Art and blockchain converge once again as Idoneus, a premier digital currency for luxury assets, buys an original artwork by artist Pablo Picasso using its native IDON token. Though this is the latest iteration of crypto in the art world, it hasn’t been the only one. And experts all around the world praise the possibilities that blockchain and crypto can add to the art industry in every aspect.
Idoneus made public at the end of May that the company had purchased an original artwork made by world-famous artist Pablo Picasso using their native digital currency, the IDON token, as only method of payment. “This milestone is made even more special since IDON Tokens have not yet entered public exchange when the purchase was made,” said Tim O’Leary, Vice President, Portfolio Development for Idoneus. The piece in question, Danse du ventre devant homme impassible, was completed by Pablo Picasso in 1971.
Blockchain and Art: A promising collaboration
But this promising relationship doesn’t stop there: from verification tools for provenance and authenticity to new approaches to art collecting and even new art forms, blockchain’s impact on the artworld is already undeniable.
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