Thomas Crown Art has created an innovative solution for artists and art collectors providing the ability to use works of art as a literal “store of value” and serve as a cryptocurrency wallet for owners/collectors whilst providing an independent method to conclusively prove the provenance of artwork quickly and easily, and to view an incorruptible chain of ownership.
Using a blockchain to authenticate artwork is an ideal use-case for distributed ledger technology, and has been implemented by Everledger, Verisart and Codex providing the ability to store a permanent, immutable record of artwork at the point of creation which can be used to authenticate registered works by anyone with an internet connection.
At Thomas Crown Art we've gone a step further and created a mechanism to use physical artwork as a store of value by “walletising” each piece of art by linking it to a Certificate of Provenance stored on the blockchain in a “smART Contract” - enabling the option to use the physical artwork itself as a wallet making it capable of storing cryptocurrency.
We have built a custom designed application (DApp) to record specific details about each piece produced by the artist and create a Provenance Certificate which is subsequently written to the public Ethereum blockchain in the form of a Smart Contract.
Every piece of art produced has a metal plaque with the certificates’ unique public wallet address etched into it as a scannable QR code which is affixed to the frame.
The owner of the walletised artwork can receive funds from any address, however only the owner can withdraw funds.
If the owner wishes to sell the artwork, they simply need to transfer ownership to the new owners nominated wallet address after arranging and confirming payment has taken place without additional costs, commissions or agency fees to pay.
All artwork can be authenticated at any time on the blockchain either via the Thomas Crown Art website or for more advanced users via an independent blockchain explorer such as etherscan.io.
Walletising artwork enables the ability to use the art as a store of digital wealth in the form of cryptocurrencies (much like a traditional cryptocurrency wallet), whilst also providing the option for artists/owners that choose to exhibit or display the works with a convenient, secure and commission-free method to accept contributions through the art itself.
Thomas Crown Art is the brainchild of Stephen Howes - an avid art collector and agent for over 25 years representing numerous artists including Don Clarke, Rowland Fade and Juan Zafra.
Knowing only too well how unscrupulous the art business can be, Stephen has always been interested in providing a reliable method with which to create permanent documented proof of provenance for artwork. Intrigued by distributed ledger technology, the idea of using blockchain is the most promising potential solution.