Moving Towards A Blockchain Powered Future

One of the core principles of UBI Fine Art is to incorporate any technologies that will provide more efficient support to emerging artists around the world. We believe that it is simply not enough to just host an art dealing platform and call it a support for artists. The platform itself has to keep innovating just like the artists.

A new area that UBI Fine Art is heading toward is the Non-Fungible Token (NFT) art market powered by blockchain technology. This technology allows true digital art ownership to be realised that is available to everyone, everywhere. At the time of writing, this can be achieved on Ethereum blockchain using a Web3 wallet (e.g. Metamask) on NFT markets (e.g. Rarible, OpenSea). We hope to see more blockchains to support NFT in the near future.

With the Christie’s announcing its plan to sell its first tokenised artwork, the use of NFT is now on track to become a norm in the art dealing scene. However, mass adoption of blockchain and cryptocurrency still has a long way to go. When will we see the revolution to the next generation of galleries and auction houses? Hard to tell, but we are proud to be part of the process.

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