Artiox, a startup based mostly in ODTÜ Teknokent in Ankara, has been utilizing blockchain expertise for artwork auctions.
Thus far, work price 4 million Turkish Liras ($467,420) have been offered by way of the platform, Artiox Co-Founder Tuncay Dakdevir stated.
“We have now created this platform for a bigger portion of the populace to take part in arts occasions. All checks are being performed earlier than placing up art work on the market. All [blockchain] tokens are asset-based. If the entire art work is obtainable to the general public, it will get insured beneath our safety. If 49 p.c of it’s put up on the market, it will get insured by the related collector or the museum,” he added.
“We solely promote oil work by this technique as a result of they’re extra sturdy,” he additionally stated.
Well-known Turkish painters Yalçın Gökçebağ and Devrim Erbil, in addition to visible artist Ahmet Güneştekin, are amongst these 600 individuals who have purchased work utilizing the Artiox platform.
“It may be confused with cryptocurrencies as we’re additionally utilizing the blockchain expertise, however the system we’re utilizing is a very reliable one which is a world away from them. There’s an asset comparable to the funding. The asset is insured, and the proprietor of the art work offers a assure,” Dakdevir stated.
The Artiox group, based mostly on the Center East Technical College (ODTÜ) compound in Ankara, now goals to create a person base in the UK and Switzerland.