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How Blockchain is the Future of Art

June 12, 2018

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How Blockchain is the Future of Art

Imagine a world where art is preserved and secured for future generations. Imagine that museums can create a completely new revenue stream to rely less on government and private donations. Imagine you can buy inaccessible icons of art like the Mona Lisa or the Night Watch. A world where you can always be sure that the art you are buying is original, and where you are only paying one-tenth of the current fees. Now, this is all possible thanks to blockchain.

Three Guiding Principles

There are three guiding principles to keep in mind when trying to determine the future of art. The first one is digitization of our tangible world and what we call valuable. At Orion Vault, we believe that what we call valuable in the future will most likely not be tangible anymore. A good example is how money evolved from gold to banknotes, to credit cards and now to cryptocurrencies. The second principle that guides our journey is sustainability. Any lasting business or social change needs to generate and distribute value that must be self-sustaining and cannot be supported or donated from the outside. Lastly, we believe that what we do is going to have a positive impact on society and the civilization we live in. That’s why a social business model is our third principle.

The future of art would be to create a fully Digital Asset Class. The challenge is how to make art unique and ownable in the digital world. The Orion Vault platform provides an infrastructure that allows artists and museums to create fully digital art pieces that we call Digital Masterpieces. These Digital Masterpieces are the new Digital Asset Class. As an example, the Louvre could create a one and only digital Mona Lisa masterpiece certified on the blockchain. Such a digital Mona Lisa, separate from the physical one (which stays and is still fully owned by the Louvre), can be sold or given as a thank you to a donor. The owner of the Digital Masterpiece can then feature it at home on a special digital screen, make it available to the public for free, place in a virtual gallery, or trade it with other investors.

Benefits for Everyone

The Orion Vault platform benefits all parties of the art world; from artists and institutions who popularize art and their audiences, to investors and patrons who provide the means to make it possible. All fees are transparent and visible on blockchain, 96%+ of value goes to artists, museums and investors. A carry commission is coded in blockchain to ensure that artists and museums get a percentage of all future sales (even after the initial sale), for a lifetime. This social business model creates new revenue streams for museums and artists and truly changes the status quo as we know it now.

All of this is possible now due to the Orion Vault Platform. Our mission is to digitize and preserve the world’s culture as we know it. We are creating a digital state of art helping artists and museums raise funds to be able to create and curate. We allow investors who use the platform to unlock new trusted and secure opportunities. And lastly, collectors can own one-of-a-kind digital art that would never be available for sale anywhere else. Orion Vault is the future of art.

 

This article was written by Kris Pawluk from Orion Vault based on the Blank Collar Meetup on the 29th of May, 2018.