Andy Warhol’s artwork will be sold in blockchain auction

The first artwork auction in cryptocurrencies via blockchain technology will be held in the United Kingdom on June 20 with Andy Warhol’s 1980 Reversal series. The platform for the auction will sell fractional property of the 14 small electric chairs of Andy Warhol for $ 5.6 million.

The modality will be through digital certificates of partial ownership in Maecenas platform through its ART token, but also in Bitcoin and Ethereum. An smart contract based on the latter will establish the price of the work to be auctioned.

The blockchain technology has had other previous applications in the art world, but in the resolution of problems related to copyright, property and authenticity of a piece, among others. On the other hand, cryptocurrencies are being used to buy artworks and directly as a piece of art themselves to be exposed.

The Dadiani Art Gallery, where the auction will be held, started to accept the payment with digital currencies in 2017. Likewise, the Dadiani Syndicate admits Ethereum, Bitcoin and Litecoin in their modalities of payment for the luxury market.

Lovers of Andy Warhol’s artwork have an appointment on June 20 to enjoy the 1980 Reversal series, in the first auction with the most advanced digital technology.

M.Pino

Source: Cointelegraph

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