Blockchain Technology Used To Facilitate Licensing and Transfers of Digital Art
On September 28, 2015, a new digital art and media company, Monegraph Inc., formed and represented by Pryor Cashman, was launched to facilitate transfers of digital art. Using blockchain and cryptocurrency technology similar to that used by Bitcoin, Monegraph enables artists and content buyers to bargain directly over the Internet, without brokers and with the comfort of knowing that title and artist attribution are verified by the blockchain.
Considerable litigation in the “art law” space these days concerns disputes over chain of title, attribution and authenticity of art. Monegraph’s blockchain technology represents a cutting-edge response to these problems, at least in the growing area of digital art. Likewise, the blockchain’s versatility is demonstrated through Monegraph’s application.
Monegraph’s web-based platform allows artists to select from a menu of sale, licensing, resale and remixing rights, and to set their own prices for their works. Professional and amateur photographers as well as artists of other forms of digital media should benefit from Monegraph’s service, as should buyers, licensees, and collectors of digital art.
Monegraph is represented by Pryor Cashman partners William Charron (who co-chairs the firm’s Art Law group), Robert deBrauwere, and John Crowe. For further information about Monegraph, visit its website at https://monegraph.com/.
