Blockchain’s impact on art, music, and creative spaces has already proven to be transformative. In a 2014 report, The Fine Arts Expert Institute (FAEI) of Geneva stated that over 50% of artworks it had examined were either forged or not attributed to the correct artist.
How can the use of blockchain fix this? Payment, certificates of authenticity, and ownership history can be logged immutably on the Ethereum blockchain, making the arts a prime sector for blockchain disruption. Tokenized ownership and the establishment of equitable business models not beholden to gatekeepers have already captured the attention of the art world.
With Ethereum 1.0 being successfully deployed, the roadmap towards Ethereum 2.0 is proceeding at a rapid pace. The future will see Ethereum move stridently beyond Phase 0 of Ethereum 2.0, onto the first Phase and the launch of shard chains.
Joseph Lubin, Founder of ConsenSys and Co-Founder of Ethereum, will speak about how Ethereum 2.0 will further impact the art market by bringing about a new art economy in an exclusive interview.
Gauthier Zuppinger, Co-Founder of NonFungible.com, will then present the newly-released Art and Blockchain Non-Fungible Tokens (NFT) Report that features unique insights from 2018 to 2019.
What are NFTs and can they become as interesting as Bitcoins? Non-fungible Tokens (NFTs) are unique, digital items with blockchain-managed ownership. The invention of CryptoPunks in 2017 paved the way to the evolution of the ERC-712 Token Standard on the Ethereum blockchain. For the first time, it was possible to buy and sell unique digital art with the NFTs standing as a proxy for ownership. It didn’t take long before NFTs were traded for record prices - over $15,000 for a CryptoPunk and $170,000 for the most expensive Cryptokitty.
The main marketplaces for NFT’s include OpenSea, SuperRare, dada.art and Nifty Gateway. They’ll be coming together on a panel to discuss the rise of the NFT market, its role in pushing new frontiers in digital art, and whether museums should be collecting these artworks.
Judy Mam, Co-Founder of dada.art and Director Rare Art Festival will also touch on the Richard Prince scam conducted by the artist collective “Distributed Gallery” at Rare Art Festival in New York in 2018. The artist collective appropriated Prince by issuing a token as if they were the artist himself, causing uproar within the community.
With much discussions around Cryto Art and NFTs, will 2020 also be the year for the rise of virtual lands? Blockchain-powered VR realms like Decentraland and Crytovoxels are gaining momentum, complementing the technological underpinning of VR and blockchain. This is especially prevalent when blending protocols such as ERC-20, ERC-771, and ERC-1155 that enable item tracking, historical databases, authenticity protocols, and more.
In the final talk of the day, we will learn more about Cryptovoxels; an open, sandbox-like 3D VR realm that draws inspiration from Minecraft and uses voxels to demonstrate the virtual architecture of each respective world. Its virtual land is based on the Ethereum blockchain and can be purchased using ETH. The platform works through NFTs that users can use to sell their parcels and collectibles for almost any cryptocurrency supported by online auction houses and NFT brokers, such as OpenSea.
We will also explore Mintbase, another NFT marketplace that enables users to create smart-contracts, mint NFTs, instantly register NFTs on OpenSea.io, and manage their digital assets in one place from Mintbase’s digital HQ in Cryptovoxels metaverse.