A new decentralized platform for buying unique assets like art has launched, called Codex Protocol. A new generation of art collectors is emerging because of its ease of use.
A new decentralized platform for unique assets like art, fine wines, watches and more, has launched. Codex Protocol allows anyone to use cryptocurrency to buy art and collectibles, and plug into a growing ecosystem of third party services, and it is encouraging a new generation of art collectors to invest due to the certainty of value it offers.
More information can be found at: https://codexprotocol.com
The site explains that, when it comes to art and collectibles, an item’s identity is central to its value. To this end, it’s imperative to be able to assess an item’s identity in order to ascertain its true worth.
This is where Codex Protocol can help, because it stores the identity of an item and its history on the blockchain as a Codex Record. When customers buy or sell items, the previous owners, history and authenticity are regularly checked - and now it’s easier than ever before.
Using CodexCoin, interested parties will be able to modify and verify the data stored on Codex Records. To make the idea of decentralized verification even more accessible, a number of auction houses, lenders and appraisers are already announcing the use of CodexCoin.
Codex Protocol is designed for unique assets backed by an industry consortium representing 5,000 auction houses. It is initially focusing on the art and collectibles field, where the need for a registry is important, because there is no centralized title registry available.
The creators state that, when it comes to unique assets, provenance is fundamental to an item’s value. Verifying this information is therefore highly important, if challenging.
The team behind Codex Protocol states: “The Codex Protocol registry solves this problem by recording, verifying, and securely storing important information about each item.”
It currently focuses on art, fine wine, collectible cars, antiques, decorative arts, watches, jewelry, valuable coins. musical instruments, digital collectibles, and more.
Full details on the platform and how it’s set to revolutionize the market can be found on the URL above.
