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Thanks to Bitcoin digital art becomes collectable and tradable
Digital artworks become collectable and tradable. With the help of Bitcoin a new kind of license transforms the usage rights to copyright protected digital artworks into limited and tradable virtual properties.
With the help of Bitcoin a new kind of license transforms the usage rights to copyright protected digital artworks into limited and tradable virtual properties.
In order to be successful on the international art market digital art is lacking an essential quality: scarcity. Artists try to circumvent this shortcoming by creating limited edition prints.
However at the same time this destroys the digital character of the art form. Therefore the entrepreneur and artist Stephan Vogler and the art law experts of dtb rechtsanwälte in Berlin teamed up to create a license, which uses the Bitcoin technology to transform digital artworks into technically and legally limited and tradable virtual properties.
"For the first time, digital art becomes collectable and tradable without printing or materializing it." explains Stephan Vogler, who publishes his artworks under the new license. "In this way digital artworks are turned into virtual properties which are superior to material artworks in many respects: Their acquisition comes with more usage rights and their ownership can be easily proven.
Furthermore they can be securely transferred worldwide with minimal transaction costs and - if paid with Bitcoins - securely sold without the need for an escrow service."
All owners of usage rights are recorded in the Bitcoin blockchain. The usage rights to a certain artwork are assigned to exactly one Bitcoin transaction output at all times. Moreover the granting of the right to transfer the usage rights is exclusive. As consequence the resulting virtual property is technically and legally limited to a single instance.
With distributed contracts the property can be securely traded for Bitcoins. Distributed contracts minimize the trust necessary between the contractual partners.
About Stephan Vogler
Stephan Vogler was born 1976 in Regensburg in Germany. In 2001 he graduated in Management Information Systems from the University Regensburg. In the same year he founded the company CipSoft GmbH together with friends. Stephan Vogler is to this day one of the company’s managing directors. His long-standing interest in questions about information theory, art, law and economy led him to create his own works on these topics.