New type of art auction: done on blockchain

Art auctions are getting more and more popular with investors looking for non-traditional asset classes in order to bring diversity and stability for their portfolios. Predictive Art platform is slowly revolutionizing this niche, offering the blockchain art auction capabilities.

How does it work?

First, an artist “tokenizes” their art, which means creating the token – a piece of code – which lives on the blockchain.

Second, the artist can transfer the token to any other person, using the blockchain-based transactions and assuring a verifiable transfer of the ownership rights.

Third, the new owner can either sell or hold a piece of art, with no fear that the piece might be lost of stolen.

In addition, the artist can decide to take part in the auction for the blockchain art, in which case the organizers at Predictive Art will create the event and engage the budding community. Bidders make their bids, and the one with the biggest bid gets the masterpiece. It’s effective, fraud-proof and fast. It’s “blockchainified”.