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The Tokenization of Works of Art: Maecenas

January 4, 2019

 

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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