How KnownOrigin Used Blockchain To Market Artwork

Rate this post

Blockchain and cryptocurrencies might have as well just discovered a new area to exploit and transform. The art industry is its next target for the now bourgeoning sector of crypto and blockchain. A Manchester based organisation looks at bringing artworks closer to people more than ever.

KnownOrigin.io, an organisation in Manchester in the United Kingdom is gradually using the blockchain tech that underpins Bitcoin to make it easier for people to own artworks with the use of the digital network. KnownOrigin wants to give people the opportunity to actually own artworks by purchasing them with cryptocurrencies via the blockchain network.

Interest in the ownership of artworks have grown over the past three years as figures released from Tefaf in their market report for arts showed that back in 2016 global art sales was a whopping $45 billion. An increment by 1.5% from what was recorded in the previous year. However, KnownOrigin had identified that access to these artworks is still in need of dire improvement. The firm organised its first pop-up gallery between April the 5^th to the 7^th in Manchester at the Seven Brothers Brewery.

Blockchain Fits All

The firm founded by David Moore (also founder of SelfMadeHeroes) and Andy Gray and James Morgan. The latter two are well known in the Blockchain sphere for their work in the founding of BlockRocket.tech. David Moore stated in an interview that the goal is to create a system that makes it easy for people to buy artworks with cryptocurrencies.

“After chatting to Andy & James about the initial idea we felt that using Ethereum Blockchain technology with an ERC721 token standard we could build an innovative approach to art ownership. Another bonus is we provide the artists a platform to sell secure digital assets too.”

With the initiative by these tech geniuses people who owned art pieces could confirm the number of works of a particular piece were available at a time and even help in raising the value of the artwork. The blockchain network also chose to make trading as well as ownership of these works trustworthy.

The event was also meant to be an avenue where artists and their works were be celebrated. Through the use of digital assets one could buy an original piece of art as every art piece will be linked to a digital asset. The artists were then made to create digital files which were be given peculiar IDs on the blockchain network. The artist then got to decide just how many of his or her art pieces could be available for purchase at a time and how much they were to be sold for.

Through digital wallets, one could now be able to purchase all these artworks that were be made available on the website primarily with Ethereum. The artworks at the event were to be purchased with the Ethereum cryptocurrency via QR code scanners. Moore stated that

“This will transfer ‘proof of ownership’ and mark the item as sold to avoid any duplication of sales,” Moore said. “Once the transaction is complete the customer can arrange suitable time and date to collect the physical artwork. The blockchain ledger will act as identification when the customer returns to pick up the item.”

Featured Image Courtesy Twitter