JHASS

Article http://dx.doi.org/10.26855/jhass.2024.03.001

The Analysis of Blockchain Technology’s Application in the Art Market

TOTAL VIEWS: 355

Qin Zhang

New York University, New York, USA.

*Corresponding author: Qin Zhang

Published: April 15,2024

Abstract

The paper addresses the potential of blockchain technology to create a positive change in the art world by improving the sustainability of the art market. It provides an overview of blockchain technology and addresses existing problems in the art market. The blockchain technology is evolving rapidly and spreading its influence widely. It provides a highly transparent yet secure environment and offers a new tool for information distribution. In today's knowledge-based economy era, with the development of social culture, art has permeated all aspects of life. The protection of intellectual property rights in art has become a serious problem. Blockchain technology has the potential to bring about positive changes in the art market, enhancing acceptance and visibility in both online and traditional art markets. The paper concludes that blockchain technology offers new possibilities and approaches for collecting and selling art. What we need is a more regulated art market with increased transparency, diversity, and efficiency. The paper argues that blockchain technology can eventually enhance the commercial value of art by offering emerging artists and amateur collectors a more accessible and secure entry into the art market.

References

Allens, Blockchain Reaction. (2019). Understanding the Opportunities and Navigating the Legal Frameworks of Distrib-uted Ledger Technology and Blockchain, p. 4.

Amy Whitaker. (2018). The Eureka Moment That Made Bitcoin Possible, The Wall Street Journal, May 25.

Andrew Rossow. (2018). Why Does the Art Community Need Blockchain on Its Palette? Forbes, April 7,

https://www.forbes.com/sites/andrewrossow/2018/04/07/why-does-the-art-community-need-blockchain-on-its-palette/#38c1c3ce4044.

Bernard Marr. (2018). A Very Brief History of Blockchain Technology Everyone Should Read, Forbes, Feb 16, 

https://www.forbes.com/sites/bernardmarr/2018/02/16/a-very-brief-history-of-blockchain-technology-everyone-should-read/.

Cassie Zheng. (2018). Can Blockchain Impact the Future of Art Collecting? Culture Track, July 11, 

https://culturetrack.com/ideas/can-blockchain-impact-the-future-of-art-collection/.

Dale Eisinger. (2015). Your Laptop Is Also a Masterpiece: Digital Art’s Big Money Moment, The Daily Beast, Feb 11, https://www.thedailybeast.com/your-laptop-is-also-a-masterpiece-digital-arts-big-money- moment. 

Edward Winkleman. (2015). Selling Contemporary Art, p. 279.

Jennifer Maloney. (2013). Auction House Enters the Digital Age, The Wall Street Journal September 23,

http://online.wsj.com/news/articles/SB10001424052702304713704579091192929676208. 

Karen Vershooren. (2007). Art: Situating Internet Art in the Traditional Institution for Contemporary Art., MS diss., MIT, p.116.

Kipton Cronkite. (2007). Collecting Video Art, ArtNet, http://www.artnet.com/magazineus/features/cronkite/cronkite3-15-07.asp.

Paddy Johnson and Whitney Kimball. (2014). Interest on the Rise for Paddle ON! Digital Auction, Artfcity, June 26, http://artfcity.com/2014/26/interest-on-the-riseofor-paddles-on- digital-auction/.

Paddy Johnson. (2014). Why Is Our Era’s Greatest Art Movement Missing from the Whitney Biennial? ArtNet News, March 27, http://news.artnet.com/art-world/why-is-our-ears- great-est-art-movement-missing-from-the-whitney-biennial-7543. 

Tim Schneider. (2018). How Artist Simon Denny Is Turning Board Games into Hilarious Critiques of Digital Capitalism, ArtNet News, March 1, https://news.artnet.com/art-world/simon-denny-board-games-1233644.

How to cite this paper

The Analysis of Blockchain Technology’s Application in the Art Market

How to cite this paper: Qin Zhang. (2024) The Analysis of Blockchain Technology’s Application in the Art Market. Journal of Humanities, Arts and Social Science8(3), 556-559.

DOI: http://dx.doi.org/10.26855/jhass.2024.03.001