The art and collectibles asset class includes fine art, jewelry, fine wines, watches, collectible cars, and more, and is estimated to be worth $6 trillion globally. However, there is no recognized system of verifying ownership and transactions, which is one of the major drivers of authenticity and value.
Codex Protocol hopes to change that by creating a decentralized title registry for this asset class. Codex will pull the provenance, the history of an item’s ownership and transactions–onto the blockchain, and will then allow others to build applications on top of their protocol. The first app to be built is Biddable, which allows users to register and bid anonymously at auction houses around the world, and pay in cryptocurrency.
At their launch, they will have over 5000 auction houses worldwide available for users to register through on Day 1, which solves the large problem of auction houses having to turn away potential bidders because they either can’t or won’t provide their financial disclosures, and will ultimately allow more people to get involved in auctions.
Mark also discusses what he sees as the future of Codex Protocol, the other types of applications that can be built with their technology, and how it will change the art and collectibles asset class.
For more information, visit www.codexprotocol.com.