In this Bitcoin Era, the virtual world specializes in bringing many solutions to aid humankind from the hardships of many pressing matters. Bitcoin and Ethereum are most successful solutions for that. The decentralized system has been quite an astonishing technology from the very beginning with its digital currency system, Crypto. It is against the common convention that the Blockchain systems does not limit itself in developing the digital currency system. Still, it can propel the healthcare, automobiles, investments, and retail systems towards a better future. One new invention under blockchain technology, the NFTs, has been wavering bright possibilities for the art industry and its modernization.
How can Blockchain be used in the Art Industry?
Blockchain is a webbed network with nodes, culminating into a vast system where many people join to make trades. As for such big participation available in hand, one seller has many prospects to connect with thousands of potential buyers. Also, the peer-to-peer network system does not obligate its user to disclose more about their sensitive information, and the trades are intermediary free. With all the cryptocurrencies and often stable coins in hand, it is easier for artists to sell their art while the buyers can make purchases safely and faster.
The Blockchain is an immutable system which means that once certain information is lodged, it can never be changed or removed. This has turned out to be a big advantage for the buyers to know about the history of an art form and if someone else is trying to duplicate anyone’s piece of work which has already been published in the network and sell it on the platform. This way, the buyers can avoid fraud and buy only genuine art collections.
The Blockchain does not allow any middleman when a transaction is taking place. Often when an auction is held, the charges for purchase include a small amount of money for the middlemen. This is not the only concern, the Blockchain also offers higher ranges of collection varying from one lower-cost range to a higher. This feature enables one buyer to choose any suitable art piece which fits their budget while also it is very easy to avoid additional money spending.
Smart contracts are another great feature of Blockchain where users can find their desired objects and can avoid being tracked by any third parties. The virtual galleries present in a smart contract chain can be generated at any location and do not need any pirates, either buyer or the seller, to come down to a specific location to make a trade. The Data Access Object or DAO helps to deal with such situations in a complete ownerless environment while the trade is completed securely beforehand.
For the traditional art world to be specific and held in one place only, it has always been the interest of the wealthier people who have the time and resources to invest in that without a second thought. Here, the common and general crowd have always been left-back and never had the chance to pursue such interest. Of the lack of knowledge about the art forms, the chances of it becoming futile have been very high. The Blockchain offers everyone around the world the chance to explore art and buy from the artist directly.
What are the upsides?
Blockchain is a revolutionary automated technology that works relentlessly without any break. The usability and potential of such technology along with its mark of untraceability have made it quite impossible to invade the network. Also, at the same time, the immutability does not allow anyone to change any information, making it unalterable and honest to its users. The Blockchain treats all of its users equally, which means it will give the same importance to a budding artist while it is showcasing one renowned artist’s piece of work. The artists can make sure that their art pieces stand out uniquely as one because it is not permissible for anyone to duplicate one’s art piece if the allowance is not granted by the artist. Also, Blockchain offers insights into one artist’s number of art pieces left, creating a market demand while, at the same time the buyers are allowed to make the purchase as soon as possible.
In this Bitcoin Era, with the help of Blockchain, everything can grow into a bigger shape, and here also, the art industry is shining with the most definite potential for its future.