Art and culture are credited for our communities’ wellbeing, education, and enlightening our emotional world. Various political statements, beliefs, or social values have been produced and communicated through Art, Music, or Literature by struggling artists and independent content creators of all kinds. Although the digital revolution has reshaped the Art and Media industries by introducing different production methods, distribution, and enabling reasonably priced promotional campaigns, the technology still has its flaws. For many artists and content creators working with brick-and-mortar institutions, streaming or other social web-based platforms is a grueling route. Why? Simply, the unfair treatment by the powerful intermediaries offers nominal royalty fees, commissions, or payments.
Ipso-facto, keeping the torch of artistry lit requires transparency and incentive. So enter blockchain technology. Progression from the age of information to the age of value, the blockchain technology serves the two essential elements for supporting and creating art. How? The simple idea behind the technology is that information or anything of value such as music, art, money, IP, deeds,… can be securely stored and relocated on an expansive global distributed ledger or database, run on numerous machines. The principle behind blockchain is to fulfill everyday needs by establishing trust through mass collaboration and smart code.
The transparency factor is about the provenance and the authenticity of the art of all kinds. A well-documented provenance confirms that the piece is authentic, not stolen, and has ownership history.
The application of blockchain technology for verification and ownership of physical art has been employed by several companies such as Verisart in Los Angeles, Tagsmart in London, and Ascribe in Berlin. They provide certificates of authenticity and provenance records.
The concept of ownership and provenance can be used for digital art. Once the art has a story together with the element of scarcity, it becomes collectible and eventually adds financial value. Beatriz Ramos, a Venezuelan artist, and CEO of DADA.nyc , has created a decentralized digital art marketplace on the blockchain offering the transparency factor and a social network where artists speak to each other through drawings.
The incentive factor allows ethical and fair payment to the artist. The common good practiced at the very best as art lovers reach their “high” from the ownership and have fulfilled their moral imperative by supporting the artist fairly and directly. Simultaneously, the stimulus is significant for the artists to be in charge of their creative work and gain from their magic.