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image source: Independet.co.uk

Tokenization is one of the most ignored benefits of the crypto revolution. It's probably the most common use case that can be imagined and yet, because of the "golden rush" that constantly shifts the interest towards the price and only the price, many useful initiatives revolving around tokenization are simply going under the radar.

I think that's the case for this very interesting news: on an auction which will take place on June 20th, a painting by Andy Warhol will be sold for crypto. Ownership will be granted to not just one user, but to many users who will buy "crypto certificates" for the entire value of the painting. The auction will be done in fact for these certificates, which will then guarantee partial ownership on the painting. So, basically, the painting was first tokenized, then the tokens will be auctioned.

The painting, named Fourteen Small Electric Chairs, is now valued at 4.2 million pounds. According to Independent, who first broke the news:

Fourteen Small Electric Chairs is part of Andy Warhol’s 1980 Reversals series – a postmodern reworking of his iconic 1960s Death and Disaster Series

The company behind this project is called Maecenas and they developed a blockchain platform which aims at democratizing access to art. The CEO, Marcelo Garcia Casil, said that:

"This Warhol is the first artwork of many more to come."

One of the shifts that we're experiencing now is that tokenization will allow partial access to all sort of traditional assets, which, until now, were only accessible to monolithic players. And art is just an example. I can really see this spreading to real estate, for instance, or other types of assets.

I'm really curious how this auction will unfold and I'll do my best to follow up.

for the lucky winner, I think it's interesting to think: "You know, I own at least 2 square millimeters of an Andy Warhol"...

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I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.

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