You've Earned Your Crypto, Now Invest it Art
Crypto millionaires and billionaires are growing exponentially. Purchasing luxury cars, fine homes are, are of course, high on the to-do list. But art is making its way further and further into the interests of today’s young crypto kings and queens but in new and edgy ways. Here are three quick trends and influencers-to-watch that we are tracking from our crypto circles now:
1. Now with crypto there is the potential democratization of validation as well as ownership in traditional fine art. New, on-the-rise is a blockchain startup called Maecenas that seems to be leading the way for the wealthy crypto set that is interested in that Warhol or Basquiat still on the market. As per a report which the company’s site quotes, “ ‘art is currently plagued by fraud, illicit business and tax evasion, all products of a fragmented physical market that is hard to follow. Enter blockchain, which on the surface appears a silver bullet.’ “
And apparently, Maecenas is planning to disrupt the art game utilizing such technology. Crypto investors and the blockchain community are starting to take notice because Maecenas says that it is working to Make the market more transparent with the incorruptible ‘ledger’ system the blockchain provides, which can also help improve issues surrounding provenance and others. The company is also forging connection to artists, art lovers, galleries, art investors and crypto investors via the Maecenas platform, and, of course, permitting accredited investors to own shares of world-famous artworks with digital shares through cryptocurrency. According to Marcelo Garcia Casil, Founder and CEO of Maecenas, “By opening up the market with Maecenas, reducing risks for buyers and improving other key areas such as provenance for artworks, we offer something unique and potentially valuable both to art lovers and to crypto investors.”
2. Others prefer the growing trend of artwork inspired by cryptocurrencies. These creators sell their work online without going through an intermediary. Such titles include a painting called Cryptsy – Cryptocurrency Market (2014) by Romanian artist Stefania Nistoreanu, acquired through Bitpremier.com, an online luxury market where all goods are traded in bitcoin. For those who veer toward a love of oil paintings, the “Ascension of Satoshi”, by Daniel Loveday recently sold for over $2,500, (Note: images courtesy of Bitcoin Art Gallery)
3. Finally, the wallet itself is becoming art. Enter Cryptoart, a company that has devised a way that each art piece physically and securely stores digital currency. As hacking and kidnapping become greater concerns, the new trend just may be in going “cold storage” or storing unused currency offline with art. Cryptoart comes in three sizes and designed for ready-made frames. The smallest can be kept inside a book. The work is published with archival links on museum quality paper. Each piece is hand-created and numbered as limited additions and include a certificate of authenticity.
Here’s where it gets interesting. Cryptoart explains, “Each piece is hand-assembled with a QR code on the front, and a ‘private key’ under a security sticker on the back. To send money to the art piece, scan the QR code on the front with any mobile Bitcoin wallet. The QR code on the front is your Bitcoin address and is only used to add money. To retrieve the currency, remove the sticker on the back and enter the private key (a long alphanumeric string of text) into a Bitcoin exchange or Bitcoin wallet. Advanced users can exchange the private key/QR code without damaging the art piece.” Thus, there is value in the art on a number of levels.
Keep reading Viceroy for further updates and news around the hot intersection of crypto and the art world.