The company Idoneus used the token from its platform to buy the sketch made by the Spanish painter. Idoneus uses a blockchain to sell luxury vehicles and precious stones, among other services.
In recent days, a company purchased one of Pablo Picasso’s works through a transaction with its own cryptocurrency.
On May 29th, the luxury goods provider Idoneus announced, through the Ethereum blockchain, that they bought the Picasso painting from a private seller. They said that they acquired the work “Belly Dance before an Impassive Man” (Danse du ventre devant homme impassible) in exchange for the IDON token.
Regarding this purchase, Jarrett Preston, CEO of Idoneus, stated that this is the first time that full ownership of an original work of art by Pablo Picasso has been formally transferred with payment in cryptocurrencies.
The Idoneus wallet development team and Marlissa Gardner, an entrepreneur in the fine arts industry, were the ones who facilitated the transaction. Gardner is also the founder and CEO of Emillions Art, LLC, a source for modern and old masterpieces.
The company has not disclosed the total amount that they paid to acquire the Picasso work. Some websites in the past have estimated the work of art that Idoneus purchased at between USD 3,000 and USD 5,000. The Spanish artist produced this sketch on woven paper in 1971 and put his signature on it. Experts estimate the price of various works by Picasso at more than USD 100 million.
Through its Ethereum-based platform, Idoneus offers the purchase of private islands, luxury services, luxury vehicles, jewelry, precious stones, pieces of art, and planes. According to Preston, the IDON token has been used on previous occasions to pay for other high-value assets. On June 1st, they added the token to the English exchange P2Pb2B.
Art Industry Included in Blockchain
Idoneus is seeking to create an ERC-721 token that represents Picasso’s painting on the Ethereum blockchain. Additionally, they will use ERC-20 tokens to represent the property shares sold at any future auction. This will allow the owner to have a voice on some issues. For example, he can say how they should sell the work of art or how they should make it available to the public.
The company states that its main goal is to make the entire luxury goods industry move to blockchain-based systems. In this way, they will be able to conduct faster transactions, transparently, and securely.
Blockchain platforms have been used in the past for the registration and verification of works of art to prevent them from being forged. In March 2018, the Verisart platform reportedly used the Bitcoin blockchain to certify works of art.
This type of certification, based on blockchain technology, allows artists to create individual certificates of authenticity with image hashes. Likewise, the use of decentralized ledger technology for the verification of paintings and plastic artworks further drives the online market.
By Alexander Salazar
