Major blockchain protocols to collaborate on Project Phoenix after launch with Ethershift and John McAfeeSINGAPORE, December 13, 2018 - Three major blockchain protocols, NEM, 0x, and MakerDAO are collaborating with art investment platform Maecenas to auction a tokenised Picasso painting.
0x’s exchange functionality, as well as NEM’s XEM currency and MakerDAO’s stablecoin DAI can now be used in auctions to make investments in fine art. Both XEM and DAI will now be accepted bidding currencies in Project Phoneix -- the Picasso auction launched last month by Maecenas, in collaboration with cryptocurrency exchange Ethershift and computer security expert John McAfee.
“The response to our launch announcement was overwhelming and we were delighted that such high-quality companies came forward to partner with us and provide vital elements such to make the auction of a tokenised Picasso painting a success.” Maecenas CEO Marcelo Garcia Casil said.
Maecenas held an unprecedented auction of a masterpiece earlier this year, tokenising a $5.6 million Andy Warhol painting. The Picasso sale will further advance the blockchain-based platform’s goal of democratising access to fine art investment through the auction’s extensive partnership network.
“We are pleased to support Maecenas in rolling out their upcoming Picasso auction. We believe the NEM blockchain is suited for such solutions that requires fast integration via our APIs and toolsets. We wish the team at Maecenas all the best and continued success. We look forward to future collaboration between Maecenas and our NEM blockchain to improve the global art world,” Stephen Chia, NEM Council Member & Regional Head, SE Asia, said.
The auction of the Spanish master’s painting will be held during the first quarter of 2019, allowing for the technology integrations needed to take best advantage of the three new blockchain partners. Details on the auction and the specific Picasso painting to be digitised and tokenised are expected within weeks.
The newly created digital asset, the first of its kind, will be represented as a single ERC721 token for the digitalised artwork. A fixed number of ERC20 tokens will separately represent shared ownership in the physical asset.
"Exchanging tokenised art is an emerging market in the crypto economy. We're excited to see Maecenas utilise the ERC-721 token standard and 0x to increase transparency and reduce costs in fine art auctions," Matt Taylor, 0x Protocol Marketing Lead, said.
Josh Case, CEO of Ethershift added:
“I think this space is about to make a large pivot away from tokens backed simply by ideas and will move towards tokens backed by real world assets. Project Phoenix is a chance for anyone to own just a fraction of a Picasso masterpiece, and Ethershift is happy to be trailblazing this concept with some of the best projects in the space.”
Maecenas is a decentralised art gallery auction market, aimed to democratise access to fine art. It is a blockchain-driven platform where fractionalised pieces of fine art are bought and sold. Maecenas uses blockchain technology to create tamper-proof digital certificates linked to pieces of art.
NEM is an "out-of-the-box", enterprise-grade blockchain platform which launched in March 2015. NEM has industry-leading blockchain features which include: multi-signature account contracts, customisable assets, a naming system, encrypted messaging, and an Eigentrust++ reputation system.
About 0x Protocol
0x is an open source and free-to-use protocol that allows for decentralised, peer-to-peer trading of tokens on the Ethereum blockchain.
MakerDAO is a smart contract platform on Ethereum that backs and stabilises the value of Dai through a dynamic system of Collateralised Debt Positions (CDPs), autonomous feedback mechanisms, and appropriately incentivised external actors.
Ethershift is an ERC20 crypto currency exchange that provides the near-instant conversion of 70+ crypto assets. Ethershift has no accounts and lets customers trade without collecting any personal information.