Bitcoin Used For Buying Art

Cryptocoins have also leaked in the art world and artworks began to be bought and sold with bitcoin. What will this change in art?

Cryptocoins have also leaked in the art world and artworks began to be bought and sold with bitcoin. What will this change in art? The art world was getting excited about bitcoin and its underlying blockchain technology. Recently, some works of art have begun to be bought and sold with crypto money. Bitcoin used for buying art. Crypto art can change many things.

What is Bitcoin Art? How is Bitcoin Used to Trade Artworks?

An art gallery owner in London opened an exhibition of sculptures made from exhausts of old Formula 1 racing cars. The exhibition featured creations made of strong alloy materials. In fact, one of the pieces featured in the exhibit was valued at around 35,000 pounds. But there was a much more important feature that distinguished this exhibition from others. Because they could pay with bitcoin, the crypto currency of art lovers who wanted to buy the works. Bitcoin used for buying art.

This innovation was seen as a radical development for the art community, which is devoted to the traditions of London. In fact, this was not a demand-oriented application. The art gallery was created as a result of the intuitive approach and technology closely followed by the operator. They thought that paying with cryptocurrencies was more interesting and reliable than conventional methods. Even with this application, it has managed to attract the attention of many non-traditional art investors.

You can think of the blockchain structure as a registry that records all bitcoin transactions that have taken place. There is no intermediary in bitcoin transfers. The transaction takes place entirely between the buyer and the seller. But its most important feature is that it does not have a central structure. In other words, it is not connected to any country or official institution. We can say that this offers economic freedom to people. Because it is a completely universal infrastructure. In other words, a new generation economy independent of countries is formed.

This art event in London was realized to make art more accessible by introducing this new audience to the art world. Because the future will be shaped by the contributions of blockchain technology. It is an inevitable fact that those who adapt to this digital transformation will achieve universal growth.

How Bitcoin Change Art World?

The best part of buying artworks with crypto money is that tax liability and commissions are eliminated. In the current art market of $ 60 billion, virtual currency has begun to be accepted. Many artists sell their works through blockchain-based payment systems. The most striking example was cointemporary, an online gallery displaying digital art by international modern artists that can only be purchased with bitcoin. The purchases were made by CoinBase, one of the most preferred crypto money exchanges.

Selling works of art with bitcoin is also critical for the protection and originality of the work. Because, in purchases made with virtual money, a unique identity is created for each work. In this way, an unbreakable record is created between the artist and the work with the blockchain infrastructure. And every sales transaction made through the work continues to be recorded on the blockchain. In other words, the artist can always follow his work. A reliable source of information is created for the new buyers who will buy the work. While building trust between buyers and sellers, the artist can keep up-to-date with the value of his work. With the entry of blockchain technology into the art market, it is aimed to prevent the sale of copy versions of the works.

A new era started in art. Bitcoin used for buying art. So what do you think about the use of bitcoin in such markets and even in daily life?

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Dilara Yılmaz

Dilara Yılmaz

Hello, I'm Dilara. I am a 4th year student of Haliç University American Culture and Literature. I'm interested in literature, music and drawing. Blending my mind with art and bringing it to life is the most enjoyable thing for me. I am waiting you to my corner in Moblobi.

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