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Making sense of cryptocurrency

Answers from a Naples insider

Article by Marlissa Gardner, Dr. Neil Pennington

Photography by Emillions Art

Originally published in Naples City Lifestyle

There is something BIG going on in the world of luxury, lifestyle, and art: the rise of cryptocurrency and blockchain technology. It is growing in significance and we need to take advantage of this new source of value and the difference it can make to our lives.

What is it and why is it important?

This new technology gives us the ability to exchange value, digitally, from person to person (“P2P”) and between organizations, quickly, securely, and efficiently without the need to use third parties, such as banks and brokers.

This is extremely important because traditional methods of exchanging value are becoming increasingly inefficient, insecure, and expensive. Also, national currencies have lost their link to gold and are being devalued as countries print more money to deal with international crises. It is abundantly clear the time is right for us to look for and embrace new routes to value.

What does this mean for lifestyle and luxury?

The technology is becoming increasingly used in the fine art market as well as in travel, hospitality, and luxury goods and services. Cryptocurrencies can be used in a variety of ways:

  • We can make and receive payments in the major, more established cryptocurrencies such as Bitcoin and Ethereum.
  • We can embrace new forms of cryptocurrency. The IDON used by the Idoneus Platform is one that has true utility across the entire luxury and lifestyle sector encompassing signature real estate, yachts, precious gems, fine art, custom jewelry, and lifestyle services.
  • We can use technology to create new ways of doing business, more simply and transparently. For example, in real estate,  we can reduce the hassle of dealing with many different agents and/or bankers, not to mention eliminating fees in the process.

What does this mean for art?

As an Art Consultant and entrepreneur working with Old and Modern Masters, contemporary and digital fine art, our reputation is built on trust and a global reach. Innovation is critical to bring new efficacy to my highly valued local clients, as well as Marlissa's global network.

I am increasingly incorporating blockchain technology and cryptocurrency in my business:

  • Transforming the way art is bought and sold using cryptocurrency, as well as FIAT, and sometimes a blend of both requires the addition of new payment channels and wallets.
  • Integrating with the Idoneus Platform, to enable owners of art (both collectors and artists) to have access to more of the value in a deal will be increasingly important, allowing them to use their art assets to switch into other asset classes, outside of art, into the luxury sector.
  • In terms of new business models, the rise of the NFT (Non-Fungible Token) is an opportunity. An NFT uniquely describes an asset (everything from a house to a piece of art). The key is that it must be “one of a kind” and indivisible. In art, “provenance” (proving that the artwork being offered for acquisition is the “one of a kind” original) is of vital importance and can be very difficult, involving a long chain of third parties and documentation. For digital art, the use of the NFT as absolute proof can represent real value for an artist and the buyer.

I am truly excited by the potential for crypto in the art market; as my clients and artists become more familiar and confident, this change will enhance their lives. That’s my mission. Reputations are built on doing what we say we will do, and I am committed to helping my clients and artists understand and embrace these new opportunities.

More at EmillionsArt.com

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