Crypto Holders Purchase Art by Picasso

Annabella Cornelly

Another fifty years have passed and people are ready to pay crypto to purchase some of the most prominent pieces of art created by famous painters. One such event is now discussed across the crypto community. As the mass media reports, the painting named ‘Danse du ventre devant homme impassible’ has become the first entire artwork by Picasso purchased for crypto. Idoneus is the company that bought the masterpiece – now the firm has a collection of diamonds and property that has become even more valuable thanks to the newly purchased asset.

The mentioned art piece previously belonged to a private owner. The event became known to the public on June 2. The Swiss company commented on their decision to buy the work and admitted that their aim is to keep on expanding their current collection.

 

Danse du ventre devant homme impassible

Picasso’s work represents a series consisting of over 150 etchings. The painter drew the etching recently sold in 1971. The buyer performed payment in cryptocurrency, which is the first time a private owner has transferred full ownership of a work by Pablo Picasso in this innovative way. When asked, Preston did not wish to announce how much the company had spent to purchase the etching. The painter used wove paper. Also, there is the original signature stamped on the piece. 

Aircraft, Luxury Items and More Due to Tokenization

The Swiss company founded its own token known as IDON. This is was the cryptocurrency the firm used to purchase the etching. The buyer has used the same token to obtain several other assets of the highest value. The collection includes fine jewelry and precious metals like silver and gold. Idoneus now takes pride in multiple properties as well as diamonds.

The founders feel inspired and dedicated – they soon see the entire industry of luxurious items surrounded by the opportunities that the blockchain world opens. The transactions are likely to be prompt, safe, and transparent. At the moment, one can look through the portfolio featuring aircraft and private islands – the official website is full of various offers and deals. The economy created by Idoneus is digitalized for all luxurious goods, which, in turn, proves that hundreds of customers give preference to IDON and see many advantages of the token.

Art Is Becoming More Democratic

Experts have estimated that almost half of artworks by the artist are misattributed to Picasso and specialists admit that it takes a lot of effort to verify the authenticity of what the market sells. What blockchain has may serve as a solution to the issue. This would require a safe contact between the record on the ledger and the art piece. The chance of obtaining a part of wonderful artwork makes the process more democratic, which increases the investment potential as well.

Maecenas is one of the most progressive platforms based on blockchain that auctioned a share of the painting by Andy Warhol. His electric chairs consisting of 14 pictures were worth 1.7 million USD. In 2019.

Warhol's electric chair. Image: Masterworks Fine Art.

Later on, the company decided to completely decentralize the process. Their idea focused on a token that represents the painter on the ETH blockchain. It would also represent the shares traded during the auction. The owner could decide whether he wants the item to be sold or made available for public viewing. The described project has supporters and one of them is John McAfee. However, for the past two years, it has been in stealth mode, which some explain as the lack of rushing art.