If you are a new artist, getting your work into galleries can prove to be complicated. If you are not wealthy, buying and occasionally even viewing fine art can be challenging.
One of the hallmarks of blockchain and cryptocurrency technology is their ability to democratize marketplaces and eliminate the need for central governments. That is precisely what they are doing for the art world.
A blockchain platform named Maecenas lets you purchase “shares” of a piece of work like you would of a company. As you don’t need to buy an entire piece, investing in art becomes even less expensive.
Maecenas also charges just a two per cent commission, which is substantially less than what most auctioneers charge. Maecenas uses coins known as ART tokens to record transactions. Other galleries, such as some online art galleries, today also accept cryptocurrencies as payment.