Codex Protocol Partners with ConsenSys and Rare Art Labs for Live Auction at NYC Ethereal Summit

Today Codex, a blockchain title registry, announced their partnership with ConsenSys, a blockchain software development company and incubator founded by Ethereum Co-Founder Joe Lubin,  to host a live charity auction during the Ethereal Summit.

The Ethereal Summit is a two-day event on May 11th and 12th in New York City that aims to connect the likes of investors, entrepreneurs, futurists, media icons, artists, musicians, government officials, and humanitarians.

This auction will be the first time artworks will be written on the Codex blockchain, which will create a permanent and unchangeable record of provenance. This record will help to track, realize, and verify the true value of arts and collectibles, and asset class worth well over $2 trillion.

The live auction will be a component of the broader sale of artworks that will be hosted with Rare Art Labs. Rare Art Labs is building the decentralized R.A.R.E. Network – a platform for artists to sell scarce copies of their digital art. Proceeds will go to a foundation that aims to support creatives working at the intersection of blockchain technology and art.

Codex CEO Mark Lurie said, “It has been our goal at Codex to harness the power of blockchain technology to realize the true value of arts & collectibles. By partnering with ConsenSys and Rare Art Labs at Ethereal Summit, we have an opportunity to make this goal a reality, showcasing our unique value proposition and demonstrating to crypto-holders that art and collectibles is an important and viable part of a diversified investment portfolio. At Codex, we are keen to develop tools which are helpful for the artistic community and recognize that artists play an important role in the development and dissemination of new technologies. Establishing the foundation allows us to offer financial support to the artistic community to encourage them to engage with blockchain.”

Those not in attendance at the summit will be able to utilize a mobile app (provided by Codex) to bid remotely from anywhere in the world. Users will be able to see a wide variety of crypto-themed artwork from top artists in the decentralized art space.

John Zettler, President of Rare Art Labs, said, “We are so excited to host sales of R.A.R.E. digital art throughout the Ethereal Summit. It’s a privilege to collaborate with Codex and ConsenSys—two companies who share our vision of a better future for artists.”

Ethereal Co-Creator and ConsenSys Director Jesse Grushack noted, “The sale of artworks by Codex Protocol and Rare Art Labs will surely be a highlight of this year’s event. It will showcase to the world that blockchain is more than just a buzzword. It’s a technology with the potential to make a tangible impact on the modern economy and society. We look forward to seeing the auction promote artists working in this important area and demonstrating real interest in arts and collectibles from the crypto community.”

The art community has shown to be slightly apprehensive, but overall encouraging to blockchain as a solution in the art world to solving issues such as art provenance, as well as magnifying the market through the creation of collectible digital assets.