Yeap, you’ve read it right. Today, you really can trade art right on the blockchain.
Let’s find out how you can use the blockchain marketplace like the Predictive Art platform.
How it works?
Let’s imagine that you are an artist.
You should contact the platform and ask them to create a special token which is going to be placed on the blockchain (this is an “avatar” for your artwork, it’s completely non fungible and it’s linked to your work forever).
Then, you kick off the auction and offer your piece of art to the crowds. The fattest cat around with the biggest bid will get their claws on your piece.
Whenever an auction participant makes a bid at Predictie Art, the system locks up the bid funds in the blockchain platform, so nobody will chicken out and wreak havoc in your auction.
After the action is over, the unused bids are returned to bidders immediately in a safe manner.
Nobody can tamper with the proceedings. It’s completely machine-driven, so there’s virtually no risk of human error and collusion. And that’s the beauty of this team’s efforts to “blockchainify” arts which just might change auctioning as we know it.