Redefining the art business with blockchain

In this section, we will briefly review the Web3 landscape, who the active participants are, and some relevant metrics.

Introduction to the business landscape

One of the most significant applications of ERC-721-backed protocols, in terms of transaction volume, is in the field of art. Blockchain technology has had a profound impact on the art business by enabling the trade of unique pieces and tracking authenticity, which is something that investors and galleries invest a lot of time and effort to guarantee. Traditional art players are already active in this field in multiple ways, from venturing into the world of digital art, as exemplified by the Belvedere Museum, which offers 10,000 digital pieces of the Klimt masterpiece “The Kiss,” to offering traditional art on Web3 native platforms, expanding their services to a new audience.

Furthermore, companies originally not related to art are exploring the landscape. Covalent...