Bitcoin art: Maecenas, Singapore start-up, could help you acquire a Warhol

by



[ad_1]

Not a dollar of this sale went to the artist himself. Hockney sold the original artwork in 1972 for just $ 18,000, leaving subsequent owners reaping the huge benefit of his increased value.

A Singapore-based company hopes to forever change sales of this type by using blockchain technology to allow artists to retain an interest in their work, even if other investors subscribe to it.

Maecenas is a three-year-old startup that seeks to revolutionize the art world through "symbolization". It allows investors to use crypto-currencies such as Bitcoin to buy a piece of a work of art. The value of shares – or tokens – increases and decreases in the same way as stocks.

According to Marcelo Garcia-Casil, CEO of Maecenas, this allows homeowners to retain partial ownership of the property as its value increases and open the market to younger investors.

"What we do with the fragmentation or symbolization of art, is creating a stock market experience when it is investing in the art," did he declare.

"With this platform, we are not going to the art experts, we are bringing it to people who might be investing in the art for the first time."

Art without house

Mécénas has managed to cut chips and sell a $ 1 million Andy Warhol painting in 2018, and hopes to do the same with a Picasso later this year.

This sale has an obvious disadvantage. With multiple owners and no single home for works, they are often stored in restricted areas inaccessible to the public.

But some investors say that the art market is perfectly suited to cryptocurrency and blockchain technology.

The potential use of bitcoin in previously unexplored areas, such as the art market, is unprecedented, said Kenrick Drijkoningen, founding partner of Lunex. Its venture capital fund invests exclusively in blockchain and cryptocurrency startups.

"You have the property, it resists censorship, it is portable and the money supply [is finite]"Drijkoningen explained." They will never be more than 20 million [bitcoin]. "

The crypto-revolution of Singapore

Maecenas is part of a much larger revolution in financial technology, and Singapore plays a leading role, according to Tushar Agarwal, Lunex principal.

"Singapore is doing a remarkable job in attracting this talent, ensuring that they do not hinder innovation for the sole purpose of regulating," he said.

While some consider the city-state as one of the most crypto-cryptographic locations on the planet, others worry about the lack of regulation. In January, the Monetary Authority of Singapore issued a warning regarding online scams involving cryptocurrency.

Agarwal says the sector will continue to grow as traditional finance is unable to keep pace with the globalization of markets.

"The time it takes to [banks] settling transactions simply did not keep pace, he said. Yes, it's extremely volatile, but that's the risk you're running with any new industry … it's like the Wild West.

[ad_2]

Source link