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Blockchain technology experienced a major breakthrough recently when a 2-meter high painting of 14 Small Electric Chairs was tokenized and sold on the platform.
The multi-million dollar artwork, painted by Andy Warhol – the late renowned American visual artist – was tokenized (i.e. converted into Ethereum-based digital certificates) and put up for auction on Blockchain’s art investment platform, Maecenas.
This groundbreaking event attracted a crowd of 800 bidders or more who were mainly sophisticated investors, art professionals, and crypto enthusiasts from Asia and Europe.
In conjunction with Dadiani Syndicate, a London-based fine art gallery, the 1980 art piece was sold to the highest bidders using blockchain-focused Ethereum Smart Contract.
Although slated for 6 weeks, the auction of the multi-million dollar art piece which began on July 25th of 2018 lasted only for a month and a total of US$1.7 million was raised for 31.5% of the artwork which was valued at about US$5.6 million.
Beaming with pride and joy, the CEO of Maecenas, Marcelo Garcia Casil, affirmed that the technology is a sure bet for transforming the art market.
According to Garcia, tokenization of assets is the most intriguing and outstanding application of blockchain technology and this is just one of many others to come.
The founder of Dadiani Syndicate, Eleesa Dadiani, described the innovation as a new model in an age-old market. He went further to add that the unprecedented demand and rate at which the first fraction of the artwork was sold proves beyond doubt the possibility of actualizing a more democratic and open art investment market.
Maecenas is a big marketplace on Blockchain which allows buyers to access artworks that are stored on the platform. Buyers are offered the opportunity to purchase all or portion of any artwork which is put up for auction. Using the Blockchain technology, artworks are converted into crypto-based digital certificates that buyers can purchase with any of the cryptocurrency values (Bitcoin, Ether, etc.) or the Maecenas very own ART token, a cryptocurrency created solely for Maecenas purchases.
Dadiani Syndicate, the first luxury marketplace in the United Kingdom, was founded by a cryptocurrency economist, Eleesa Dadiani. This platform provides buyers with exclusive assets that can be bought with cryptocurrencies.
It serves as a channel aimed at stimulating foreign investment into the UK through Blockchain technology.
The breakthrough in the sales of Andy Warhol’s artwork is yet another addition to the endless list of amazing benefits that come with blockchain technology. With this in place, we are sure of a revolution in the art market. I guess we can teach an old dog some new tricks, after all.