2024-04-23
Paddle8, an online auction company, has announced that it is joining the team of Swiss-based technology company, The Native, to jointly revolutionize the art market. The first auction, which will accept payment in the form of Bitcoin, will begin on 18 August.
The popularity of cryptocurrencies, despite the lack of support from national governments or central banks, continues to grow. Advocates of virtual currencies claim that these transactions prevent fraud and provide better opportunities to track assets and identities, while the US Securities and Exchange Commission warns that illegal market investments are very likely this month, which in turn is associated with more frequent scrutiny by state authorities and ultimately contributes to Bitcoin's decline in value.
Paddle8 believes that the presence of cryptocurrencies on the art market is an incentive aimed at the younger generation, among whom the currency in question is becoming extremely popular. In an interview with the New York Times, Paddle8 co-founder Alexander Gilkes said that such a venture would allow the company to gain an important foothold among young art collectors. Cameron Winklevoss, a long-time advisor to Paddle8, added that the cryptocurrency is a kind of "key that will enable greater transparency in global markets, including the art market".
In the coming months, Paddle8 and The Native, will establish the Paddle8 Lab, which will focus on cryptocurrencies and develop a service to track artworks.