Would you plan a baby’s life from the moment of its birth? It’s simply impossible.
So how can one ask about the future of blockchain in the art industry? This stuff is just too new right now.
Still, the industry has dropped some hints. Blockchain-powered auctions and digital art give an indication of what the future may hold.
Many projects revolve around security. Blockchain-powered tracking of artwork may be the most pressing use case of all. Once a new work is created or a past work is authenticated, establishing a digital seal of authenticity could prevent illegal duplication. Preventing forgeries will always be a top priority in the art world.
There are no true barriers to the purchase and sale of art using cryptocurrency, so more of these marketplaces will emerge. These sales (along with the sale of tokenized digital art) are going to rise.
More developments will follow as time passes. A universal art registry and the mainstream tokenization of physical art aren’t here yet, but should eventually emerge.
1. Marcelo Garcia Casil, CEO and Founder of Maecenas
“Art is one of the most often-cited use cases in blockchain, as there are many practical applications from authentication to provenance and ownership tracking, to art creation and collecting. I foresee that blockchain will be increasingly used as a solution to improve the market’s transparency, track ownership and provenance, and provide an infrastructure for the tokenization of fractional artwork sales. Ultimately, I believe this will become a minimum standard that will be expected by anyone trading in fine art.”
2. Steve Gow, Co-Founder of UppstArt.io
“It’s somewhat early to tell what the future of blockchain in the art industry will be. Many blockchain art ventures are in their infancy and need to gather feedback, pivot and find their product-market niche.
Some might abandon blockchain altogether but still create new technology that solves problems in the industry. My view is that blockchain will eventually move out of the limelight. It will be an important feature for new art industry innovations but it will be unseen and seamlessly integrated with the front-end user experience.
At the end of the day, blockchain by itself does not solve any problems in the art industry. It’s a foundational technology that can be combined with other technologies to create products and services that solve a particular problem in the art world.”
3. Judy Mam, Co-founder of DADA
“It is wide open and can have many manifestations, from influencing how the art world conducts its business to ensuring that regular people who create digital content can have real ownership of it and creating an entirely new economic system for artists. When digital content becomes a rare asset, it’s a whole new world for art.”
4. Nanne Dekking, CEO and Founder of Artory
“There is hardly a better use case for blockchain. Living artists can cryptographically sign off on authorship and track their works moving forward. For already existing artworks, important information that is gathered during events in the lifecycle of an artwork, such as a sale or an appraisal, gets registered with the source and the date of publication.
This tracking, along with the public nature of the registry and all data timestamped and secured by blockchain, help bring more trust, which is good for the market and for artists.”
5. Robert Norton, CEO and Founder of Verisart
“Every artwork needs reliable certification, provenance and registry data in order to maintain its value and authority over time. Blockchain is the right infrastructure upon which to build these records, and that’s why the art world is so excited about its potential applications and why the future looks bright.”
6. Matthew Arnett, CEO of FORT NFT Protocol
“The future of blockchain in art is where blockchain interoperable network file transfer (NFT) protocols become the backbone infrastructure by which art is managed and transacted over.
Art will be fraud and black market-proof. The real owner of a piece of art will be determined by who holds the NFT. Art will be a more approachable commodity that anyone can own wholly or fractionally. Art-based NFTs will be traded over Fort NFT Protocol for other NFTs who’s underlying assets are tangible and intangible assets like gold, real estate, IP, bonds equities and so on.”
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