Apparently, people can tokenize everything. The art is evidently the fresh territory where blockchain is going to leave its footprint. Andy Warhol’s 14 Small Electric Chairs painting from 1980 was tokenized and sold to 100 participants. This was all done on Maecenas, the new art blockchain platform. This multi-million artwork is the first high-profile painting tokenized and offered on the auction, based on blockchain technology.
Dadiani Syndicate, a fine art gallery, stated that the cryptocurrency auction attracted over 800 sign-ups within weeks and raised US$1.7m for 31.5% of the artwork. The original painting value was set at US$5.6m. During the auction, the Ethereum smart contract utilized over six million ART tokens altogether. Majority of auction participants came from Europe and Asia. Among them, there were fine art professionals as well as blockchain enthusiasts wanting to invest their cryptocurrencies.
14 Small Electric Chairs painting is part of Warhol’s 1980 Reversal series – a postmodern reworking of his iconic 1960s Death and Disaster Series.
How to Tokenize a Painting
Maecenas tokenized 14 Small Electric Chairs painting by converting it into tamper-proof digital certificates based on the Ethereum network. Bidders were purchasing fractions of 14 Small Electric Chairs with bitcoin, ETH and the ART token, a cryptocurrency used by the Maecenas platform.
On the Maecenas platform, art buyers and sellers are creating their own portfolios. Owners can sell fractions of the artwork in form of certificates to other buyers at any time via the Maecenas marketplace. Currently, Maecenas have around two thousand members.
As stated by Eleesa Dadiani, the founder of Dadiani Syndicate, the idea of Maecenas is to bring a new type of buyers to art and luxury. With this in mind, she expects that cryptocurrencies will redefine the future of fine art investments on the global level.