Will the crypto art market continue to expand in 2019?

06 Jan, 2019
by David Robb
Will the crypto art market continue to expand in 2019?

The intersection of crypto and the art world was a growing trend in 2018. A number of artists are incorporating crypto themes into their work, and retailers have been increasingly adopting cryptocurrencies as a payment option.

One of the most successful crypto art businesses last year was the Florida-based Lynx Art Collection. In an interview with CoinDesk, co-founder Frank McKeever claimed that "the bear market didn’t really affect our sales throughout the majority of 2018...We’ve sold over 1,000 pieces of crypto artwork". This impressive amount is 75 percent of the retailer's total sales.

The personal touch involved with crypto transactions is part of what incentivizes buyers to pay for artwork in crypto. It creates a sense of community, with crypto enthusiasts able to support artists at the same time of making good use of their crypto. The Lynx Art Collection offers Litecoin (LTC), Monero (XMR), Ether (ETH), and Bitcoin (BTC) as payment options.

Trevor Jones, an artist who sells paintings through the Lynx Art Collection, has incorporated crypto themes into his often AR-enhanced work. He claimed that a lot "of doors have opened up, with having future exhibitions...previous sales were mainly through commercial galleries. Being able to sell quite expensive artwork to someone I’ve never met before is spectacular".

Read more: Christie's auctions off $318M in art using blockchain technologyMicro auction uses lightning network to sell art piece for $0.000000037

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