The decentralized title registry intends to empower existing market stakeholders and intermediaries by developing a platform that stores provenance information
Codex, a decentralized title registry for the $2 trillion dollar arts & collectibles (A&C) asset class, received an award of $10,000 US Dollars after being recognized as one of the top three most promising projects, in the Blockchain challenge that took place in the Future Blockchain Summit, sponsored by Dubai Smart Office.
The Blockchain challenge attracted over 200 applications from companies in 85 cities across 44 countries. The contest aimed to identify the most promising blockchain solutions from the private sector that can assist in the implementation of the Dubai Blockchain Strategy.
Commenting on the award, Codex COO Jess Houlgrave said, “We are honoured to be selected as a winner amongst so many fantastic blockchain projects. We look forward to building a long-term relationship with the region and having the opportunity to collaborate with some of the best art institutions in Dubai.”
The first application on the Codex, Biddable, will enable bidders to participate wherever they are in the world, through its Consortium member and leading online marketplace LiveAuctioneers. The first auction to be registered onto the Codex blockchain will take place at the upcoming Ethereal Summit in New York on May 12th, 2018, where buyers will receive a Codex title, which provides them with an accurate and immutable ledger of the product’s provenance and authenticity, which will help them preserve the value of the item.
The full catalogue of pieces to be auctioned, including Cryptograffiti, Jessica Angel and Kevin Abosch, can be found on the Codex Protocol website, where interested parties can explore the catalogue ahead of the live event.
The auction will feature donated pieces from top-tier organizations in the space, including an exclusive CryptoKitty from blockchain-based gaming phenomenon CryptoKitties, the world’s most successful blockchain game that accounts for 25 percent of the traffic on the Ethereum network at peak times. Proceeds will go to the Foundation for Art & Blockchain, which was created to support global artists creating works with or about blockchain and artists using blockchain to distribute their works.
The live Codex Charity Art Auction at Ethereal Summit will occur at 7:00 p.m. on May 12, 2018 at The Knockdown Center in Brooklyn, NY, and will be part of a broader sale of artworks hosted together with Rare Art Labs. As part of New York art auction season, Rare Art Labs will feature approximately 40 works from artists from all over the globe — from Nigeria to Beijing to New York.