Blockchain is widely used among very many sectors in the world some of the most popular been supply chain, finance and so on and this is due to its efficiency in record-keeping purposes. However, blockchain has seen use in other industries and one of these is art. This is because the tokenization of various art pieces has become rather popular in the last few years as it gives a means for smaller investors to buy into expensive pieces that they otherwise would not be able to buy in full.
Now, are lovers can buy into two different pieces of David Hockney, a popular British artist, as ArtBloc, which is a South Korean firm will be tokenizing these two pieces for sale to the public. It was announced on August 29, 2019, that ArtBloc will host a special event that will tokenize the Hockey paintings on September 19, 2019, and will be a highly anticipated event in both the crypto and the art world.
Painting on the Block
The upcoming event is called Hockney night with ArtBloc and will serve as not only a point of sale for the paintings but will also serve as a launch party for ArtBloc itself. It is highly anticipated that some of the works been displayed have never been shown in South Korea before and will be a chance for Hockey enthusiasts to get a glimpse of them and possibly buy them.
The process of tokenization of an art piece involves selling that piece in several small pieces to many investors with each investor owning a ‘piece’ of the art piece and this solves various problems within the industry in that smaller investors may invest in the piece and they do not need to physically hold the piece to turn a profit on it. This medium of investment has also been applied to the real estate industry and is particularly appealing to younger investors who may not be able to outright buy these pieces of investment.