The art industry is one of the leading users of non-fungible tokens. Imagine buying a famous painting of Vincent van Gogh’s “The Starry Night” through the traditional auction method. You probably cannot afford to buy it due to the high cost, millions of dollars. This isn’t the case anymore.
A new era of fractional investment
In this NFT era, anyone can invest in any asset, even at a base-level budget. The credit goes to the fractionalization concept. An asset is split into several fragments and converted into fractional NFTs. So, whoever buys this NFT, will get ownership of a small portion of the whole asset linked to the NFT.
Remember, the core of NFT technology is Blockchain!
Blockchain and Fine Art Industry
Transparency and traceability are the top qualities that make blockchain the fittest adoption in the fine art industry.
Top auctioneers “Christie (1766) and Sotheby (1744)” has dipped their toes into the blockchain ocean first. They are the world’s wealthiest art collectors having numerous blue-chip collections of antiques, portraits, and jewelry from different generations. Their proactive move is an excellent endorsement of blockchain technology.
Post-Adoption Benefits
Smart contracts play a significant role in shaping the future of the fine art industry. These contracts simplify various processes like ownership transferring, registration, and reselling of fine arts. It is possible when you get assistance from an expert smart contract development company.
Here are the benefits of using blockchain technology in the fine art industry.
- Reduces and removes the forgeries that have invaded the industry for a prolonged period
- Encourages new investors to invest in digital art
- Eases the trading of art collections which was difficult previously
- Provides democratic access to various art collections
- Facilitates the investors to view complete asset ownership history
- Recedes the burden and time required to complete the buying process
The End
Recently, NFT token and NFT marketplace development are exploding the internet. Artists in different fields, such as art, music, gaming, sports, etc., are adopting these futuristic technologies. Everything leads to a median point where blockchain and NFT technology serves a powerful business purpose.
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