Tapinator develops and publishes mobile games and blockchain-based decentralized apps, known as dApps, on the Ethereum blockchain. Now, they’ve leveraged expertise as developers to cast their footprint in another, entirely new market: the high-money world of art collection.
With BitPainting, Tapinator will allow more hopeful investors to own a piece of the $63 billion art market by introducing blokchain technology to the sphere. Built upon the Ethereum blockchain platform, BitPainting will incorporate smart contracts – more specifically, their propriety smART contracts – to connect auctioneers and buyers.
Tapinator released a beta version of their BitPainting dApp in April, and the move is very much in lockstep with an art market that has been trending increasingly toward digital auctions. This trend has enabled greater convenience and tapped into a larger base of buyers. The introduction of blockchain technology through the BitPainting app not only opens auctions to an even wider, crypto-wealthy audience, but also delivers heightened security, which is the blockchain’s most valuable property.
The inaugural BitPainting auction was held on May 31st, and included 12 iconic artworks from renowned painters including Leonardo da Vinci's Salvator Mundi, one of his last works which was first unveiled in 2011 at the Court of Milan at The National Gallery in London. It was the first da Vinci discovered since 1909. Salvator Mundi sold for a record $450.3 million 2017, and was expected to again garner massive returns as the headlining piece in the BitPainting inaugural auction.
The work’s presence alone in the auction brings an air of legitimacy to a nascent blockchain platform which likely represents the starting point of a trend in art trading.
We believe the $45 billion art market is ripe for disruption by blockchain technology, said Tapinator CEO Ilya Nikolayev. We see a future where crypto-collectibles drive art sales via digital scarcity and democratize the collection of physical, digital and virtual fine art. In fact, we have already witnessed significant early market adoption of crypto-collectibles.
The international art community is ideally suited to a blockchain infusion. The relatively rare (by transactional standards) yet costly nature of art sales make security and the authentication of buyers, sellers, and the art itself of the utmost importance. These are needs which the blockchain is suited to fill.