Menu
Blockchain Technology
For Simplified, Efficient,
Secured, & Transparent
Art Market Transactions
For Simplified, Efficient,
Secured, & Transparent
Art Market Transactions
If you have been looking into ways to get pieces of art verified as genuine, you may have heard of something called token technology. What is token technology, and how is it being used in the art world to help make it a safer place for both buyers and sellers? What is token technology? -- Token technology is something that is involved in an ICO, otherwise known as an initial coin offering. This is when a digital coin goes public for the first time, and tokens are then offered to the general public to buy. This token technology is then often turned into Bitcoins, making them an even safer digital currency than the original initial coin offering may have had. How is it used in the art world? -- As a new crytocurrency or digital currency can be used to buy art, this makes it safer for both the buyer and the seller in the transaction. After all, with a token converted into a digital currency like Bitcoin, it makes it easier to put off releasing the payment for a just purchased piece until after the piece has been authenticated if you are the buyer. It makes it safer for the seller as well as, once the money has been paid and converted into tokens and then Bitcoins, it is impossible for a buyer to ever be able to get the money back. No matter what scam he may try to pull with regards to the piece's authenticity. The new platform will eliminate many agents -- One of the things buyers and sellers of art both complain about are the high fees agents often take for doing little more than collecting and paying out money. With token technology, however, those agents can be avoided and thus the fees both parties have to pay for an art transaction will be far less.
0 Comments
Leave a Reply. |
AuthorExploring Blockchain Technology In Art Industry ArchivesCategories |
Photo used under Creative Commons from abbilder