Art house ‘Alturaash Art’ to auction works of art with cryptocurrency as payment – News
Cryptocurrencies never fail to grab the headlines. Whether it is bitcoin’s value hitting an all-time high or its value falling, the crypto market has emerged rapidly over the past few years. We have seen crypto trading become more and more mainstream. However, the scope of spending on virtual currencies is limited due to the volatility of the market. In an age when a plethora of companies have activated cryptocurrency as a payment method, even global art house Alturaash Art has embraced the change. The leading art house has an array of artists representing modern and contemporary art.
This Dubai-based art house was founded by art connoisseur Asif Kamal in 2010. With the intention of supporting South Asian and local artists, this art house has established creative professionals on a global podium with artistic works showcasing culture from around the world. Additionally, during the COVID-19 pandemic where a majority of things went digital, even art was served to the public via the digital realm. A large group of investors are expanding their portfolios in digital art and NFT assets after artist Mike Winkleman’s Christie’s auction in March 2021 grossed $ 69 million.
Witnessing constantly evolving market trends, Alturaash Art is ready to launch its auction platform to a global audience. It is said that the platform will focus on modern and contemporary Indian art. The coveted art house is registered with the Government of Dubai as Alturaash Art and Artefacts DMCC. Its representative office and gallery are located in the capital of India, New Delhi. Alturaash Art’s inaugural auction would take place in October.
With its best arts and designs, Alturaash Art will become the first art company in the world to accept cryptocurrency. Bitcoin and Ethereum are favorites at the company’s upcoming auction. The founder of the art company, Asif Kamal, said of this, “We have made it possible for investors and collectors to now trade their cryptocurrency with their choice of top-notch artwork. The market capitalization of Bitcoin and Ethereum is around US $ 1.4 trillion, and access to these cryptos for trading Indian art will see the work expand massively.
Backed by the latest blockchain technology, Alturaash Art has ensured that there are no errors in the digital ledger. “The history of the artwork, ownership and other important information such as authenticity and provenance will be recorded on the blockchain and the successful bidder will be granted access to the registry key from us who will have all information intact and this transaction log is impossible to tamper with, hack or modify, ”added Kamal.
Besides the fine art auction, blockchain technology will help the art house to keep records of prints, multiples and their edition with clear transparency in an open source that will help build the confidence of investors and investors. collectors. This pristine art house app and website are ready and very easy to use. Otherwise in October, Alturaash Art will launch its auction platform mainly by the end of this year.