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Editing by Nathaniel Cajuday
In line with the announcement of their new educational initiative, the launching panel discussion for Galeria Paloma’s “Perspectives: Collecting Crypto Art,” in partnership with global crypto exchange Binance and international shoemaker Palladium, is now available online and will focus on tackling art-related topics through lectures, forums, and panel discussions around art topics.
For the launching panel, which happened last October 7th, the speakers highlighted blockchain infrastructure as a layer of security, the changing but relevant roles of galleries and museums, and novel display experiences to include crypto art. The one-and-a-half-hour full video recording is now accessible via Galeria Paloma’s website and YouTube channel.
According to a media release, the gallery selected the topic for the discussion because “the genre has emerged and made headlines in the past couple of years, causing curiosity among art enthusiasts but proving to be an intimidating medium to understand.”
The panel had the participation of experts in various fields to answer frequently asked questions about the topic, including Fatmire Bekiri, Head of Tokenization at Sygnum Bank, for finance and investment; Gareth Fletcher, program director at MA Art Logistics at Sotheby’s Institute of Art, are difficult to prove. According to them, the immutability of the blockchain offers a layer of security where it’s difficult, or almost impossible, to manipulate data.
“It’s very hard, or almost impossible, to reach these blocks of information to manipulate [data]. There are some residual risks like forks or hacks; they’re still there, and we cannot avoid it. (However,) blockchain technology and data structure have inherent security based on three main things: the consensus mechanism, cryptography itself, and the decentralization principle behind it.” Bekeri explained.
Tongol added that, as a collector himself, blockchain’s layer of security is “actually just secondary to the motivation to buy” because to him owning a token proving the artwork’s authenticity and his ownership of it is an added bonus to the appreciation of art is in its inherent artistic value.
“The internet has a very large copying system wherein we can all have the same image in all our phones and print it…but who actually owns that digital image? The blockchain helps you give a provenance or guarantee of the origin of that art. If I have that NFT on my art, though (someone else) can print it, that’s not (theirs). It’s mine,” Tongol explains.
Other parts of the discussion led to topics such as tokenization, intellectual property, and where the future of the art market landscape is going. These topics will also be tackled further in the near future at other ‘Perspective’ events by Galeria Paloma.
‘We are extremely grateful to Binance and Palladium for making events like these possible… Asking the hard questions, familiarization, and education are key aspects to the adoption of the use of blockchain technology and web3 in the most widely beneficial and practical ways,” Delgado concluded.
During CryptoArt Week Asia (CAWA), a festival of art, music, performance, and experiences powered by the blockchain last September 23-30, 2022, Galeria Paloma was among the Filipino Galleries that participated and highlighted Filipino art. (Read more: Filipino NFT Artists and Galleries to Participate in CAWA2022)
For their CAWA entry, Galería Paloma curated digital artworks from 12 artists in the Philippines and Singapore to launch their 1/1 NFT exhibit “The Twelve” last September 23. (Read more: Galería Paloma Launches Exhibit 1/1, NFT ‘The Twelve’ for CAWA)
This article is published on BitPinas: Galeria Paloma Launches Online Art Education Initiative
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