Blockchain and cryptocurrencies are set to disrupt nearly every industry, and have already become a changing force within the global fine art market. While news often focuses on the price of Bitcoin, there is a much larger story to be told about the technology and its gamechanging uses in the art world.
Lima Charlie News spoke with US Air Force veteran and art collector, David Stern, about his upcoming seminar on the impact of blockchain and cryptocurrency on the fine arts market. David served in the Strategic Air Command before he started collecting art 8 years ago. Now he wants to explore the ways that these new technologies are revolutionizing the art industry.
David told us that he’s passionate not just about the visual experience of art, but also the social experience that it entails. He believes his seminar is one way he can enjoy and give to others the benefits of engaging in this community.
This Monday, David, along with a distinguished group of experts, will share their cutting edge insight at New York’s esteemed Yale Club. “The Fine Art Market In Bitcoin, Blockchain, Cryptocurrency & More” sets out to identify and explore these new technologies in the art world.
As galleries and artists alike are innovating with Bitcoin and blockchain, an acumen for the intimidatingly dynamic world of crypto is essential. LCN sat down with just a few of the featured speakers of David’s event to try to wrap our heads around this ever expanding topic:
Among many, the cryptocurrency phenomenon has three field-changing uses in the fine arts context. The first of these applications is the advantages of blockchain as a payment venue. As Chad Arroyo, Chief Marketing Officer of Seven Stars Cloud Group explains, the nature of digital payments for highly valuable art pieces is changing, and having a dependable and objective ledger for keeping track of these payments (like blockchain) is a key concern for the art world.
Second, as was touched on by Felix Hartmann, managing partner of the digital assets fund Hartmann Capital, the new digital climate enables a novel form of the tokenization of art pieces. This opens the door to an entirely contemporary and perhaps bewildering world of crypto-collectibles. All of a sudden, it seems as though owning “a piece of the Mona Lisa” is a realistic possibility.
Lastly, the progressive functions of cryptocurrencies in regards to digital works and art ownership are interesting. According to Sherone Rabinovitz — a life-long artist and technology enthusiast — ideas of prominence in the art world and validating authenticity are changing rapidly. Now, when you can purchase a digital piece, you face the reality that anyone can still view it and save their own copy as they please. What Blockchain contributes to this issue is its assurance of verification; originality and exclusive ownership of certain digital works can be monitored with extreme accuracy through this technology.
The meaning and force of these developments (and more) in the fine arts market will be further expounded upon at Monday’s event. To learn more about the artistically influential facets of Bitcoin and blockchain and to be the first to hear about the most recent vicissitudes of the crypto world click HERE to buy tickets.
DATE AND TIME
Mon., April 30, 2018
5:00 PM – 8:00 PM EDT
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