Decentralized Access to Fine Art
Maecenas is a blockchain-powered art investment platform. It provides a new online marketplace that gives art lovers the chance to buy shares in famous paintings. Maecenas seeks to create a decentralized art gallery and distribution system where anyone can partially own famous pieces of art from Picassos to Warhols. This platform aims to democratize access to fine art, by building a global art blockchain market where assets are traded quickly and fairly on a liquid exchange.
Maecenas uses the blockchain-based technology to make immutable digital certificates linked to the pieces of art that you buy. These certificates are extremely secure, and cannot be replicated nor forged, due to the cryptographic properties of the blockchain. Your artwork gets broken down into many little certificates, similar to how a company would distribute their shares.
They use their own native ART Token, which is used as a proxy for all currency conversion which allows Maecenas to eliminate all transaction risks. There will always be a fixed supply of ART tokens, therefore if there are more artworks that are sold on this system, the ART tokens will be greater in demand. These tokens are meant to incentivize galleries, museums, art asset managers and other partners.
How can it Change the Industry?
Typically, the opaque world of auction houses and banks allows them to charge ridiculous fees, while cutting off fine art investment from the efficient modern day markets. Blockchain networks can provide the foundation for a secure and efficient market that enables buyers and sellers to transact directly without intermediaries.
Currently, auction houses have full control of the information, so there is no possible way of understanding the proper price of any given work. Therefore, it is almost impossible for anyone to know what the right price of a piece of artwork is because there are no reliable means for investors to assess market sentiment.
What is its Current State?
- The first blockchain auction on the Maecenas platform went live on July 25. Find out more about it by clicking this link.