Sat, Nov 23, 2024 | Jumada al-Awwal 21, 1446 | DXB ktweather icon0°C

Art house ‘Alturaash Art’ to auction the art pieces with cryptocurrency as a payment method

Top Stories

Cryptocurrencies never fail to make the headlines. Whether it is about the value of bitcoin reaching an all-time high or the value falling, the crypto market has emerged rapidly in the last few years. We have witnessed the trading of cryptos becoming increasingly mainstream. However, the scope of spending virtual currencies is limited because of market volatility. In a time where a plethora of companies have enabled cryptocurrency as a payment method, even the global art house Alturaash Art has embraced the change. The leading art house has an array of artists depicting modern and contemporary art.

Published: Tue 28 Sep 2021, 5:50 PM

This Dubai-based art house was founded by art connoisseur Asif Kamal in 2010. Intending to support the South Asian and local artists, this art house has established creative professionals on a global podium with artistic works highlighting the culture from all over the world. Moreover, during the COVID-19 pandemic where a majority of things became digital even art was served to the audience through the digital domain. A large group of investors are expanding their portfolio in the digital art asset and NFT after artist Mike Winkleman’s Christie’s auction of March 2021 had sales of a whopping $69 million.

Witnessing the ever-changing trends in the market, Alturaash Art is all set to launch its auction platform for a global audience. It is said that the platform will focus on Indian modern and contemporary art. The coveted art house is registered under the Government of Dubai with the name Alturaash Art and Artefacts DMCC. Its representative office and gallery is located in India’s capital city, New Delhi. The inaugural auction of Alturaash Art is said to be in October.

With its finest art and designs, Alturaash Art will become the first art company in the world to accept cryptocurrency. Bitcoin and Ethereum are the front-runners for the company’s upcoming auction. The art company’s founder Asif Kamal speaking about the same said, “We have made it possible for the investors and collectors to now exchange their cryptocurrency with their choice of blue-chip artwork. The market cap of Bitcoin and Ethereum is around 1.4 Trillion US Dollars, and access to these cryptos to exchange Indian art will see the artwork grow massively.”

Backed by the latest blockchain technology, Alturaash Art has ensured that there will not be any errors in the digital ledger. “The history of the artwork, ownership and other important information such as authenticity and provenance will be registered on the blockchain and the successful bidder will get the access to the registry key from us which will have all the information intact and these ledger of transactions are impossible to tamper, hack or change”, Kamal added.

Besides the auction of the fine arts, blockchain technology will help the art house in keeping the record of prints, multiples and their edition with clear transparency in an open-source that will help build trust within investors and collectors. The app and website of this pristine art house are ready and is super easy to use. If not October, Alturaash Art will inaugurate its auction platform mostly by the end of this year.



Next Story