Latest Articles

How Blockchain Technology Is Disrupting the Art Industry

As blockchain technology has grown in popularity, many businesses have been attempting to implement it in an effort to modernize certain industries. Even certain companies that weren’t believers (JP Morgan, for example) have decided to throw their hats in the ring.

While many industries are natural fits for blockchain technology, one industry that may not immediately come to mind is that of fine art.

As most of us know, the only way for the general population to find beautiful works of art is through museum exhibitions. And only the exceptionally wealthy are in a position to purchase the artwork featured at galleries and auctions. But what if the appreciation and ownership of art could be opened up much more widely? One company, monart, has an intriguing solution to this centuries-old problem.

Why the Art Industry Needs Transformation

Art has always been thought of as an area of passion rather than investment. In other words, art enthusiasts don’t necessarily purchase artwork to make money but rather to have the privilege of viewing their beauty at any time they wish.

According to a 2018 report, the global art industry was valued at just under $64 billion two years ago. The three countries that make up the bulk of global transactions in art are the United States, China and the United Kingdom (in order of total sales). While $64 billion is a huge number, it may not come close to capturing the true value of the art industry — it may only account for registered transactions and not off-book or black market transactions.

Additionally, it’s important to note that there is potential for more to enter the marketplace. While most fine art is purchased by the wealthy, what if those same pieces could be purchased in shares? That is where monart comes in.

Blockchain Technology’s Impact on the Art Industry

Consider professional sports franchises. These are incredibly expensive and usually purchased by groups. The purchase price is split up among a group of buyers with the share corresponding to the price paid. So, what if art worked the same way? monart is attempting to do just that by leveraging blockchain technology.

With a dedicated Ethereum DApp, art enthusiasts will have the opportunity to buy shares of art and art collections. In addition, because monart is implementing blockchain technology, all transactions will be completely transparent and auditable. This is incredibly important when entering into a group purchase agreement. The last thing anyone wants to see happen is for con artists (no pun intended) to take advantage of art buyers.

Although monart isn’t the only company with plans of transforming the industry through a blockchain, it does seem to have a promising approach. The company’s largest retail presence is in Beijing, which happens to be the fastest growing art market in the world. monart also has a presence in Paris, San Francisco and Malta. This should give the company a bit of an edge when it comes to procuring both artists and artwork.

Browser Extension Lets Users Shop on Amazon With Lightning Network

Source: CoinDesk

The crypto payment processor Moon has announced that users can now leverage a Lightning Network wallet to pay for Amazon purchases through its browser extension. The extension also enables e-commerce payments with litecoin, ether and bitcoin cash through Coinbase accounts.

FinCEN Takes First-Ever Enforcement Action Against Cryptocurrency Trader

Source: FinCEN

The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty against a peer-to-peer bitcoin trader for violating anti-money laundering (AML) regulations, its first enforcement action against a cryptocurrency exchanger. According to the agency, the exchanger failed to register as a money services business and failed to report "suspicious transactions," among other violations. The exchanger has been assessed a $35,000 fine and is now prohibited from providing money transmission services.

2019 Investments in Crypto and Blockchain Startups at $850 Million

Source: Reuters

According to data compiled by Pitchbook for Reuters, venture capital investment in crypto and blockchain startups has reached $850 million so far this year.

EEA Launches 'Token Taxonomy Initiative'

The Enterprise Ethereum Alliance has announced a "Token Taxonomy Initiative" to develop universal definitions for tokens to encourage their interchangeability across blockchain platforms. Members of the initiative include Microsoft, R3, ConsenSys, IBM, EY, Accenture and Intel.