Investment in the art industry is expensive for many people; however, the advent of blockchain technology is changing the art world, with one organisation aiming to bring people closer to art.
According to figures from the Tefaf art market report, released by the European Fine Art Foundation, it showed that in 2016 global art market sales totalled an estimated $45 billion, up 1.7 percent from 2015. While the industry remains profitable, how people are accessing it is slowly changing.
Manchester-based KnownOrigin.io, is a new venture that is using blockchain technology to bring art ownership into the digital world. Not only that, but they are giving more people the opportunity to purchase original artwork and rare digital assets through their special pop-up gallery event at Seven Brothers Brewery in Manchester from the 5th to the 7th April.
KnownOrigin was founded by David Moore, consultant and founder of Selfmadeheroes, and blockchain technology duo Andy Gray and James Morgan, founding partners of Manchester-based blockchain consultancy, BlockRocket.tech.
Speaking to CoinJournal, David Moore, co-founder of KnownOrigin, said that he wanted to curate a pop-up gallery in Manchester where people could purchase original pieces of art with cryptocurrencies.
“After chatting to Andy & James about the initial idea we felt that using Ethereum Blockchain technology with an ERC721 token standard we could build an innovative approach to art ownership,” Moore said. “Another bonus is we provide the artists a platform to sell secure digital assets too.”
Creating rare digital assets that are permanently embedded into the blockchain provides a trustworthy, immutable, and reliable source of ownership and providence. Owners can also ascertain that only a limited number of assets exist for a particular piece of artwork, which in turn helps to drive up their value.
During their event, this will be the team’s chance to celebrate artists work and test their concept. Through its platform, buyers can own original art linked to a digital asset. Artists create a digital file and submit it to the gallery where it is given a unique ID that can be traced using the blockchain. Artists decide how many copies of their artwork should exist and the price they wish to sell them at.
Using wallets that support digital tokens, all digital assets and physical artwork will be available to purchase on the website. Artwork will be available to purchase at the April event as well. Customers will scan a QR code below any of the pieces on offer using cryptocurrency via a decentralised application, such as CipherBrowser. Once the code has been scanned it will launch the application allowing the customer to make a purchase using their own personal and protected ethereum wallet.
“This will transfer ‘proof of ownership’ and mark the item as sold to avoid any duplication of sales,” Moore said. “Once the transaction is complete the customer can arrange suitable time and date to collect the physical artwork. The blockchain ledger will act as identification when the customer returns to pick up the item.”
Through the blockchain, KnownOrigin are hoping to disrupt the art world.
Free tickets for the gallery event are available now via Event Brite