Codex connects six new blockchain art “gateways”

Posted: 4 July 2018 5:28 pm

More diverse gateways doesn't just increase the value of the blockchain, it multiplies it.

If you want to put priceless artwork on the blockchain, and you probably do, the first step is getting your hands on the art to give it a digital fingerprint. Once it has this digital fingerprint, it can be tracked as it changes hands and given an unbreakable provenance to help shore up its value going forward.

But that means finding a way to fingerprint it. One such platform, the Codex Protocol, is doing this through a series of partners who can serve as gateways and can tag the pieces onto the Codex blockchain when it passes through their hands.

The gateways are the key to actually getting art onto the blockchain in the first place. The most obvious are auction houses, and Codex has already partnered with prominent providers to tag the pieces that pass through them.

But it's not just auction houses. A new roster of six new partners shows the growing diversity of the arts and collectibles businesses as well as how far Codex is looking to make sure it gets effective coverage of pieces that are both in and out of circulation, recently re-discovered, at all ends of the market and everywhere else. Blockchain records aren't just for priceless artworks. They're also for pieces which might – but probably won't – be worth a lot of money later.

The new partners include the following:

  • Heffel Fine Art Auction House. This is a Canadian auction house focused on fine art. It can digitise pieces as they come through for sale, but can also cover some non-circulating pieces with its appraisals, connections to restorers and similar.
  • Feral Horses. This is a UK company that sells shares in pieces of art, while also serving as an art rental firm that profit shares with artwork owners. A share of a more popular rental piece might do better than a less-desirable one.
  • Luxury Asset Capital. This is a company that's equal parts a lender with a preference for luxury goods as collateral and a high-end pawn shop.
  • ValueMyStuff. It's what it sounds like.
  • Dust. This tech company aims to create and attach unique physical fingerprints to items, so its authenticity can always be proven in the form of a diamond dust signature.
  • The Clarion List. This is a listing hub for art services of any kind, including art accountants, exhibition consultants, curators, adjusters, framers, art PR specialists, stolen art recovery services and anything else related to art.

Naturally, their own services, when provided, will typically be listed on the codex chain and become part of each object's history. As such, having such a wide range of partnered services not only makes it easier to add more objects to the chain more quickly, but also improves the richness of the listings and helps add value for everyone involved. For example, this can happen by making it easier to find and use the same restorer that previously touched-up a piece or by making it easier to get multiple quotes from different appraisers.

Given the benefits, there are good reasons to look for gateways beyond auction houses.

Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VET, XLM, BTC and NANO.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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