Cork Street Gallery First to Accept Digital Currencies

A Cork Street gallery is the first within the UK to welcome digital currencies, and is seeking to widen its client base by introducing Bitcoin.

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A contemporary fine art gallery founded in 2014, Dadiani Fine Art, is now offering buyers the opportunity to invest in works of art, using one of seven types of digital money, or ‘cryptocurrency’.

Virtual currency has become a revolution over the past few years.

The gallery’s owner, Eleesa Dadiani, hopes the launch of the latest currency into the art world will be encouraging to other established businesses in adapting, surviving and flourishing in a challenging and testing economic climate, by attracting and engaging a new breed of buyer.

Cryptocurrencies will connect the centralist, elitist fine art market and a open-source, decentralised world, where a greater number of people would be able to be a part of such an exciting market.

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Bitcoin

The most well-known digital currency is Bitcoin, which was released in 2009.

A user creates an online ‘wallet’ for the Bitcoin. This behaves like a bank account, where you can transfer currency from your ‘real world’ bank account into the wallet.

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Each Bitcoin is formed of a series of codes, protected with a personal key. This can be traded with other Bitcoin users, and in some cases, traded for services and goods. The estimated number of active Bitcoin wallet users is 5.8 million.

One Bitcoin is at present worth around £1500.

Dadiani Fine Art also accepts other types of digital currencies, including Dash, Ethereum, Ripple, Ethereum Classic and Litecoin. The gallery also plans to accept even more virtual currencies in the form of ‘altcoins’ as they achieve wider recognition and acceptance.

F1 Exhibition

Dadiani Fine Art’s current exhibition, ‘The Noise’ is the first show where digital currencies will be accepted as payment for works of art.

The focus of the exhibition, however, is far different and older technology. On display are six sculptures created from Formula One car exhausts, alongside motor racing memorabilia honouring the discontinued V-8 engines of Formula One cars.

Other works include a gold-plated creation from a Sauber-Ferrari driven at the Monaco Grand Prix by Kamui Kobayashi.