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Among others, the phenomenon of cryptocurrency in the field of fine arts has three uses. The first of these applications concerns the advantages of Blockchain as a place of payment. As Chad Arroyo, Marketing Director of Seven Stars Cloud Group explains, the nature of digital payments for valuable works of art is changing and a reliable and objective accounting ledger to track these payments (such as Blockchain) is a major concern for the art world.

Secondly, as Felix Hartmann, managing partner of Hartmann Capital’s Digital Assets Fund, has pointed out, the new digital climate allows for a new way of marking works of art. This opens the door to a world of crypto collectables that are totally contemporary and perhaps confusing. Suddenly, it seems that the possibility of owning “a piece of the Mona Lisa” is a realistic possibility.

Finally, the progressive characteristics of cryptocurrencies in terms of digital works and property of art are interesting. According to Sherone Rabinovitz, an artist and technologist, the notions of celebrity in the art world and the validation of authenticity are changing rapidly. If you can now buy a digital copy, you have to face the fact that everyone can always see it and save your own copy at will. What Blockchain contributes to this problem is the verification guarantee. The originality and exclusive possession of certain digital works can be monitored with extreme precision with the Artchain Blockchain technology.

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