Since the whitepaper was published in 2009 it has not ceased to amaze everyone how everything now is moving to the blockchain. Most people initially thought blockchain and related terms were only relevant to the financial sector, but that belief is being proven wrong every day as more and more sectors of human day-to-day life begin to find relevance in using the power of the blockchain to increase efficiency and transparency, and decentralize power, e.g., to give power, money, accolades, authority, praises, etc. to those who actually deserve it.
Look no further if you’re looking for how the blockchain can benefit the artist/art industry in general. 0xowns.art aims to apply the decentralized nature of the blockchain to the modern art industry, affecting the status quo through its existing strata. Furthermore, 0xowns wants to apply the blockchain to the business of art in the area of marketing, provenance, insurance, tracking, pricing, and many other use cases not mentioned here.
As you may have known before now, blockchain is a distributed ledger technology in which the history/record of activities from inception is an open book to all players in an industry, whereby the players verify every transaction as valid or invalid based on certain preloaded rules. Smart contracts added another level of power to blockchain by allowing a self-executing system given that certain criterion are met.
How 0xowns.Art Makes Pure Ownership as Art a Possibility
Have you imagined a world where, despite the absence of the physical artwork as a result of varying locations, different dispensations, and any other limitations you can think of, proving ownership won’t be a problem because there is provenance stored on the immutable blockchain? Have you imagined a world where, despite a museum going up in flames, accurate records of the entire collection of artwork in that museum is found without error on the blockchain?
History sometimes can be written/documented to favor a set of people who are in power to do so at a particular time, but not with blockchain involved. Have you imagined a world where a certain type of art or behavior can be accurately traced to the right people who invented it because the records are sitting on the blockchain, thereby allowing the right people to be credited in the future?
Just a little more than a decade since the advent of blockchain/cryptocurrency technology, there are indications that its application in the art industry is still just the tip of the iceberg compared to the new world of possibilities that will be discovered in the coming years. 0xowns.art will not stop at highlighting these possibilities; rather, it will go further in guiding all who are involved in the art business to make maximum use of it to their benefit both now and in the future. It suffices to say at this point that the world of possibility that was hitherto a mirage, only existing in articles on paper, is now live and part of our lives via the power of the blockchain.
Going further with what 0xowns.art aims to achieve with blockchain on the Ethereum network or other relevant networks, all those involved in the art industry can rest assured that the future from here onward will only reward those who are deserving of it, either as royalties paid to them and their beneficiaries, patents, and other forms of necessary recognition.