First auction of works of art in blockchain had CryptoKittie sold for $ 140 thousand

An unprecedented partnership in the world of crypto-coins is intended to boost the arts market. The Codex Protocol, ConsenSys and Rare Art Labs, three major players in the crypto market, held the first live art auction using blockchain technology during the Ethereal Summit in New York.

The auction is just part of a larger sale that was made in partnership with Rare Art Labs and the amounts raised were earmarked for a foundation whose purpose is to support the development of the blockchain. Although artwork sales are usually listed in the millions, unlike other large asset classes, the market does not have a formal record of securities, making it difficult to buy, sell, securitise and guarantee authenticity.

However, through this partnership, buyers will receive a Codex title, which provides a precise and unchanging record of the origin and authenticity of the works. Using the Codex reference application, Biddable, buyers and sellers will be able to participate in auctions with greater transparency, increasing privacy, security and accuracy throughout the ecosystem. For those who are not in New York and wish to participate in the auction, Codex will provide a mobile app that will allow bids to occur remotely from anywhere in the world.

In all, the items sold in the auction raised $ 192,000 in just one day, with the highlight being the sale of the Celestial Cyber ​​Dimension Cryptokitty, sold for a record $ 140,000 (approximately 203.41 ETH). The exclusive Cryptokitty was made to order by CryptoKitties Art Director Guilherme Twardowski and features a physical manifestation of digital art by implanting the cat's private key into a physical statuette.

"PARTICIPANTS SUPPORT MANIFESTATION REAFFIRMS THAT WE CAN USE BLOCKCHAIN ​​TECHNOLOGY TO UNVEIL THE VALUE OF ART AND COLLECTIBLES. WHEN WE FOUND CODEX, CREDIT INVESTORS HAD FEW WAYS TO ACCESS THIS ACTIVE CLASS OF ASSETS. NOW, THANKS TO THE JOB AND THE DETERMINATION OF OUR DEDICATED TEAM AND THE SUPPORT OF OUR CONSORTIUM OF INDUSTRY, WE HAVE PROUD TO SAY THAT THE CODEX IS NOT JUST A CONCEPT, IS AN EXPERIENCED AND TESTED REALITY. THROUGH OUR LIVE AUCTION AT ETHEREAL SUMMIT ", HIGHLIGHTED CODEX CEO MARK LURIE.

The auction also featured artworks by renowned blockchain artists Jessica Angel, Kevin Abosch and Yiying Lu, whose print of the iconic "Lifting A Dreamer," better known as the "Twitter Fail Whale," was auctioned for $ 12,000. To talk about this unique initiative, Criptomoedas Fácil talked exclusively with Jessica Houlgrave, COO and co-founder of Codex, which highlighted important aspects about blockchain technology and how this partnership could represent a new concept in the arts and collectibles trade. Check out:

Cryptotomes Easy: What types of art were marketed at the event and how can blockchain ensure the authenticity of these works?

Jessica Houlgrave: In this first moment, we auction digital and physical works created by several incredible artists who are working at the intersection of blockchain with art. These will be the first titles registered in the Codex Protocol and buyers will receive a Codex title, which can be used to build the provenance of their work, thus ensuring the provenance and authenticity of the works.

CF: In the field of the arts, using the immutability of the blockchain may be a complete paradigm shift, however, there is much difficulty in determining the origin and authenticity of the works, because they involve many factors. How can blockchain help in this case?

JH: A blockchain is not a panacea that will solve all the existing problems, especially in the matter of authenticity of works of art it can not provide 100% certain guarantees on certain works, even if they are registered in the blockchain itself. What Codex can provide, however, is a major improvement over the status quo, providing a secure means of storing easily verifiable information.
Although the blockchain offers a unique security with respect to its immutability, if the data entered in the block chain is "falsified at the origin" or in the chain's own record, how can the authenticity of this work be determined?
Authenticity is extremely difficult to determine. Today, it is accomplished through careful research of documentation on the item and analysis of the item itself. Codex does not expect this to change. By ensuring this information in the blockchain, we can make it more accessible, easily verifiable and transferable, which will make the ecosystem more efficient.

CF: This was the first sale of works of art done in blockchain, do you believe that this sale could open a trend of more robust sales of arts using the technology to the point of big galleries of global companies like Sotheby's and Christie's also join?

JH: We are very excited to organize this historic sale. I have no doubt it was the first of many, in which blockchain is adopted as a tool to help transfer information and make art sales more robust.

Source: https://www.criptomoedasfacil.com