Virtual Reality and Blockchain Begin Transforming the art Industry

Interesting things tend to happen when disruptive technologies come together. In the case of VR and blockchain, interesting opportunities come to market. Especially in the art industry, a lot of exciting things are taking place. The Forever Rose is by far one of the most interesting creations in this regard.

Why The Forever Rose Matters

For those unaware, The Forever Rose is an artwork that doesn’t exist in the traditional sense. It is a concept of a rose which was sold for $1m worth of cryptocurrency to a collective of 10 art collectors. The Forever Rose is an ERC20 token which exists on the Ethereum blockchain under the name ROSE. It is also based on a photograph of a rose.

So far, nothing sounds out of the ordinary. That is completely correct, were it not that the artwork doesn’t exist in the physical realm. In fact, there isn’t a virtual visual representation either. This poses a rather existential problem for this particular concept, yet it also attracts a lot of positive attention from investors, by the look of things.

M Woods art museum co-founder Michael Xufu Huang comments:

“Art has always been a way to comment on life, and virtual reality and blockchain are an important progression in our lives now. In fact, I first learned about virtual reality from a VR work by Rachel Rossin and blockchain through a work by Simon Denny. An artwork should always be thought-provoking, not only visually interesting.”

The bigger question is how all of this will evolve moving forward. Virtual reality is the next barrier when it comes to creating art. Combined with blockchain, it can lead to some very unique developments which would otherwise not be possible. A very interesting future lies ahead in this regard, albeit nothing has been set in stone just yet.

Header image courtesy of Shutterstock

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By Mark Arguinbaev

Mark is a 28 year old internet entrepreneur. He is a bitcoin enthusiast and a technology addict. He loves writing and educating readers about the newest tech trends.