Transformation of the digital image art market based on blockchain technology
Author : Sukyung Choi
Branksome Hall Asia, Jeju, South Korea
The art market has faced a crisis due to the influence of individual movement restrictions due to Covid 19. This trend in the art market is accelerating new opportunities for digital transformation. With this trend, blockchain can allows all participants, not third parties or intermediaries, to jointly verify and record all transactions. However its importance has grown rapidly in the art market, as well as in cryptocurrencies such as Bitcoin. This research investigates the case of trading digital images using blockchain technology, and the development of blockchain artwork using digital images and its implications on the art market. For the case studies, this research examines Engine mint shop's code-money-making service for digital images, Kevin Avosch's "Forever Rose" and the art work "Crypto Punk," which has been valued by the market itself.