- In light of your recent talk at the German House, how is the art market flawed for buyers and sellers?
The art market today lacks transparency. Buyers and sellers run the risk of being involved in counterfeit numinous businesses. What is needed is an electronic transparent, secure and accessible platform for everyone with the relevant data on the art works.
- Can blockchain technology solve those flaws, and offer more security and transparency?
Today, the use of blockchain technology is not only limited to cryptocurrency, but the technology is used as a programmable distributed trust infrastructure. Other term for blockchain technology like Distributed Ledger Technology represent the most widespread use case of blockchain technology so-called distributed “accounting book”.
The innovative concept of blockchain technology makes it possible to log data in a tamper-resistant and transparent way in a decentralized system without any maximum number of users or identification requirements (users are free to join and leave the system). At the same time, there is no requirement for trust between the users.
Therefore blockchain technology can provide a robust, secure and transparent artworks and collectibles registry with ownership and purchase information included.
- If an art market change or transformation is possible, who do you think may be best qualified to orchestrate it, the art world, the finance world or the tech world? Or is it a combination?
Information Technologies today offer a wide range of unprecedented opportunities in the art world too. Blockchain technology is one of them. For more widespread and interoperable transformation of art market is the close cooperation of art and tech world important.
- How can blockchain technology create unprecedented demand in art?
Many are under the influence of hype of the blockchain technology and see it as a general problem solver. To keep it in perspective, the blockchain technology can offer a transparent, secure and accessible platform for everyone with the relevant data on the art works without the need for a trusted intermediary. Using this platform artists can register provenance information for their art, buyers and sellers can prove and verify the ownership information as well as a lot of new business opportunities for artists and collectors can arise as a result (e. g. for a digital art).
- Would making art an asset class, that can be sold in fractions, expand the market. Could blockchain facilitate this?
There is already an example on the market for such use case. Artist Eve Sussman is working with Snark.art to offer an blockchain-based artwork, shattering her artwork (video piece 89 seconds at Alcázar) into 2,304 squares, which can be individually purchased. The resulting blockchain-based artwork can be collected by a group of new owners, who are empowered to reassemble the full video at will (Snark.art White Paper –https://snark.art/assets/white-paper/89-seconds-Atomized-White-Paper.pdf).
Such as asset class in art market could help to attract new target audience. As sharing economy find great approval in a digital world, new interested parties could relish it in the art world.
- How will Design Thinking help create the user experience for the coming blockchain art marketplaces?
As I already mentioned before the close cooperation of art and tech world plays a crucial role for a widespread and interoperable transformation of the art market.
The appeal of Design Thinking lies in its ability to inspire new and surprising forms of creative teamwork (https://hpi.de/en/school-of-design-thinking/design-thinking.html) for more innovative solutions.
The approach goes far beyond traditional concerns such as shape and layout. And unlike traditional scientific and engineering approaches, which address a task from the view of technical solvability, user needs and requirements as well as user-oriented invention are central to the process. This approach calls for continuous feedback between the developer of a solution and the target users. (https://hpi-academy.de/en/design-thinking/what-is-design-thinking.html)
This cooperation with the help of Design Thinking approach can create new and innovative blockchain solutions for the art market.
- Who would gain most from an art market transformation?
Everyone. For artists and collectors blockchain technology can provide a secure, robust and transparent platform for prove and verification of the provenance and ownership of the artworks, without the need for a trusted intermediary. And welcome any interested party to participate in the art market without risk of being cheated (to by an artwork or a piece of it without a large expertise in this field – the real price, the real owner, fake or not etc.).
Bio (von der Website https://www.blockchainbeach.com/the-work-of-art-in-the-age-of-blockchain/)
Professor Dr. Christoph Meinel (Univ. Prof., Dr. sc. nat., Dr. rer. nat., 1954) is Dean of the Digital Engineering Fakulty of the Potsdam University and Director and CEO of the Hasso Plattner Institute for Digital Engineering gGmbH (HP). Meinel is author/co-author of 10 books and 12 anthologies, as well as editor of various conference proceedings. More than 600 of his papers have been published in high-profile scientific journals and at international conferences.
With best regards, ChM.
Prof. Dr. Christoph Meinel
Institutsdirektor und CEO | Hasso-Plattner-Institut gGmbH
Dekan | Digital Engineering Fakultät | Universität Potsdam
Tel +49(0)331 5509 222, Fax +49(0)331 5509325
Campus Griebnitzsee, D-14440 Potsdam, Germany
Amtsgericht Potsdam, HRB 12184
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