Turkish platform uses blockchain for auctions

Turkish platform uses blockchain for auctions

Emre Eser - ANKARA
Turkish platform uses blockchain for auctions

Artiox, a startup based in ODTÜ Teknokent in Ankara, has been using blockchain technology for art auctions.

So far, paintings worth 4 million Turkish Liras ($467,420) have been sold via the platform, Artiox Co-Founder Tuncay Dakdevir said.

“We have created this platform for a larger portion of the populace to participate in arts events. All checks are being conducted before putting up artwork for sale. All [blockchain] tokens are asset-based. If the whole artwork is offered to the public, it gets insured under our protection. If 49 percent of it is put up for sale, it gets insured by the relevant collector or the museum,” he added.

“We only sell oil paintings through this system because they are more durable,” he also said.

Famous Turkish painters Yalçın Gökçebağ and Devrim Erbil, as well as visual artist Ahmet Güneştekin, are among those 600 people who have bought paintings using the Artiox platform.

“It can be confused with cryptocurrencies as we are also using the blockchain technology, but the system we are using is a completely trustworthy one which is a world away from them. There is an asset corresponding to the investment. The asset is insured, and the owner of the artwork provides a guarantee,” Dakdevir said.

The Artiox team, based at the Middle East Technical University (ODTÜ) compound in Ankara, now aims to create a user base in the United Kingdom and Switzerland.