Malaysian multi-genre artist Poesy Liang and the NEM-based LuxTag startup that provides anti-counterfeit solutions are collaborating to launch an online retail shop to sell Poesy’s limited-edition prints of the artist’s “Fly Me To The Moon Harry Putter” painting in the amount of 120. The shop is to open on Sunday at 11 a.m. Kuala Lumpur time. The prints will be sold for crypto. The Web page of the shop is called Crypto to the Moon.
Paintings sold for crypto
The online shop will take only two coins for the paintings: XEM and Bitcoin. All the pieces of art that are for sale are marked and registered on the NEM Platform by LuxTag.
This system uses a protected Blockchain database and enables buyers to trace the origins of paintings, the provenance of pieces of art, they can even add more data on it after they have bought the product.
Currently, the open ledger technology is improving numerous industries, including the art sector. It is crucial for the art market to record and prove the history of art pieces and their provenance. Blockchain solves this issue easily.
The artist and LuxTag
The platform and the artist began their collaboration in summer of this year. Their first mutual initiative was dubbed “Provenance Tracking.” Later on, Poesy embedded the technology offered by LuxTag into her works of art.
The company has come up with an easy-to-apply solution to tag and trace the provenance of artworks using smart contracts to do that.
The online crypto store is the second project of this company with Poesy Liang
The partners intend to protect the sphere of art
However, the two partners are going to do more than just that within their collaboration. The artist and LuxTag have teamed up to transform the art industry altogether using Blockchain. The Nem-based startup hopes to remedy the catastrophic situation with stolen art pieces and counterfeits by letting customers trace their art items on the transparent network.
LuxTag has been working on helping to trace the origin of products since 2016. Now it decided to expand to the art sector.