With the introduction of blockchain technology in 2009, it was believed that the art market will not be revolutionized. This is because the industry is not digitized. There might be problems like determining the redistribution of artwork for dead artists. The oil-on-canvas paintings still attract many art collectors.
Despite the challenges, blockchain technology transformed the art market. Not only blockchain technology made it easy to track the provenance of artwork, but it is also useful for protecting the rights of artists as well. It enables people to buy art using art cryptocurrency and even get tokens for ICO artwork.
The blockchain benefits are not limited to digital art only, it can be used for traditional art as well. Here are how blockchain technology solves problems commonly faced in the art industry.
Attribution Rights of Artists
One of the problems that blockchain technology addresses is the artists’ attribution rights. For a long time, artists have been struggling to protect provenance rights for the artwork they created. Digital art can be copied easily and distributed without the authorization of the original artist. In such cases, the artist doesn’t get the payment and credit for their art.
Furthermore, the problem with the attribution of artwork is that it is challenging to identify. Unlike documents, you can not just google search it and identify art theft. There is a chance that someone has reused your work and modified it without permission, or they might have incorporated it into a big artwork making it difficult to identify it.
Additionally, there are issues of plausible deniability and ambiguity. One artist can claim that their artwork was altered and used while the other party can claim it is just a mere coincidence.
This is where blockchain technology comes in handy. When an artist creates artwork and records it in the decentralized ledger. The information cannot be corrupted, hacked or altered. This will help in protecting the rights of artists as its origin can be traced.
Scarcity of Artwork
The most common problem artists face is the scarcity of artwork. Before blockchain technology, only one piece of artwork was available on the market. This was the reason why people were willing to pay a lot to get the exclusive right to own artwork. Being limited in number is the only reason why art is expensive.
The moment it is copied, and it becomes less scarce, art loses its value. Preventing unauthorized copies of artwork was not possible. Digital art can be copied numerous times without incurring any cost. So, when artwork becomes less scarce, the artist gets decreased return.
The blockchain is able to eliminate this problem. There is a limit set for redistribution when art is created. This means the art can be redistributed without it losing its value.
In the end, Artchain Blockchain Verification System is excellent for tracking provenance, protecting the artists’ rights and safely store information. Hence, blockchain technology is an excellent solution for protecting the rights of artists and prevent a decrease in the value of the artwork.
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