By Philip Maina
3 days agoFri Oct 04 2024 10:38:58
Reading Time: 2 minutes
Christie’s intends to put ownership certificates on the Base blockchain
The certificates are connected to the “An Eye Towards the Real: Photographs from the Collection of Ambassador Trevor Traina ” collection
The blockchain-based certificates are part of the art auction house’s mission to support blockchain adoption
Art auction house Christie’s has disclosed that it will put ownership certificates for its recently auctioned collection on the Base blockchain . The certificates are linked to the “An Eye Towards the Real: Photographs from the Collection of Ambassador Trevor Traina” collection auctioned on October 2. The art auction house noted that the move is part of its mission to drive the adoption of blockchain technology in the art industry, something that increases its participation in the NFT and blockchain space.
Shifting From Paper and Filing Cabinets
Christie’s will mint the certificates in partnership with crypto wallet Kresus. Each digital certificate is a one-of-one representation of each of the collection’s 130 pieces. The certificates will help validate the collection’s owners.
According to Kresus founder Trevor Traina, storing art ownership certificates on the blockchain instead of in “paper form and in file cabinets,” improves “the experience for collectors” and also provides an enhanced virtual way to manage physical assets.
Christie’s VP Nicole Sales Giles commented on the development saying that the auction house’s move to put the certificates on the blockchain adds to its commitment to “authenticity and transparency in the art world.”
Blockchain Isn’t a New Thing
Christie’s isn’t new to the blockchain world. Four days ago, for example, it announced that it’ll include a Bitcoin NFT in its post-war auction . It has also in the past auctioned nine CryptoPunks for $14.5 million.
In 2021, it auctioned Beeple’s “Everyday” collection for $69 million. Christie’s has also in the past sold a painting containing the Bitcoin launch code .
With Christie’s putting ownership certificates on the blockchain, it’s to be seen whether it’ll adopt the feature for all its future auctions.
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