HOFA Gallery Allows Payment in Crypto in US and UK
HOFA, one of the leaders in the art sphere said that it will back cryptocurrency payments in two exhibitions in London and Los Angeles later this year after entering into a partnership with blockchain payment company Uphold.
House of Fine Art (HOFA) will allow digital coin purchases after receiving the demand for it from consumers for over a year. Art enthusiasts will be able to use the eight cryptocurrencies that are currently supported by the Uphold platform. These include Bitcoin, Ethereum, XRP, Bitcoin Gold, Bitcoin Cash, Litecoin, DASH and Basic Attention Token.
A HOFA spokesperson commented the following,
We had already experienced great demand for transactions to be made with bitcoin and wanted to expand on this […] At the moment, digital currencies are becoming commonplace among a wide array of savvy consumers, providing a seamless, and cost-effective method to exchange value globally.
Using this system, the transaction speed can be increased, lower the transaction fee and increase security, which is a significant issue for the fine arts industry.
HOFA has collections of several contemporary artists such as Hunt Slonem, Stefano Bombardieri, and Richard Orlinski. The prices start at around $5000 and can go upto $320,000 for one art piece.
HOFA, with headquarters in London, will debut this crypto payment acceptance during the London innovative art event, Frieze 2018 in October. HOFA will also accept crypto payments as part of the inaugural exhibition of its new Los Angeles firm from mid-October till mid-November. However, HOFA did not reveal any plans to launch cryptocurrency payments at its gallery in Cyprus.
This is not the first instance of the usage of cryptocurrency in the art industry. Earlier this year, Dadiani Syndicate conducted a blockchain based auction for the fractional ownership of a classic Andy Warhol piece of London gallery. Furthermore, Lynx Art Collection, an online art gallery, allowed users to buy art using Bitcoin, Ethereum and Tron.