Live Rare Art Auction Possible Through Blockchain Technology
Codex, a decentralized title registry for the $2 trillion dollar arts & collectibles (A&C) asset class, has announced today that it will be partnering with ConsenSys to host a live charity auction at Ethereal Summit, which takes place in New York City on the 11th and 12th of May, 2018. The live auction will be part of a broader sale of artworks hosted together with Rare Art Labs. Proceeds from the sales will go to a foundation, which is being established to support creatives working at the intersection of blockchain technology and art.
CEO of Codex, Mark Lurie said: “It has been our goal at Codex to harness the power of blockchain technology to realize the true value of arts & collectibles. By partnering with ConsenSys and Rare Art Labs at Ethereal Summit, we have an opportunity to make this goal a reality, showcasing our unique value proposition and demonstrating to crypto-holders that art and collectibles is an important and viable part of a diversified investment portfolio. At Codex, we are keen to develop tools which are helpful for the artistic community and recognize that artists play an important role in the development and dissemination of new technologies. Establishing the foundation allows us to offer financial support to the artistic community to encourage them to engage with blockchain.”
The A&C market lacks a formal title registry, making it difficult to buy, sell, securitize, insure, and lend against the asset class. However, with Codex, buyers will receive a Codex title, which provides them with an accurate and immutable ledger of verifiable provenance and authenticity. Using Codex’s application, Biddable, both buyers and sellers will be able to participate in auctions with greater market transparency — increasing privacy, security, and accuracy across the ecosystem.
For those not in New York for the summit, Codex will be providing a mobile app that will allow bidding to occur remotely from anywhere in the world. Interested parties can expect a wide variety of crypto-themed artwork from artists in the space, with the addition of surprise listings that will be announced prior to the auction.
As part of a larger sale of crypto-related art, Rare Art Labs and Codex Protocol will exhibit and offer further works through fixed-price sales and a silent auction.
Rare Art Labs is building the decentralized R.A.R.E. Network – a platform for artists to sell scarce copies of their digital art. Because computer files suffer from a replication and redistribution problem, digital artists have not been able to monetize their passion projects. The R.A.R.E. Network leverages the IPFS and Ethereum blockchain to make digital artworks permanent, scarce, and tradeable.
John Zettler, President of Rare Art Labs, commented: “We are so excited to host sales of R.A.R.E. digital art throughout the Ethereal Summit. It’s a privilege to collaborate with Codex and ConsenSys—two companies who share our vision of a better future for artists.”
Ethereal Co-Creator and ConsenSys Director, Jesse Grushack stated: “The sale of artworks by Codex Protocol and Rare Art Labs will surely be a highlight of this year’s event. It will showcase to the world that blockchain is more than just a buzzword. It’s a technology with the potential to make a tangible impact on the modern economy and society. We look forward to seeing the auction promote artists working in this important area and demonstrating real interest in arts and collectibles from the crypto community.”
Hosted by ConsenSys, the Ethereal Summit highlights two days of substantive sessions featuring notable entrepreneurs, investors, and government officials regarding the future of blockchain and its mainstream applications for cultural projects. The event hosted nearly 650 attendees in 2017, with more expected for its 2018 conference.