Throughout the ages, art has typically been a luxury for the rich and powerful. Whether it was music, sculptures or paintings, it was reserved for the aristocracy. The artists would leverage all their talents and influence in order to be recognized by those with wealth and revive the subsequent rewards from them. On the other side of the coin, the elite in many instances used art as a store of value or security to protect their wealth and/or even used art as an investment vehicle.
The desire to protect wealth through art hasn’t changed too much over time and has even evolved as a hedge against inflation. However, the difficulty for the artist and the dealers of that art came in the form of limited buyers. There were many who appreciated the art and would have treasured ownership, but the reality was that few could afford it. Therefore, the artist, broker, or dealer had limited “market depth” at their disposal. This means that there may be a high demand for a particular asset but there are few capable of purchasing that asset.
All that being said. The nature of art is changing from the real world to a digital world as well as hybrids of the two. How does an infinitely creative artist fit into all this? What rights does the artist have, and what latent powers are activated as a result? The answer lies in leveraging blockchain technology and removing one’s work from the traditional system that has limited expression and the survival of the artist and their livelihood for so many years.
How can art become a collective endeavor in which all stakeholders benefit from the artist to the collector to the fan to the commissioner? The answer is simple, by creating an ecosystem around the art itself, in which stakeholders and artists are able to buy, sell, and trade value seamlessly without intermediaries interfering or leeching off that value.
Attempts at creating this world have already been started. The company, Marceanas, has already successfully tokenized an Andy Warhol painting, “14 Small Electric Chairs.” Songs have been tokenized, as well as literature. The question that still remains revolves around turning each creative work into its own untethered economic ecosystem where participants can have free range of options around how they utilize or trade around that art’s value.
Through tokenization on the blockchain, that value can be realized and exploited. The key is identifying the layer that matters most and creating a serviceable application that allows content creators, art lovers, art collectors, and art dealers to pursue a symbiotic relationship with one another in a trustworthy digital environment.