In June 2020, the blockchain-based luxury asset ecosystem Idoneus made headlines when they bought a work of art using their native cryptocurrency, the IDON token. The purchase of the artwork, Pablo Picasso’s Danse du ventre devant homme impassible, happened before the IDON Tokens entered public exchange, proving the level of trust that the seller had in Idoneus.
While the blockchain technology and cryptocurrencies on the art market isn’t news, they are not exactly widely used yet, and the reasons for that vary – one of them being the aforementioned trust, or the lack thereof, in new, digital technologies. Perhaps it’s more about the unwillingness to give the art market the much-needed transparency, which currently works in favor of its top players. But aside from that, there are plenty more pros to cons when it comes to using blockchain and cryptocurrency in the art business – just ask Stefania Minutaglio.
Minutaglio, granted, is the Senior Advisor in the Fine Art department at Idoneus, but she is also an Art dealer and Advisor herself, as well as Member of UEEA (Unione Europea Esperti Arte), CEA (Concilio Europeo Arte), IACCSE (Italy – America Chamber of Commerce SouthEast), and BNI (Business Network International). Her own space, the 11 [HH] Art Gallery based in Rome and Miami, is one of the first art galleries to accept cryptocurrency.
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