How Is an ICO Being Used for Artwork?

       
What is an I C O and how is it being used for artwork?

If you have not been keeping up with news in the art world about ico artwork, you could be very surprised with just how much it may end up changing the way artwork is both bought and sold.

What is an I C O? -- The first thing you will need to know to be able to understand how this process works is to know what an I C O is.

I C O stands for InitialCoinOffering, and it is when a company releases a new digital currency to the general public for the very first time. When the currency is released, anyone can buy it. A lot of people will then turn around and convert it into Bitcoins.

How is an I C O connected to the art world? -- There are several I C Os that recently happened that were as a direct result of needing to fund a new art trading platform, and having a currency for buying art that is completely secure.

These I C Os raised enormous amounts of money for a new art verification and trading platform that will now be used to help ensure fake artwork has a much more difficult time being sold on the open market.

This verification and trading platform will make art provenance easier to learn about and get a hold of. It will also make the authenticating of artwork much easier.

Cutting out the middle man -- Finally, this new I C O artwork will be able to be bought and sold with the new digital currency.

This will help cut out the usual middlemen -- the agents that do nothing more than collect and pay out money from the buyer to the seller of a piece of art. It will also mean both buyer and seller will pay much lower fees in future.