The Blockchain Art Exchange, based in London, is seeking to establish a “more democratic art market.”
The idea is that when a digital artist sells work on the Blockchain Art Exchange they will receive Blockchain Art Exchange (BAE) tokens.
Holders of BAE will receive royalty payments from every artwork sale that happens on the BAE exchange. Hence, the more sales an individual accrues, the larger the share of royalties received. In theory, emerging artists will be supported by royalties from the sales of more established artists.
The sequence is as follows:
1) Submit digital artwork for analysis.
2) The digital work is graded and given an “objective price.”
3) The digital work is uniquely identified with a blockchain certificate to prove authenticity.
4) The digital work can be exchanged instantly on the BAE platform.
Can such an idea be executed for traditional (non-digital) art forms?