An increasing number of industries are embracing the benefits that distributed ledger technologies have to offer. These benefits come in various forms such as reduced transaction costs, removed reliance on centralized counterparties, real-time worldwide access to data.
The art industry in not an exception. As a decentralized, immutable database, Blockchain can benefit the art world through various aspects:
❏ Higher market transparency and security
❏ Ownership tracking and provenance
❏ Access to wider audience worldwide
❏ An infrastructure for tokenization and thus access to fractions of artwork
❏ Smart contracts to automate transaction management
In this report we take a look at a blockchain-based platform Monart created for art community. Monart’s goal is to use blockchain and other innovative technologies to provide a more inclusive and worldwide participation in the world of arts.
Not only art lovers, but also artists, investors and art owners will have a chance to benefit from a number of services provided on the platform such as AR and VR art gallery tours, private artwork sales, artist promotions and various revenue streams stemming from the native Monart token holdings.
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