The auction houses of tomorrow are here, on the blockchain of course
It’s no secret that the so-called Art & Collectibles asset class has a global 2 trillion USD market share. Owning a piece of unique art or an object that made history in some way has become a status symbol among the wealthy few and paying whatever it takes to own it is the current name of the game. Whether you want to own a piece created by Picasso or the first Ferrari ever built there is probably an auction house that is going to cater to your specific needs.
The biggest challenge standing in the way of placing an accurate value on items is the proof of origin or provenance. Usually, when an item is put up for sale, evaluators and experts are called in to certify the authenticity of the item, but even then there isn’t a definitive proof as most of the times the experts base their analysis solely on their knowledge. What if there was a solution to certify these items in a way that’s reliable for any future buyer? Enter blockchain!
Introducing the Codex Protocol: The unique art and collect-able blockchain ecosystem!
By creating a distributed ledger for unique items backed by a renowned consortium of over 5000 auction houses, the Codex Protocol will give its customers access to over 2 trillion worth of unique items ranging from collect-able cars to jewelry and watches. The ecosystem addresses an issue that creates friction within the markets, and that is the constant need of validating critical information about the items put up for auction.
The Codex Protocol ecosystem can store identity data, the chain of ownership and other valuable metadata about the object on a tamper-proof system backed by empirical and mathematical rules.
CodexCoin: The fuel of the Codex Protocol platform!
Based on the popular ERC20 architecture the CodexCoin is going to be used on the platform for several use cases:
- Pay registration fees
- Amend existing records
- Transfer existing data
- Incentive programs for validators
The experts that decide to work with the Codex Protocol Consortium will be awarded CodexCoins for their appraisal services. Initially, these will be rolled out on a discretionary basis depending on the item’s owner, but as the platform grows and matures, rewards that are algorithmically assigned will be deployed.
With a wide array of data available, machine learning system will assign appropriate reward schemes to every participant on the network. Thus having a platform that solves the authenticity of each unique item and ultimately determines its value will become, over time, a great addition to the global Arts & Collectibles industry!
Should you be interested in participating in this unique project you can do so by purchasing CODX tokens in the upcoming token sale at a pegged price of 0.067 USD per token. The team is looking to raise a maximum of 25 million USD and a minimum of 15 million USD. All unsold tokens will be kept for future sales and promotions!
If you wish to learn more about the Codex Protocol and the advantages of working with a platform such as this you can visit https://codexprotocol.com/
Informative post , thanks for your information .
Keep good wor of every time .
Thanks for sharing @danizaharie
Upvote you .
Is that a paint of Venice or just a pict? looks good anyway.
I had a read through your post and because i like collectables, this sounds interesting. Having said that, i would like to understand properly how the codex protocol work so i will check this link above and then i'll get back to ya... thanks anyway for sharing
Yesterday was listening to another fellow steemian who was talking about items used as store of wealth.
The ultra rich of the world do not use fiat to store their money. They buy highly expensive real estate to do so. They also use paintings and other forms of collectibles as a way of storing value. This makes for frequent sale and purchase of such items. Even the most expensive paintings can exchange hands several times in just a e period of few years.
A lot of this sale and purchase is done through the auction houses and perhaps this can explain why the Codex protocol can be worthwhile idea. There is another aspect to the greatness of this idea.
Many collectible items never even come to the auction table because of trust issues. Perhaps with a trust-less and immutable nature of the blockchain this hurdle can be overcome and this might be ares where Codex protocol might shine.
CODX ... too many coins in the market right now and more are coming on daily basis. Market situation for the good coins is bad right now, let's see how CODX is going to win the battle.
this post is very helpful all steemian,thanks for sharing and nice post
Your post have content and this coin sound interesting ,lets try to invest here also as we had already invested in many coins ,but crypto market are going down these days ,every investment are now risky ,but if u not take any risk , then u can not be successful in your life, thanks for sharing this post. i am also going to visit that above platform to collect more information.@danizaharie
Make a post like it's helpful thanks
Blockchain technology continues to push the barriers to innovation and extend into more and more areas of society. Applying blockchain onto the Art & Collectibles market is a wonderful idea. Indeed in this market proof of origin is really important to ensure the value of assets, and the blockchain features fulfill this need perfectly. Thanks to the transparency throughout the distributed network of a blockchain the provenance is displayed. This is also what we do at Blockbasis where we pledge to protect user and transaction information when sending and receiving cryptocurrency via email
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