Technology meets Art

NFTs are the latest step toward a long-promised Blockchain Revolution

"NFTs—digital tokens tied to assets that can be bought, sold and traded—are enabling artists to profit from their work more easily than ever. Collectors and speculators have spent more than $200 million on an array of NFT-based artwork, memes and GIFs in February alone. And that was before the digital artist Mike Winkelmann, known as Beeple, sold a piece for a record-setting $69 million at Christie's on March 11.

A bubble it may be. But many digital artists, fed up after years of creating content that generates only visits and engagement but no return, envision a future in which NFTs transform both their creative process and how the world values art, now that it’s possible to truly "own" and sell digital art for the first time.

NFTs are best understood as computer files combined with proof of ownership and authenticity, like a deed. And to help artists create financial value for their work, NFTs add the crucial ingredient of scarcity.” - Julia Zorthian for Time

A Franz Kline Catalogue Raisonné is among the first initiatives

“Hauser & Wirth just took a big step forward in its transformation from a gallery into something that’s looking more and more like a museum. The Swiss mega-gallery is launching an independent nonprofit organization to focus on art historical research and the preservation of artists’ archives. The inaugural initiatives include an online catalogue raisonné of Franz Kline’s paintings from 1950 to 1962, done in cooperation with the artist’s estate.” - Eileen Kinsella for Arnet News

Simplify Catalogue Raisonné with Blockchain

Catalogue Raisonné has long been a critical tool to preserve and understand artist's history, provenance and works. Traditionally prepared by art historians who work with large teams to research, study and evaluate each piece and documents found, it can take years and big support from families, estates and galleries to sort out artworks that truly were created by the artist, and make sure nothing gets lost.

Today, an online platform can easily be created to collect materials and information about each artist while they are still producing artworks, writings and more, with blockchain technology it can all be preserved to guarantee its authenticity and immutability.

With more information, each piece becomes more valuable.
Written by El Grey ID

Photo / “Six of the best catalogues raisonnés” - The Art Newspaper

Collectors are looking for more transparency
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Technology has the potential to effectively boost art buyers' interest, 75% of collectors said that a lack of transparency was their biggest concern when broadening their investments in the art market.

“ArtTech startups aim to enhance transparency and trust, whether through the use of blockchain technology or by looking at ways to improve transparency through more data, better data analytics, and artificial intelligence.”

Is Blockchain the future of Art?
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“Blockchain’s impact on the artworld is already undeniable” – Anneli Botz

Blockchain has been introduced to broaden the market’s transparency, it is sought - after for its authenticity and provenance verification tools and for its new groundbreaking approach to art collecting.

According to Deloitte's Art & Finance report of 2019, one of the critical challenges when it comes to broadening the appeal of the art market is a lack of transparency, 75% of collectors said that a lack of transparency was the biggest threat to the reputation of the art market.

The World Economic Forum has launched a Blockchain deployment kit to help reboot the global economy
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“Consumers are demanding a totally new level of transparency,” adding that “consumers reward the supply chain when the transparency and sustainability are there.” - Rupert Colchester (Head of Blockchain and Consulting Practice Leader - IBM)

“Blockchain could fundamentally change the way in which materials and natural resources are valued and traded, incentivizing individuals, companies, and governments to unlock financial value from things that are currently wasted, discarded or treated as economically invaluable” - WEF @worldeconomicforum

What happens next very much depends on how much the current players are willing and able to innovate
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In the midst of the crisis, new opportunities may arise and new business models will proliferate. As 80% of luxury customers say they prefer brands that are socially responsible, the next generation of shoppers are more interested in authentic products rather than who the seller is.

Blockchain technology provides a secure authenticity log for every product allowing any takedown of any unauthorised reseller and will help brands keep a closer watch on their wares.

LVMH, for instance, announced its AURA blockchain project last year, while Richemont has launched blockchain pilots with some of its watch brands.

Source: Business of Fashion – BOF

Is Art going Green?
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Andrew Stramentov is creating a sustainable shipping product to offset the deep carbon footprint the industry leaves, which is “smart in terms of climate and tough in terms of protection”.

The art world is now ready to consider the ecological ramifications of how it operates, particularly when it comes to the very things artists are using to make their work. - “There is a sense that materials should be let go.” Lucia Pietroiusti, curator of a long-running General Ecology research project at the Serpentine Galleries in London.

Artists have always been powerful advocates, with that in mind, TBA21-Academy has commissioned artworks related to the warming of the world’s oceans, more institutions are following this example with the idea to make a better impact.

Hauser & Wirth is canceling dinners planned around the Art Basel fair in Switzerland and pledging instead to donate funds it would have spent to Art for Acres, an initiative run by Global Wildlife Conservation to help preserve forests.

Written by Anneli Botz for Art Basel

The Art Scene is shifting Online
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Out of necessity galleries started to help each other, to connect, and this proved to be a very valuable way of collaboration, reaching to each other, sharing. Suddenly we realize we are all connected in this world, Galleries and artists can join each other to boost in every direction.
With on-line sales doubling this year, Clare McAndrew, an economist behind the annual Art Basel and UBS Global Art Market Report told the New York Times, “This is the stimulus the art market needed to move online.”

Art fairs, too, have migrated online. Marc Spiegler, director of Art Basel, said even when the world returns to its in-person ways, he foresees an accelerated shift toward digital promotion.
Online content is important for the auction houses too. Both Christie’s and Sotheby’s have been moving away from printed catalogues, and more dynamic storytelling adds value, said Matthew Rubinger, head of marketing at Christie’s.

Written by Samuel Haig for @cointelegraph