There is a popular misconception that digital art is not real art. A real artwork, as they say, is one of a kind, it exists physically, it is not just an array of digits that you can copy infinitely. In our vision, the reason for this misconception lies deeper: people are still trying to fit digital art into the paradigm of the traditional art world when it is clear that they need to consider it as something that should be approached independently. Only then we can start a discussion on how this market should function, its regulation and problems it is now facing that must be solved. The main issue is based on prejudices around digital art: people are usually being confused about how to show, sell and own it. The other ones are similar to those the traditional art market is struggling to overcome and are related to the lack of transparency and, in consequence of this, trust and credibility issues between different stakeholders (collectors, art professionals, lawyers, and wealth managers). Blockchain technology, however, promises to change the game.

What is blockchain?

Blockchain is a sequential distributed database in which pieces of code — smart contracts — are simultaneously stored on a set of computers connected to each other on the Internet. Originally the blockchain technology lies behind bitcoin, the most popular cryptocurrency in the world, and is mainly used for transferring cryptocurrency but it is increasingly being integrated into different industries and for different purposes. In comparison with other solutions, blockchain stands out for its transparency, high speed, low cost, and simplicity. When you send money, documentation or any other information to blockchain, the evidence of this operation cannot be changed or faked, as it is confirmed by hundreds of thousands of computers around the world. The same computers store numerous copies of this information and it is available for viewing to any user at any time.

Applying blockchain to the art market

The blockchain can memorize the whole journey of a digital artwork since the moment of its creation. If this technology is used in the art market, all events in the lifecycle of an artwork become recorded and traceable.

Authentication

At the moment the artwork is created, an artist can claim copyright and protect himself against copyright infringement. A copyright certificate is saved instantly and permanently in the blockchain.

Distribution and monetization

Blockchain-based art marketplaces can potentially become a substitute for exhibition halls, as well as give artists a reliable source of income by making sure an artist is compensated for each transaction involving the artwork they have created. For art collectors, blockchain technology opens a unique opportunity to buy shares in favorite artwork if the price tag of the artwork is too big.

Provenance

Provenance can significantly increase or undermine the price of artwork. Blockchain allows to securely share your digital work and trace where it spreads by creating a permanent and unbreakable link between it and the artist.

Privacy

Sometimes purchasers and sellers of artworks want to stay anonymous, and blockchain can guarantee it, too by disguising the identities with the help of encryption software.

ICONIC: the first Digital Biennale on blockchain

Vincent Van Gogh, Amedeo Modigliani, Paul Gauguin and William Blake — all of these great artists didn’t know the fame while they were alive and died in poverty. Many artists today are in almost the same position: creating genuine works of art and unable to demonstrate them to the world, not saying about earn money from it. ICONIC is stepping up to redress the balance.

Our mission is to create a curated, transparent digital art market, and our first step in this direction is to launch the first-ever Digital Biennale based on blockchain. The TOP-3 artists chosen by the curators will get prizes of 1 bitcoin for the winner and 0.5 bitcoin and 0.3 bitcoin for the runners-up. During the contest and after the ICONIC Digital Biennale is over, all artworks will be put on sale, and everyone will be able to buy the co-ownership of intellectual property rights for them through ICONIC Art Market.

Are you a digital artist? Submit your artwork until February 1, 2018.

Do you want to become patron of digital art? Go through the artworks that have already been submitted and bookmark your favorite pieces to participate in the Art Market starting February 2, 2018.