Blockchain Technologies and Art: Opportunities and Open Challenges

23 Pages Posted: 9 May 2023

See all articles by Claudia Giannoni

Claudia Giannoni

University College London - Institute of Finance and Technology

Francesca Medda

UCL Institute of Finance and Technology

Silvia Bartolucci

University College London - Department of Computer Science; Imperial College Business School; University College London - Centre for Blockchain Technologies

Date Written: May 5, 2023

Abstract

Recently, blockchain technology has been introduced in multiple sectors and industries. This technology is currently stimulating a broader process of social and industrial transformation impacting several potential areas of adoption (e.g., payments, tracking and tracing solutions, authenticity). This transformation is also gradually affecting the creative industries and the art sector. In particular, blockchain solutions aim to increase the art market’s transparency, track ownership and provenance, and provide an infrastructure for the tokenization of fractional artwork sales. This paper analyses applications of blockchain technology in the fine art sector, from provenance and authenticity to online sales, auctions, and NFTs. We provide an overview of the main blockchain platforms operating in the art industry and we analyze in detail the functionalities of two of the most prominent live solutions. The first platform tackles issues related to provenance and authenticity, while the second one offers an online fine art marketplace. Despite the great potential and applicability of blockchain technologies in this sector, new challenges and risks are posed to the fine art world, which are discussed and categorised in this paper.

Keywords: Blockchain, smart contracts, digital art, provenance, authenticity, decentralised marketplace

JEL Classification: C88, R30

Suggested Citation

Giannoni, Claudia and Medda, Francesca and Bartolucci, Silvia, Blockchain Technologies and Art: Opportunities and Open Challenges (May 5, 2023). Available at SSRN: https://ssrn.com/abstract=4439318 or http://dx.doi.org/10.2139/ssrn.4439318

Claudia Giannoni

University College London - Institute of Finance and Technology ( email )

Gower Street
London, WC1E 6BT
United Kingdom

Francesca Medda

UCL Institute of Finance and Technology ( email )

London
United Kingdom

Silvia Bartolucci (Contact Author)

University College London - Department of Computer Science ( email )

66-72 Gower Street
London, WC1E 6EA
United Kingdom

Imperial College Business School ( email )

South Kensington Campus
Exhibition Road
London SW7 2AZ, SW7 2AZ
United Kingdom

University College London - Centre for Blockchain Technologies ( email )

UCL CBT UCL Computer Science
Malet Place London WC
London, London WC1E 6BT
United Kingdom

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