– Currently, the art and collectibles industry is estimated at nearly two trillion dollars. In this subgroup of the market, the most important factor and the most monumental problem is a determination of the origin of subjects. This refers to the ability to properly document the history of the property part and to show the authenticity of the artwork.
Currently, there is no organized system for storing, accessing and collecting information about collectibles and works of art. Codex aims to use decentralization and blockchain technology to allow collectibles to function as any other asset class.
The Codex protocol is working to build an infrastructure that will make collecting and documenting works of art and collectibles much easier. They also seek to create a complete decentralized process of ownership registration for this market, supported by a strong network, community, and consortium.
This code will act as its own protected repository of origin. This will give peace of mind to collectors. The platform can exist as an industry protocol. This will enable decentralized applications (DAPPS) to be developed through their blockchain (just like Ethereum or NEO). Currently, the creation of Codex has already put work into launching two applications on its platform as proof of concept: sold and traded.
An additional goal of Codex is to provide a variety of crypto wealth with art and collectibles as a financial asset while developing a powerful process of applying the title register to the blockchain. This is something that really needs art and a collectible scene. Unlike most other asset classes, there is currently no basic register of property rights in this market.
The collaboration of both industry experts and art enthusiasts is combined, ensuring that the code can be integrated into a massive system of five thousand auction houses around the world. This works with the general purpose of becoming a protocol of industry standard.
What is the future of the project
Over time, the processes under the CODEX protocol
are designed to provide something more than just a verification of ownership and authenticity. In addition, the project aims to realize a wide range of digital, decentralized services in the art and collectibles market.
This includes improved inventory management and control, the use of art and collectible assets as credit securities and more effective practices for insurance and taxation purposes (i.e. assessment Products based on the evaluation of similar products). Any annexes may be developed under the Codex protocol, both for the benefit of the parties involved and for the relevant market.
What is the essence of the project
Travel works of art always begin with the source: the artist. They create a work of art, and then probably sell it to a collector. At this stage, the collector can decide whether he wants to sell a work of art to one of the many auction houses.
Let’s assume that the new owner also wanted to sell some part of this asset. Interested buyers can use Codex to view property records while ensuring the confidentiality of the owners ‘ identity. The transfer of ownership and all future transfers can then be viewed publicly, giving new purchasers a certain type of certainty that they do not pay excessively exorbitant prices for the asset in question.
All this is wonderful and very useful, but there is a question that immediately pops up in the head as soon as I begin to write a review: What is the team? Does the protocol Codex relevant experts to ensure success in their market?
has an experienced team of professional level, which consists of:
Three men at the head.
Six staff members.
Each team member and advisor is a qualified specialist in his field.
The advantages of the CODEX protocol are as follows:
Tokenization of assets is one of the strongest examples of the use of blockchain technology. The successful implementation of the CODEX protocol has endless possibilities.
The team of founders of Codex has already assembled a large consortium of more than 5000 auction houses, all of them aimed at the implementation of the system.
They already have support from venture companies.
Once they start implementing their services with larger market players, they need to spend some of the scalability. Also worth noting is a team that knows what it is dealing with. And they have already shown success in raising funds from several well-known investment and venture companies. This is certainly a promising sign.
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