Blockchain makes entrance into the world of fine arts

San-Francisco startup launched a project for tracing and verifying the origins of art pieces and collectibles
28 February 2018   435

Codex initiated a blockchain-backed system for trace and verification of the provenance for the market of arts, collectibles, antique and jewelry. The provenance is a crucial point in the operations with such items, as it directly affects the resulting price. It is also a very tedious and ungrateful process that involves sifting through countless number of certificates and receipts often leading to a dead-end. This state of things makes it easier for forgers to sell fake items of luxury.

Introducing a decentralized ledger in the area will allow an instant and real-time recording and tracing of the pieces of art, thus greatly simplifying the proof of provenance with details of the identity of an object, its chain of ownerships and most importantly - its authenticity. Aside from that, transactions are anonymous so that rich collectors may keep their identity a secret and yield a successful deal. The blockchain approach will cut the middlemen and the risk that goes with one person possessing critical information.

On February. 27 Codex announced a $5 mln investment from a hedge fund Pantera Capital with its portfolio made out of different blockchain projects.

Collectors have always balked at disclosing their assets to a central authority. Now, with the blockchain, they can prove ownership without compromising privacy. This will enable art and collectibles to flourish as a financial asset class,  resulting in a larger, better, and fairer market for collectors, intermediaries and artisans.


Mark Lurie

CEO, Codex

Another significant project of Codex is an application for bidding at auctions. The project's name is Biddable, and it allows all those who have a cryptocurrency fund to participate in auctions. With an item sold, its history gets instantly updated, artwork gets uploaded into the blockchain and a record is created so that other potential buyers can search for it easily in the future.

Monetha is about to release first version of its wallet app

Monetha's MVP to be released on March 21 exclusively for MTH holders in order to make a significant step towards fully working decentralized trust and reputation system
23 March 2018   71

Starting from March 31 all of MTH token holders will gain exclusive access to Monetha wallet app - the MVP of the project. The release is considered to be Beta release, and approximately 10,500 of the users of the platform will become the first to test out the product. The app will be available on both iOS and Android.

The wallet itself is based on smart contracts and features

  • making/solving claims;
  • rating merchants;
  • writing reviews;
  • review of purchase history;
  • see clients' and merchants' trust ratings

The integration with Monetha through the app will allow merchants to accept Ethereum based tokens as a payment and then easily convert cryptocurrency into fiat currency. Monetha's mission is 'to develop and deploy the best transaction system that would be based on enforceable contracts without third party between consumer and merchants and a strong decentralised reputation management system'. Its solution is going to be universal, transparent, self-executing and transferable.

To the moment of the publication, Monetha's market parameters are as follows:

Average price: $0.102597

Market cap: $22,274,083

Volume (24): $435,208