The Mayfair based Dadiani Fine Arts Gallery, in London’s Cork Street, has become the first to accept ethereum payments alongside bitcoin and other digital currencies.
“Crypto-currencies will provide a bridge from the elitist, centralist fine art market to a decentralised open-source world where many more will be able to become part of this exhilarating market,” the gallery’s owner, Eleesa Dadiani, said.
Ethereum will be accepted at their new new exhibition called The Noise, which opens on July 14, featuring sculptures made from exhausts of Formula One cars.
“These pieces challenge our pre-conceptions about what is art. Their form is beautiful even though their function has died. When something dies in its function it is immortalised in its aesthetic form. It still has appeal,” Eleesa Dadiani said in a presentation of the exhibit where they announced acceptance of bitcoin and other digital currencies.
“We are combining old world business ethics and practice with the new world of technology – the current system is becoming stale and needs to be disrupted,” said Eleesa Dadiani.
The art gallery is the first of its kind in the world to accept eth payments, making them among one of the first established businesses to accept the nascent currency which is trying to disrupt a number of industries, including art.
Projects like Maecenas are trying to tokenize fine art pieces, allowing you to buy and sell them online without necessarily taking physical possession of the art.
They are using ethereum’s blockchain to prove and transfer ownership as well as for the selling and buying of the art-work.
Meanwhile, more widely, ConsenSys held an Ethereal Summit which aimed to tell through art ethereum’s “story of decentralization over the course of a day.”
Many other ethereum based projects are trying to disrupt music by replacing gatekeepers and middlemen with the blockchain, which can potentially reduce costs and increase revenue.
With the currency now seemingly moving towards traditional payments too as its acceptance has started to grow online and in physical shops.
Ethereum is an incredibly good means of exchange and unit of account, but the currency is volatile, making it less of a store of value than traditional fiat currencies like dollars or pounds.
It can, however, be a very convenient way of paying online and in shops by simply scanning a QR code as they do in China where most transactions now happen through smart phone apps like AliPay or WeChat Pay.