Blockchain News

Tokenize Masterpiece to Disrupt the Art Auction Duopoly, said Tim Draper

Tim Draper, a venture capitalist and Bitcoin investor assumes that blockchain technology is creating many disturbances in the art industry.

The distributed ledger technology is rotating the art industry, as stated by Famed Silicon Valley and Crypto investor Tim Draper.

Draper while discussing with Cointelegraph stated the benefits, which will surely uplift and lead to progress in the sectors of immutability, transparency, and traceability.

“People are going to be able to tokenize their art, and that will make buyers of art more secure in their purchase decision, and make artists happier about knowing where their art is and who owns it.”

Draper also reported the emergence of “a cottage industry growing for people to own shares in masterpieces and have it stored or ‘rented’ by people who want to put it on display but can’t afford to buy it outright.”

The investor foresees that DLT will ride an uprising in how art is bought and sold, promoting the potential for greater decentralization to upend the long-standing hierarchy in the art industry. 

Also said, “I suspect that Sotheby’s and Christie’s have had their duopoly long enough, and now there is an opportunity for an upstart to break into the art world with a new approach around the blockchain,”.

“Blockchain will make art trading more flexible and more secure.”

June 25, arranged a charity art auction work for COVID 19. A keynote address was being addressed by Draper for Art&Co. 

“It’s a partnership made in heaven,” said Draper. “Artwork needs a trail of its provenance and blockchain is inherently an immutable record-keeping system.”

The works included a curated collection addressing themes pertinent to the COVID-19 outbreak, that included depression, health, and community.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.