Starting today, all NFTs listed on the Exchange.Art marketplace will showcase the artwork's history in chronological order. The provenance history will include: when the artwork was first minted on the blockchain, when it was sold, how it was sold (buy now, auctions etc.), details related to past bids placed including who placed a bid, when a bid was placed, and the price in SOL with the timestamped USD equivalent. This feature comprehensively aggregates cross-marketplace, on-chain data, using the entirety of data existent on the Solana blockchain.
In addition, collectors will be able to see when the digital asset was transferred between wallets. The transparency of the feature allows for added trust to be built between creators, buyers, sellers, and collectors while preventing fraud and forgery in the digital art world.
The launch of the provenance feature helps solve a critical issue that has tormented the art world for centuries and allows ease of proof of authenticity in an immutable form. Historically, the chain of ownership of works of art has been established due to trust, research, and the amalgamation of historical documents and references. With the innovation of blockchain technology, the full tracking history of an NFT, from its creation to its sale, and any changes that have been made in ownership can be tracked in a secure and transparent manner. This technological advancement works to protect against art fraud and forgery, plus offers more accurate pricing and appraisal!
With the global interest in the digital art market rising, as well as the large number of art transactions taking place online, our new Provenance Feature is especially important in preventing fraudulent artwork and ensuring pieces traded on our platform are authentic. It will be a lot more difficult to commit forgery since it can now be easily detected, helping to establish trust among buyers and collectors whilst increasing the value of an NFT for sellers and creators.
We hope that with the launch of this new feature, our Exchange.Art community will continue to succeed in a safe and protected environment!