increasingly creating digital artwork, which might not ever have a physical presence. Digital files, however, can be replicated and distributed without the artists’ consent. by registering their work on the blockchain, artists can establish proof of ownership, and therefore a secondary market. some are even using blockchain technology itself as a canvas.…
