Codex Protocol, ConsenSys & Rare Art Labs Set to Hold Live Auction at Ethereal Summit in NYC

Codex, a decentralized title registry for the $2 trillion arts and collectibles (A&C) asset class, announced on Tuesday it has teamed up with ConsenSys to host a live charity auction at Ethereal Summit, which will take place in New York City on May 11th and 12th. According to the duo, this live auction will be part of a broader sale of artworks hosted together with Rare Art Labs. Proceeds from the sales will go to a foundation, which is being established to support creatives working at the intersection of blockchain technology and art. Codex CEO Mark Lurie stated:

“It has been our goal at Codex to harness the power of blockchain technology to realize the true value of arts & collectibles. By partnering with ConsenSys and Rare Art Labs at Ethereal Summit, we have an opportunity to make this goal a reality, showcasing our unique value proposition and demonstrating to crypto-holders that art and collectibles is an important and viable part of a diversified investment portfolio. At Codex, we are keen to develop tools which are helpful for the artistic community and recognize that artists play an important role in the development and dissemination of new technologies. Establishing the foundation allows us to offer financial support to the artistic community to encourage them to engage with blockchain.”

Codex also claimed the Ethereal Summit marks the first time that A&C will be written into the Codex blockchain. Unlike other major asset classes, the A&C market lacks a formal title registry, making it difficult to buy, sell, securitize, insure, and lend against the asset class. The company reported:

However, with Codex, buyers will receive a Codex title, which provides them with an accurate and immutable ledger of verifiable provenance and authenticity. Using Codex’s landmark application, Biddable, buyers and sellers alike will be able to participate in auctions with greater market transparency — increasing privacy, security, and accuracy across the ecosystem.” 

Ethereal Co-Creator and ConsenSys Director, Jesse Grushack, added:

“The sale of artworks by Codex Protocol and Rare Art Labs will surely be a highlight of this year’s event. It will showcase to the world that blockchain is more than just a buzzword. It’s a technology with the potential to make a tangible impact on the modern economy and society. We look forward to seeing the auction promote artists working in this important area and demonstrating real interest in arts and collectibles from the crypto community..”
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