The Tokenization of Works of Art: Maecenas
January 04 2019 - 1:17PM
ADVFN Crypto NewsWire
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Bitcoin Global News (BGN)
January 04, 2019 -- ADVFN Crypto NewsWire -- If you have never
participated in an art auction or invested in a work of art, then
you may not know that both these processes are full of middlemen
who facilitate the movement of these assets between sellers and
buyers. What arguably makes matters worse for interested investors
in this respect is the fact that the process of valuing a work of
art usually requires an experienced assessor.
At the same time, there are
strategies that new investors can use to make a profit like
investing in rare works over those which have many copies that are
currently in existence. Maecenas is a blockchain powered platform
that aims to change all of this by giving anyone who passes their
Know-Your-Customer process access to rare works of art in the form
of crypto tokens that represent shares in them.
Through art auctions on the
blockchain, art collectors can sell valuable pieces like Picasso
paintings to groups of investors in a matter of minutes. What might
draw even more crypto investors to such an opportunity after
reading this is the fact that Maecenas already support the NEM
coin, DAI token, and its’ native token for payment methods. Judging
by one of its’ company blog posts, it appears that they plan to
support many ERC-20 tokens, over time.
While this may seem to be an
auspicious effort, some cautious investors could be turned away by
the reported involvement of the chaotic tech mogul, John McAfee in
the platform. At this time however, there is no indication that his
work on the project will go beyond representing Ethershift as one
of its’ key advisors, which is a crypto exchange that helps to
facilitate the work of Maecenas.
Since one of the first major
auctions on the platform occurred only last month, over time, we
will see if Maecenas will be available to the average investor or
only to the wealthy group that usually populates traditional art
auctions.
By: BGN Editorial Staff
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