Codex, a decentralized title registry for the $2 trillion arts and collectibles (A&C) asset class, announced on Monday it has welcomed new members of its Codex Ecosystem, which is described as a group of A&C stakeholders spanning the complete spectrum of all industry partnerships, including collectors, auctioneers, dealers, museums, and other organizations vetted by existing members.
According to Codex, the new partners include Heffel Fine Art Auction House, Feral Horses, Luxury Asset Capital, ValueMyStuff, Dust, and The Clarion List. The registry also noted that through interactions with pieces on the protocol holding the Codex Record, members will utilize or write on the title registry, thereby contributing to the pieces’ provenance. Codex CEO, Mark Lurie, stated:
“The Codex ecosystem members play an integral role in delivering additional value to Codex record holders and driving increased adoption within the industry. Until very recently, there was no permanent record to prove who owned what and when within the A&C market when almost the entire value of A&C is based on provenance and authenticity. We are committed to bringing on board the most versatile and high quality members to the Consortium in order to provide the best vendors and data providers to our users. These partnerships will help us create a larger and more trusted art and collectibles market for collectors and investors, empowering them to purchase, sell, and utilize their luxury assets with greater confidence.”
Codex also explained that Heffel, is a Canadian fine art auction house and holds both live and online auctions. The items sold its auctions will be assigned a Codex record. Feral Horses, a live trading platform to buy and sell “shares” of artworks, allows artists who go through the platform’s due diligence process to upload their works for a defined selling period and a minimum threshold and sell them to a pool of art lovers and investors. Luxury Asset Capital provides capital to individuals and businesses in exchange for luxury assets that may either be purchased or held onto as collateral. ValueMyStuff has a team of highly experienced appraisal experts, most of whom have previous experience appraising for major auction houses such as Sotheby’s, who can typically turn around a valuation within 48 hours and record the results onto the Codex Record. The Clarion List is an online resource for art market participants to discover top-rated art service companies worldwide, including art consultants, appraisers, framers, storage and installation companies, private dealers, e-commerce platforms and more.
Codex then noted that to address the practical challenges and logistical complications of linking tangible assets to intangible tokens, it has partnered with DUST Identity, which is a Boston based technology company that uses diamond dust to imprint a unique crystalline signature on physical items.
Codex added that these partnerships will use CodexCoin to mark a significant expansion to the Codex ecosystem.