New Initiative to Bring Contemporary Artworks to Crypto Market

  • 30 Sep 2021 12:27 PM
  • Budapest Business Journal
New Initiative to Bring Contemporary Artworks to Crypto Market
The Interart Foundation has launched an initiative to give the best Hungarian contemporary artists the opportunity to have virtual originals of their works displayed on the crypto exchange using blockchain technology, according to a press release sent to the Budapest Business Journal.

The ArtPass.Cards project is a Hungarian idea that is the first in the world to create a global and authenticated IT environment for building contemporary artists' brands using blockchain technology.

In the first round, the project will offer the most highly-listed Hungarian art galleries the opportunity to nominate their most outstanding works, with the first call for entries to be published this September. The artists who make it to the crypto market will have the chance to gain international exposure and even a significant income. 
György Gajzágó, director of the Contemporary Art Collecting Academy (CCA) and coordinator of the program, said, "The impact of the recent developments in the creative industries has also been felt in the digital economy. The creation of a digital marketplace for the most outstanding and qualified artists, separated from the talismanic, is a Hungarian idea, which will be created by domestic IT development, and which we intend to make available to the entire international contemporary world. The solution is artist-friendly, which will also create competition for the most talented artists, galleries, curators, collectors and even museums." 

Interart Foundation's partner in Singapore will provide the virtual environment for the program, which will also serve as the flagship Asian hub for the ArtPass.Cards project.

The idea is to create and make available a virtual portfolio of the best works of 200 artists from each country as soon as possible in the near future.

"In September, we will launch our call - for the time being exclusively for the domestic scene - which will allow artists and their works to be featured and competed on the crypto market. Our aim is to update the Hungarian and international ranking annually, following the movements of the ranking, so that emerging creators can very quickly gain international recognition," Gajzágó emphasized.

 "There is no global benchmark for a qualified and ranked digital contemporary art platform, which is why we consider the ArtPass.Cards project unique."
According to Tamás Czeglédi, head of Blockchaineum, Hungarian contemporary artists can easily move from the virtual space to the progressive and much more inclusive crypto world, where they can represent the modern art of Hungary in a secure, artist-friendly and transparent IT environment.

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Budapest Business Journal

Hungary's largest and oldest source of business and financial news in English. Since 1992 it has presented essential information on Hungarian business life, including international analyses about the country. These days the BBJ newspaper is published every other week, while it releases daily business news online including premium paid content.