The users on the 0xowns.art platform will be able to see the work’s current market value, purchase it if they like and set a resale price. When another user purchases the art, the ownership will be transferred to the buyer and the seller’s account will be credited.
This has the advantage of not cutting Phillips or Christies or Sotheby's in on 15% of the sale price. Not only that you don't have to arrange to "move" the art from one storage facility to another, both of which are off-shore, neither of which you can visit, all of which you're doing to avoid paying import duties and taxes on your investment.
Oh but wait. This is a parody.
With the same belief, 0xowns.art is acting as a symbol to represent the modern society and the latest cryptocurrency revolution that took the world’s financial systems by storm.
The current marketcap of the top 100 cryptocurrencies is 172 billion. By comparison, Apple has $245b on hand and a market cap of over a trillion dollars. Tim Cook could, theoretically, buy all the crypto and have $70b left over.
It works on a benchmarking concept, where they create an artwork that has no grounding in physical reality or even in digital tokens of ownership.
So do Credit Default Swaps. in 2007 there were $62 trillion in credit default swaps. In 2017 there were 6.
He further adds, “Cryptocurrencies make no pretense of appeal to anything of intrinsic value. They have value because their communities say they do."
Much like every reserve currency in the world since the Jamaica Accords in 1976.
The problem with uninformed parody is you end up farcically recreating something substantially less insane than the status quo.