Democratizing Art with Blockchain

Democratizing Fine Art Ownership with Blockchain

Democratizing Art with Blockchain
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Delivering a blockchain-based prototype to make art more accessible

Overview

AgileThought’s client — which offers a platform that allows users to buy and sell fine art with cryptocurrency — needed help implementing its blockchain solution to make art ownership more accessible to the public.

Historically, art buyers have been restricted to galleries, auction houses and dealers for purchasing art. Recognizing an opportunity to change this, the client envisioned a blockchain-based solution that could democratize art ownership and expand the market to more buyers. To bring this idea to life, the client engaged AgileThought and its strategic partner, BlockSpaces, to design and develop a functional blockchain solution. Together, AgileThought and BlockSpaces conducted AgileBlocks — a set of end-to-end blockchain advisory and development services — to guide the client from concept to solution in a low-risk manner.

After a successful discovery engagement — the first phase of AgileBlocks, which determines the level of effort needed to build a blockchain solution — AgileThought and BlockSpaces built a beta version of the application: A working, demonstrable prototype that not only illustrates the application’s base functionality in a pre-sale capacity, but also provides the framework for future development phases. Now, the client has an intuitive, easy-to-use prototype which they can demonstrate to raise investment capital and entice the public prior to its initial coin offering (ICO).

Client Challenges

  • Determining viability of blockchain investment in a low-risk manner
  • Analyzing competitive landscape and determining how to use blockchain as a competitive advantage
  • Navigating through the blockchain solution lifecycle from ideation to solution
  • Understanding the key prototype features and functionality that would be needed to take the application to market

Solution Delivered

In-Depth Discovery to Define Market Opportunity

During the initial discovery phase of AgileBlocks, the AgileThought and BlockSpaces teams helped the client define its blockchain opportunity within the market. First, AgileThought and BlockSpaces conducted solution ideation and design sessions, which provided clarity into the blockchain landscape and empowered the client to make clear, strategic decisions based on market opportunities. Following these sessions, both teams helped the client create a more detailed backlog of the system components necessary to build a successful prototype. Both teams also created a high-level architectural diagram reflecting architectural and design decisions — including underlying technology platforms, application stack, infrastructure dependencies and appropriate levels of security — to ensure the prototype can scale as new features are added or as requirements change.

Value Delivered

Cutting-Edge, Demonstrable Prototype

Together, AgileThought and BlockSpaces created a cutting-edge prototype of a solution that will allow buyers to buy a percentage of fine art and appreciate value over time — all while being backed by immutable blockchain technology. The prototype will use blockchain technology to handle all cryptocurrency deposits and withdrawals, which will create a permanent ledger of each art transaction. Additionally, AgileThought custom developed the front-end experience and the database to handle the majority of the platform’s key functionality: Creating user accounts, viewing art on a screen, and even enabling voter rights, which will give users the ability to vote on, and agree to, the true value of a piece of art. Now, the client can easily demonstrate the prototype’s key features to raise investment capital for its ICO and determine which new features to add in the future.

End-to-End Services

With AgileThought’s expertise in enterprise agile application development and design thinking — coupled with BlockSpaces’ blockchain experts and advisors—the client confidently navigated through the entire blockchain lifecycle, became more informed to make better business decisions, and built a prototype that exceeded expectations. And by immersing themselves in the client’s business needs, goals and competitive landscape, AgileThought and BlockSpaces built a prototype that the client could easily demonstrate to stakeholders and use as the basis for an innovative, long-term blockchain solution.

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