Hi Hivers!
I bring you today the topic of the art industry and its inclusion in the crypto world. This section I will be, sharing every Tuesday.
On this occasion, we take as a source the article in the magazine Criptonoticias https://www.criptonoticias.com/comunidad/arte-entretenimiento/obra-pablo-picasso-fue-vendida-por-criptomonedas/... written by Sander Machado.
I hope you enjoy it.
Key facts:
- The sketch was bought by the Idoneus company using their platform token.
- Idoneous uses blockchain to sell luxury vehicles, gemstones, and other services.
One of the works of art by well-known Spanish artist Pablo Picasso was recently purchased through a cryptocurrency transaction.
Idoneus.io, a provider of luxury goods via the Ethereum blockchain, announced on May 29 that it purchased the Picasso painting from a private seller. The work entitled "Belly dance before an impassive man" (Danse du ventre devant homme impassible) was bought by doing an exchange for the IDON token.
In this regard, Jarrett Presto, CEO of Idoneus, declared to a media outlet:
Based on the research we have conducted, this is the first time that full ownership of an original Pablo Picasso artwork has been formally transferred with a cryptocurrency payment.
Jarrett Presto, CEO of Idoneus.
The transaction was facilitated by the Idoneus purse development team and Marlissa Gardner, an entrepreneur in the fine arts industry. Gardner is also the founder and CEO of Emillions Art, LLC, a provider of contemporary art.
The company has not disclosed the full amount they paid to acquire the Picasso work. Some websites in the past have valued the piece purchased by Idoneus between USD 3,000 and USD 5,000. This sketch was made by the artist in 1971; The material used was woven paper and has Picasso's signature stamped on it. Several works by Picasso are priced for more than USD 100 million.
Idoneus offers through its platform, based on the Ethereum blockchain, the purchase of private islands, luxury services, luxury vehicles, jewelry, precious stones, art pieces and airplanes. According to Preston, the IDON token has been used on previous occasions to pay for other high-value assets. The token was added on June 1, 2020 to the English exchange P2Pb2B.
The art industry and its inclusion in blockchain
The idea of Idoneous is to create an ERC-721 token that represents the Picasso painting on the Ethereum blockchain. Furthermore, they will use ERC-20 tokens to represent the property shares sold during any future auctions. This will allow the owner to have a say on some issues. For example, how the artwork should be sold or how it will be made available to the public.
As stated by Idoneous to a news outlet, the company's main goal is to make the entire luxury goods industry transition to blockchain-based systems. In this way, transactions can be carried out more quickly, in a transparent and secure way.
Blockchain platforms have been used in the past to register, as well as verify, works of art and prevent counterfeiting. In March 2018, CriptoNoticias reported that the Verisart platform was using the Bitcoin blockchain to certify works of art.
By Sander Machado
https://www.criptonoticias.com/comunidad/arte-entretenimiento